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HomeMy WebLinkAbout2011-11-15-TPT-minTrustees of Public Trust Meeting November 15, 2011 Home of Alan Fields 42 Adams Street Lexington, MA 7:30pm Minutes Trustees Alan Fields, David Williams and Susan McClements were present for the meeting. 1. Formation of Investment Advisory Committee - The group discussed the formation of an Investment Advisory Committee (IAC) with the goal of providing additional oversight of the management of the trust funds and establishing a vehicle for succession of appointed Trustees with the background and experience necessary for the role. Members of the IAC would be non - voting and selected and appointed by the Trustees. Selectman appointment of any successor Trustee is required and only three Trustees may currently serve on the board. Possible Members for IAC — The group discussed possible candidates to serve on the IAC. Alan recommended that the appropriate individual have a strong background with mutual funds and advising on asset allocation. Alan has discussed the concept of the IAC with Adrian Jackson. David mentioned that Lou Conrad from COMPASS Investments could be a good fit as well. Alan will call Lou in the next day or so to get a sense of his interest in serving on the IAC. The Trustees agreed to focus on Adrian and Lou as potential candidates. Once their interest in serving is clear, the Trustees will decide whether to consider others to serve on the conunittee. Roles and Responsibilities of IAC Members — The Trustees agreed that IAC members would be responsible for the following: • Oversight of the management of the trust funds • Reporting to the Trustees, typically at meetings (see below); • Attending Trustees of Public Trust Meetings (typically held for no more than two hours 3 -4 times annually); • Providing advice and counsel on additional IAC members; and, • Positioning the Trustees to address succession issues as they arise. 2. Approval of Minutes from October 12, 2011 meeting Motion to approve by Alan; Second by David; unanimously approvaed 3. Updates Given By David Williams a. Discussion of Sculpture at Library — David Williams updated the group on the status of the sculpture currently held at the Cary Library. The sculpture cost $5,000 to purchase several years ago. The Trustees paid $3,000 of that and Cary Library the remaining $2,000. Cary is no longer displaying the sculpture and the Trustees are working with the Arts Council to find a new home for the sculpture. The Trustees are waiting for a recommendation from the Arts Council on where to display the piece, potentially in front of Town Hall b. Jacqui Smith Fund - David Williams reported that the fiord is being used as intended for professional development purposes. Intern Michelle Stevens in the town manager's office was granted funds for a conference. 4. Request for funds from George Gilmore Fund by Lexington Arts and Crafts Society (LACS) - LACS requested funds to sponsor its "The State of Clay" ceramic exhibit scheduled for April and May of 2012. The Trustees have donated $500 in the past from the same fund to support this exhibit. Motion by Alan to grant $500 from the George L. Gilmore Fund to support the LACS "The State of Clay" ceramic exhibit scheduled for April and May of 2012. Second by David; unanimously approved The meeting was adjourned at 8:30 pm.