HomeMy WebLinkAbout2024-02-08-TPT-min TOWN OF LEXINGTON
TRUSTEES OF PUBLIC TRUSTS
Minutes of Meeting of February 8, 2024
The meeting was held at 2pm at 19 Muzzey, Suite 207, Lexington, MA. Trustees David Williams
and Susan McClements were present. Trustee Alan Fields joined the meeting by telephone as
indicated below.
1) Trustees unanimously approved minutes from 10.04.23 meeting.
2) Trustees unanimously approved distributions from scholarship funds for awards to be made in
June of 2024 as detailed in the attached memo dated 01.15.24 from David Williams to Timothy
Gould at State Street. Distribution amounts are based on income accounts for each fund as of
12.31.23.
3) David Williams sent memos dated 01.16.24 to the LHS Principal informing him of funds
available for the benefit of the Debate Team from the Rapport Family Debate Award and to
Caren Bolster with copy to the FOLMADS Treasurer informing them of 12.31.23 income
balances transferred from income to principal for four FOLMAD accounts (Bass DiDominico
Fund, LHS Music Fund, Ella Lou Dimmock Fund and Jeffrey Leonard Fund). Copies of the
memos are attached.
4) Selectboard member Doug Lucente met with interested parties from the Lexington Youth
Commission to make recommendations for annual youth award(s) made at Patriot's Day. A
memo attached outlining the recommendations identifies two funds as sources for funding the
awards as the Charles Ferguson Fund and the Pat Flynn Youth Fund. The Trustees would like
to clarify the correct name of the first fund, which should read "Charles Ferguson Youth
Recognition Fund". A copy of the above reference memo is attached.
5) The Trustees unanimously approved the terms of The Michael J. Robinson Scholarship Fund
which was accepted by the Selectboard on 11.27.23.
6) The Trustees discussed their roles and responsibilities as outlined in the attached response to
an inquiry about the same from the Selectboard.
7) David Williams shared a list of procedures and actions that he undertakes in his role as a
Trustee, a copy of which is attached.
8) Trustee Alan Fields provided the following portfolio update in writing prior to the meeting:
"The portfolio remains overweighted yield oriented in equity which is underperforming the
tech oriented S&P 500 index but meets our income focused objective. Equity remains the asset
class of choice vs.bonds so I do not expect that there will be much change after the investment
committee meeting later this month."
9) David reported that the Charles French Medals are on display on the 2nd floor of Cary Memorial
Library and that the family is pleased with the display.
10)David reported that Bill Daley continues to work on establishing a fund in honor of Dr. Wayne
Brown.
11)Susan and David reviewed the form of letter agreement the Trustees have been using as a
template for initial discussions with donors, a copy of which is attached.
12)Trustee Alan Fields joined the meeting by phone.
13)Susan suggested that the Investment Committee review the Investment Policy statement at its
next meeting and share any suggested changes or revisions with the Trustees. All agreed that
the policy should be reviewed at least annually. Susan will send Investment Committee
members, Alan Fields, Adrian Jackson and Alex Payne a copy of the attached current
Investment Policy statement.
14)In light of Alan's impending resignation from the Trustees of Public Trusts effective when his
replacement is appointed by the Selectboard, Susan made a motion that David be named Chair
of the Trustees of Public Trusts effective as of Alan's resignation. The motion was passed 2-0
with David abstaining from voting.
15)Trustee Susan McClements will be relocating out of state and as a result is also resigning as a
Trustee effective when her successor is appointed by the Selectboard.
16)David thanked Alan and Susan for their service as Trustees of Public Trusts.
Meeting adjourned at 3:15pm.
Respectfully submitted,
sadao, /�- x
Susan K. McClements
Trustee of Public Trusts
Encls.
