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HomeMy WebLinkAbout2010-02-18-TPT-minTOWN OF LEXINGTON 1 TRUSTEES OF PUBLIC TRUSTS Minutes of Meeting of February 18, 2010 The meeing was held at 4:30 PM at the Town Offices. Present were Alan Fields, David Williams, Thomas Taylor, Susan McClements, Rob Edelson, Skip Lovering, and Karen Jackman. Rob explained how the transition of the Trustees accounts into the Town financial management system would work. After a discussion the Trustees were satisfied with the new procedures. A memorandum of understanding between the Trustees and the Selectmen will be signed and the transition will take place as of April 1, 2010. Following the meeting with Town officials the Trustees conducted the following business: The terms under which the Friends of the Council on Aging Fund is held were confirmed by a letter from the COA dated January 11, 2010. The Trustees accepted the conversion of the Michael Wagner Education Fund from an awards fund to a scholarship fund to be awarded to a Lexington resident who is either a graduate of Lexington High School or Minuteman Regional High School and will pursue a career in education. The Trustees approved the annual transfer of the income of the Munroe and Westview Cemetery Funds to the Town. The Trustees received a letter from Lynne Wilson and David Williams, co- chairs of the PTA Scholarship Committee, requesting that the income from the scholarship funds listed below be added to principal until the principal reaches $10,000. The income from these small funds is inconvenient to distribute every year and there is no contact with the donors or family members anymore. Hallie C. Blake Fund 7347 Robert P. Clapp Fund 2130 Crocker Family Fund 6570 Charles E. French Fund 6174 George E. Jansen Fund 5939 Elsa Registein Fund 3691 Dorothea Schmidt -Penta Fund 6640 Mary Sorenson Fund 7042 Ellen A. Stone Fund 7254 Richard S. Townsend Fund 5394 David is working on a proposal to replace the flower barrels in the Center which will be approved at the next meeting. The Trustees' checking account has a balance of something less than $1 0,000. It was decided to transfer the funds to the George Gilmore fund before the accounting change on April 1. Finally there was discussion of how the Trustee could commemerate the 100th anniversary of the establishment of the Trustees of Public Trusts. One idea that is being explored is a possible incentive grant to the Lexington Symphony. Toni Taylor, Secy.