HomeMy WebLinkAbout2023-10-04-TPT-min
TOWN OF LEXINGTON
TRUSTEES OF PUBLIC TRUSTS
Minutes of Meeting of October 4, 2023
The meeting was held at 2pm at 42 Adams Street, Lexington, MA. Trustees Alan Fields, David
Williams and Susan McClements were present. Mary Ellen Ringo from Cary Memorial Library
was also present for a portion of the meeting.
1) Trustees unanimously approved minutes from 05.24.23 meeting.
2) Mary Ellen Ringo, Director of Development at Cary Memorial Library, asked about the
process for receiving grants from trust funds managed by the Trustees. The Library is looking
for funding (approximately $750K) for the Children’s Room project. Total budget for the
project is $6M. The Library will use $750K from its unrestricted endowment to help pay for
the project and go to Town Meeting for additional funding. David Williams clarified that the
Trustees have only a small amount of discretionary funds to allocate to worthy projects. Susan
McClements will send Mary Ellen a current list of funds from the Annual Report. The Trustees
suggested to Mary Ellen that she review discretionary funds managed by the Trustees and that
the Library make a specific targeted request to the Trustees for a grant from a specific fund.
3) Susan McClements will follow up with Sue Paradis to discuss the possibility of establishing a
scholarship fund in memory of her husband.
4) David Williams reported that none of the work/repairs at Monroe Cemetery as requested by
letter from the Trustees to Jim Malloy has been done. Susan McClements will follow up with
Jim Malloy and ask when the repairs are expected to be done.
5) David Williams has prepared and submitted to the Town reports committee a draft report from
the Trustees for the Town’s Annual Report. Alan and Susan acknowledged all the work that
David puts in on behalf of the Trustees of Public Trust and thanked him for continuing to do
so.
6) As part of a new structure and reporting process, select funds will receive notice at year end of
assets/cash available for the upcoming calendar (2024) year for distribution. David will prepare
and send out the letters in early January after he receives year end account balances from State
Street.
7) The Trustees unanimously approved requested name changes for two trust funds as follows:
a. “Edward & Virginia Williams Scholarship Fund” changed to “The Williams
Family Scholarship Fund”;
b. “The Ansin Family Scholarship Fund” (formerly “The Heritage Scholarship Fund”)
changed to “Tabor Ansin Family Scholarship Fund”.
8) David Williams reported the Selectboard member Doug Lucente was working with the youth
commission and the veteran’s association about when the Pat Flynn Youth Award and the
Charles Ferguson Award will be made each year.
9) The Trustees discussed and confirmed that the minimum amount required to establish a trust
fund will remain at $10K.
10) The Trustees unanimously approved the use of the Geneva M. Brown Fund for improving and
beautifying the common area of the new traffic circle in front of the Masonic Temple. The
triangle parcel which the fund previously supported has been demolished and replaced by the
traffic circle.
11) Alan Fields reported that the investment committee met on October 3rd and agreed to make
some minor changes to the portfolio at the margins to reflect the increased interest rates.
Meeting adjourned at 3:15pm.
Respectfully submitted,
Susan K. McClements
Trustee of Public Trusts