TRUSTEES OF PUBLIC TRUSTS
Established 1910
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Alan Fields, Chairman
David Williams
Susan McClements
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Attention Board of Selectman 0 1625 Massachztsetts Avenue 0 Lexington, Massachusetts 02420
TRuSTEES OF PUBLIc TRusTS
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David T illiams
Susan lfcClements
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Attention Board of Selectman 0 1625 Massachusetts Avenue 0 Lexington, Massachusetts 024.20
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Select Board Announcements and Liaison Reports—December 18,2023
Doug Lucente:
Lexington Center Committee
+ Bus Stop—The Lexington Center Committee has unanimously agreed to endorse and
recommend to the Select Board the relocation of the bus stop from its current location at 1684
Massachusetts Avenue to a new position at 1690 Massachusetts Avenue.This move will
integrate the bus stop into an existing bump out connected to a crosswalk.This proposal is a
new solution proposed by the Engineering Department.
Lexington Youth Commission
+ Update on the Pat Flynn Outstanding Youth Award
Background Information:
_- a February 20, 1979:The Lexington Board of Selectmen approved the creation of the
Outstanding Youth Award, based on a proposal by Mr.Winston "Pat" Flynn.The award
involved issuing a silver-inscribed Paul Revere medal annually on Patriots' Day to a
distinguished Lexington youth. Lexington Youth Recognition Committee, a
subcommittee of the Lexington Youth Commission,was established.
e 1979- 1996: The award annually recognized up to three graduating seniors from
Lexington for exceptional community service, achievements, and character.
e January 6, 1997:The Lexington Board of Selectmen voted to use the Charles Ferguson
Fund to provide a monetary award to the recipients.
• 1997-2022:The award continued honoring up to three seniors with a monetary prize
funded by the Charles Ferguson Fund.
e October 24, 2022:The Lexington Select Board accepted the terms of the Pat Flynn Youth
Fund, managed by the Trustees of Public Trusts, which included additional involvement
from the Lexington Veterans Association.
e December 12, 2023: A meeting was convened to address changes to the award due to
the Pat Flynn Youth Fund. Attendees included Deb Hankins and Shannon DeGuglielmo
(Chair and Vice Chair, Lexington Youth Commission), Doris Kraemer(Recent Chair,
Lexington Youth Recognition Committee), David Williams (Trustees of Public Trusts),
Linda Dixon (Lexington Veterans Association), a Flynn family representative, and Doug
Lucente(Select Board Liaison to LYC). The group unanimously agreed on several points:
The following items are recommended for a Select Board vote:
• Renaming of the Award:The Outstanding Youth Award will now be called the "Pat Flynn
Outstanding Youth Award," in honor of Pat Flynn's legacy and his initiation of the award
in 1979.The award criteria and the tradition of awarding up to three youths remain
unchanged.
• Selection Committee Composition:The Lexington Youth Recognition Committee will
include a member from the Lexington Veterans Association.
• Funding Sources and Distribution: Funding will come from both the Charles Ferguson
66A Fund and the Pat Flynn Youth Fund. Each recipient will receive a minimum of$500,
using interest income first and the Pat Flynn Youth Fund's principal if needed.The
Charles Ferguson Fund will contribute through its interest income only.
® Communication and Acknowledgment:The Patriots' Clay speech, delivered by a Select
Board Member, and literature about the award will highlight the financial support from
both the Charles Ferguson Fund (starting in April 1997) and the Pat Flynn Youth Fund
(starting in April 2023).
Next Steps:
® Request the Select Board to formally endorse these changes for transparent and
consistent management of the award and communicate these updates to the Select
Board Staff,the Lexington Youth Commission, and the Trustees of Public Trusts.
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10�ii G rn a Susain McClements <skimcclements@gmail.corri
...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Trustees Background Information Requested
...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Susain McClements <skmcclements,@gimail.com> Thu,Jain, 18, 2024 at 6:40 PM
To: Stacey Prizio<s,pri,zio@lexingtonma.giov>
Cc- David Williams<WiHiams.dg@comcast.net>, "Fields,Alan"'<Alan.Fields@cib1c.com>
Hi Stacey,
Good to,speak with you briefly this,afternoon.As we discussed on the phone, David and I had a long discussion with Joe
Pato about the Trustees and our roles but are also glad to respond to your email.You mentioned that Joe gave you a copy of
his notes from our meeting. Please let us know if you have any addiitional questions. ll shared the description below with Alan
Fields and heard back from him this afternoon with some feedback
To supplement the information David ainid I shared With Joe, here is a summary of what the Trustees do:
The Trustees are charged with ensuring funds given to the Town of Lexington are invested prudently and used for their
intended purposes. The cemetery perpetual care funds have an additional requirement that they be invested only in
securities on,the"'legal list°". . which is established by regulations.
Some of our funds have governing boards which determine when and Ihoww to use funds (e.g., the lilbirary endowments, the
lexington fund!, the symphony,)All funds should have terms documented in a short letter agreement signed by the Donor and
the Chair of the Trustees.The terms of each fund must Ibe accepted by the Selectboard.
State Street serves as the custodian of the funds. The Trustees determilne asset allocation and provide direction to State
Street on Iholding,s in the portfolio. Alain has stewarded the investment of the portfolio and more recently has formed an
investment committee to consult with, on allocations and holdings. Adrian Jackson and applicant Alex Payne serve on the
investment committee. Alan intends to serve on the investment committee to provide some continuity after he resigns as a
Trustee.
David'!communicates with State Street regularly on operationat matters and has,been instrumental in finding donors to create
new funds, especially scholarship funds. David haiindles most of the operational matters, schedules and posts for meetings,
sets agendas for meetings and communicates with existing donors about their funds.
II have been responsible for meetingi, minutes (we meet 3-4 times a year as needed, with Alan meeting with the investment
committee as needed),. I also work with new donors to draft letter agreements detailing the terms of funds, I also respond to
donors and others who have questions about how trust funds may be uised.
al 2251777179295324701&s,itiup] ,itsg ajr2251777179295324701 1/?
2/13/24,6 51 PM Gmail Trustees Background Information Requested
Unless we move the portfolio to a more passive investment delegated completely to State Street,Alan, David and I believe it
is critical that one of the trustees work in the investment management field with expertise in portfolio management. Alan
added the following about having someone with investment management experience as a Trustee: "State Street is an
adequate custodian and serves our needs for complex record keeping but in today's world I am ok with passive portfolio
management but not passive asset allocation, State Street will offer no personal attention,"
It also is very helpful to have someone with either a law degree or legal background to help prepare letter agreements and
with familiarity with the law governing trusts and fiduciaries. Finally, having someone who is widely known in the community
and very active in town is also very helpful. David has been this person for the Trustees. It also has been very helpful that he
serves on and knows the chair of the Lexington Scholarship Committee which administers most of the scholarships for which
the Trustees hold funds.
Again, please let me know it you or the Selectboard have additional questions and/or need more information.
Best regards,
Susan
[Quoted to t hidden]
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k TRusTEES OF PSL IC TRUSTS
_ .P Established 1910
n�`•�i����iiwjti
Alata Fields, Chainnari
David I•TTliains
Susan McCle,2ze11ts
Memo to: ��ca e_��e.
Re: �n n "-iu u--tA AwaX4 `�-u to-b
From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account.
The income amount indicates what you have in your fund to spend if
you wish, on your mission. You might want to increase the income
amount by sending a check indicating your fund name to
Trustees of the Public Trusts
Selectman's office
1525 Massachusetts Avenue
Lexington, Ma 02420
Principal: -)-'6 � '�2
Income,
If you have any questions please contact me
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781 5724768
Attention Board of Seleclil7aaz 0 .1625 Massachusetts A.velzzre 0 Lexijzgton, lila achusetts 02420
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�RUSTEES OF PUBLIO TRUSTS
Established 1910
Alan Fields, Chairman
David 9-71hams
Susan flfcClements
Memo to: �
Re:
From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account.
The income amount indicates what you have in your fund to spend if
you wish, on your mission. You might want to increase the income
amount by sending a check indicating your fund name to
Trustees of the Public Trusts
Selectman's office
1625 Massachusetts Avenue
Lexington, Ma 02420
Principal: I
Income: at 1
If you have any questions please contact me
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781 5724768
Attendon Board of Selectinan 0 16-2.5 Uasscichusetus Avenue o Lexingtojl, Massachusetts 02420
,- TRusTEES OF PUB Ic TRuSTS
Established 1910
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Alan Fields, Chair majr
David TT71hains
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Memo to:
Re;
From David Williams
Trustees of the Public Trusts
4n behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account.
The income amount indicates what you have in your fund to spend if
you wish, on your mission. You might want to increase the income
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amount by sending a check indicating your fund name to
Trustees of the Public Trusts
Selectman's office
1625 Massachusetts Avenue
Lexington, Ma 02420
Principal:_. _ 3, 50'�
Income; g0c) _
If you have any questions please contact me
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781 5724768
Attention Board of Selecl,72alz 0 1625 Masse chusetts Avenue 0 Lexii?gtor2, 111fassaclitrsetis O2 ?D
I RUS T EFs OF P 13-TC TRUSTS a
Established 1910
la�z Fields. Chah-me1n
David ITrI
Sirsati J1,10clements
Memo to: 'bQ U 00 �,U��`c���
Re:
From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account.
The income amount indicates what you have in your fund to spend if
you wish, on your mission. You might want to increase the Income
amount by sending a check indicating your fund name to
Trustees of the Public Trusts
Selectman's office
1625 Massachusetts Avenue
Lexington, Ma 02420
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Income;
If you have any questions please contact rye
781 5724768
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David Tfllha,tis
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From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account,
The income amount indicates what you have in your fund to spend if
you wish, on your mission. You might want to increase the in
amount by sending a check indicating your fund name to income
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Trustees of the Public Trusts
Selectman's office
1625 Massachusetts Avenue
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David IT71haiaas
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Memo to:
Re:
From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account,
The income amount indicates what you have in your fund to spend If
you wish, on your mission. You might want to increase the income
amount by sending a check indicating your fund name to
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Trustees of the Public Trusts
E Selectman's office
1625 Massachusetts Avenue
Lexington, Ma 02420
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I RUSTES OF PLIC TRuS T S
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Alan Fields, Chairman
David PRIltams
Sxtsrr�:ll�cCleaa�ents
Memo to: �
Re: R . 1potz
From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account.
The income amount indicates what you have in your fund to spend if
You wish, on your mission. You might want to increase the income
amount by sending a check indicating your fund name to
Trustees of the Public Trusts
Selectman's office
1625 Massachusetts Avenue
Lexington, Ma 02426
Principal: r),LAC) O 14
Income: �� r
If you have any questions please contact me
781 5724768
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1 RLJSTEES OF PIM i LC T1 RUS T S
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'4101 Fields, Chair maj,
David ITT1harars
Susan AkCler;2ersts
Memo to: L�x� S �s�2�ec c .i�-fir
Re: LcLv, c� t9J1n �v N
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From ®avid Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account.
The income amount indicates what you have in your fund to spend if
you wish, on your mission. You might want to increase the Income
amount by sending a check indicating your fund name to
Trustees of the Public Trusts
Selectman's office
1625 Massachusetts Avenue
Lexington, Ma 02420
Principabo 3
Income:
If you have any questions please contact me
will! ni-
781 5724768
Atteatti077 Board of Selectman 0 .1 b25 Masse chusettr Avec:are o Lexie toja ly
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David Tfllhams
Susan 11deCleriel2ts
Memo to:
Re: Vp
From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account.
The income amount indicates what you have in your fund to spend if
you wish, on your mission. You might want to increase the income
amount
� by sending a check indicating your fund name to
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Trustees of the Public Trusts
Selectman's office
1625 Massachusetts Avenue
Lexington, Ma 02420
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Attention Board of selectmatt o 16125.M'assachuseas Avenue o .Lexingtalz, ,r�fasscrc r
13usetts 02L 20
RUSTEES OF P-Mr is TRUSTS
1�
�r Established 1910
�11ar;Fields, Chairman
David TTrilliarjrs
Sarsan!l;lcCler;ients
Memo to: or�� ����
Re: �STIZk
From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account.
The income amount indicates what you have in your fund to spend if
you wish, on your mission. You might want to increase the income
amount by sending a check indicating your fund name to
E
Trustees of the Public Trusts
Selectman's office
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1625 Massachusetts Avenue
Lexington, Ma 02420
Principal:` 15 15
Income:
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AttelVimi Board of 8elecliizatz 0 I6�S lUla.,yscrcJztrseits Avenue 0 Lexie to
}z, 1111assaclrzrseas 02420
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TRUSTEES OF P UE i IC Tl RDSTS
Established 1910
'41trz Fields, Chah-ma;j
.David 1,R1jian7s
szrsan 11lcCle;asents
Memo to: `rn2s ` o, czi
Re:
From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I am
le
paced as
promised to send you the year end balances in your account.
The income amount indicates what you have in your Fund to spend if
you wish, on your mission. You might want to increase the income
amount by sending a check indicating your fund name to
Trustees of the Public Trusts
Selectman's office
1625 Massachusetts Avenue
Lexington, Ma 02420
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Principal: ' i0, -Z
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781 5724768
Attention Board of Selectrr7ar7 0 163.E!12crsscrc]zxrsetts Averiaca o Lexington, 11assaclztrsetts Q�, ��
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TRUSTEES OF P B x TRuSTS
Established 1910
.3
wj
r• i'^j37i�ff��5,y
Alm?Fields, Chairttiatz
David T-Tfilhaiiis
Susan AdcClements
Memo to: u SI ,5,
Re.
From David Williams
Trustees of the Pu lic Trusts
On behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account.
E
The income amount indic, tes what you have in your fund to spend if
F you wish, on your missio You might want to increase the income
amount by sending a the E k indicating your fund name to
Trustees of the Public Truts
Selectman's office
E 1625 Massachusetts Avenue
Lexington, Ma 02420
Principal:
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Attention Boar d of Selectttzafr 0 .1625.l assachusetts Avenue 0 Lexiilgfota, iV[assachiisetts 07:t?D
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I` UTE OF Pyr IC TRUE T S
Established 1910
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Alan Fields, Cltair;na;z
David ITjillranas
Szfyalt i1!aCleinents
Memo to: �� G`C�`C1
From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of thePublic
Trusts
promised to send you the year end balances your a u pleased,acc nuntas
,
f The income amount indicates what you have in your fund to spend if
you wish, onour mission,
Y You might want to increase the income
amount by sending a check indicating your fund name to
Trustees of the Public Trusts
E Selectman's office
E 1625 Massachusetts Avenue
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Lexington, Ma 02420
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Artetztion Board of Select nal? 0 1525 MasscxhusettsAverrase o Lexrngtara, IV
lassachusetts 02.70
' RUSTEES OF Pyr is TRuS T S-
_ rr Established 1910
,41CM Fields, Chaia t;2a;r
DaNd 17!11 atars
Salsars 11cClements
Memo to:
_ y
Re:
From David Williams
Trustees of the Public Trusts
On behalf= of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account.
The income amount indicates what you have in your fund to spend if
you wish, on your mission. You might want to increase the income
amount by sending a check indicating your fund name to
E Trustees of the Public Trusts
Selectma n's office
1625 Massachusetts Avenue
Lexington, Ma 02424
Principal; O 'i�
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781 5724768
Atterrtiora Board of Select Tian o 169511assaclaarsetts Ave
trate
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Lex'
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rzgtora, jYlcrssa
chtrse02420
RU'TEES OF PUB i IC TRUST S
trEstablished 1910
C.i f
Alai?Fields, Chair}}falx
.David T-Tilliarass
Sirsati jVoCleme}}ts
Memo to:
Re:
From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account.
The income amount indicates what you have in your fund to spend if
you wish, on your mission. You might want to increase the income
amount by sending a check indicating your fund name to
Trustees of the Public Trusts
Selectman's office
1625 Massachusetts Avenue
Lexington, Ma 02420
Principal.-4 9w
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781 5724768
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tte}ltiafa Board af8plect}}2a}z o 16-9-5-Massachusetts o Lexi}? t
g at7, _r
11aSSaChIlsetts 024-20
CRUST EES OF PUL I C T - T
- -' Established 1910
s
-41011 Fields, Chair311att
Dm,ld TTrilli'7112s
&,Satz�l�cCdenzettts
Memo to
Re:
From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I a
pleased,
Promised to send you the year end balances in Your acount,
The income amount indicates what you have in your fund to spend
You wish, on your Mission. You 'night want to increase the income e if
' amount by sending a check indicatingme
your fund name to
Trustees of the Public Trusts
E Selectman's office
1.625 Massachusetts ,avenue
Lexington, Ma 02420
I
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Atte'?Uo x•Baaa•cl ofSelectinart o 1 d?5 Massac]zZ
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k TRUSTas OF PUBLIC TRUSTS
Established 1910
.�la;z Fields, Chcrir•n;ati
Davol lTfflliatj2s
SlUa;l A&Clements
Memo to: w\(,.
From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I am pleased, as
Promised to send you the year end balances in your account,
The income amount indicates what you have in your fund to spend if
you wish, on your mission. You might want to increase the income
amount by sending a check indicating your fund name to
E
F
Trustees of the Public Trusts
Selectman's office
1625 Massachusetts Avenue
Lexington, Ma Q2420
E
Principal:
Income:?
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wi [i
7815724768
Atte1211072 Board of Select a3ar7 0 1695 Massachzrsetrs Avenue oexira t
g on, Alassachusetts 024t?p
RUSTEES OF PUB-IC TRUST S
Establislied 1910
Alar?Fields, Chairn?an
David bYillicisars
Susan 11rcCle�;set?ts
Memo to:
Re: M � tin Nu
From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account.
The income amount indicates what you have in your fund to spend if
you wish, on your mission. You might want to increase the income
amount by sending a check indicating your fund name to
E Trustees of the Public Trusts
Selectman's office
1625 Massachusetts Avenue
I
Lexington, Ma 02420
i
Principal: ° t»o
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Willi st.net
781 5724768
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Attention Board of Selectilaaf? 0 1 bZS Massachusetts Avetsa?e 0 Leiilzgtoaz, s'llassachti setiS 0 94 0
I RUSTEES OF rUBLIC TRUSTS
Established 1910
Alan Fields, Chairman
David 1TTilliams
Susan AlloClements
Memo to:
From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account.
The income amount indicates what you have in your fund to spend if
you wish, on your mission. You might want to increase the income
amount by sending a check indicating your fund name to
E Trustees of the Public Trusts
Selectman's office
1625 Massachusetts Avenue
Lexington,. Ma 02420
Principal: SCS 5al
Income: too
If you have any questions please contact me
E
williams.dgCcDcomcast.net
781 5724768
I
Attention Board of Selectman 0 1625 Massachtisetts Avenue 0 Lexington, lvrassachitsetts 02420
TRUSTEES OF PUBLIC TRUSTS
t5�t{1
Established 1910
Alan Fields, Chairman
David ilfilliams
Susan 11IcClements
Memo to:
Re:
From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account.
The income amount indicates what you have in your fund to spend if
you wish, on your mission. You might want to increase the income
amount by sending a check indicating your fund name to
Trustees of the Public Trusts
E Selectman's office
1625 Massachusetts Avenue
Lexington, Ma 02420
Principal; 5 `arra r
Income: loo r
E If you have any questions please contact me
villiams,dgacomcast.net
781 5724768
Attention Board of Selectrnasa 0 1625 Massachusetts Avenue 0 Lexington, illlassachiisetts 02420
RUSTEES OF
PUBLIc TRUSTS
Established 1910
3
u_ 'til
Alan Fields, Chairma;r
David 911ftai?ns
Susan kfaClements
Memo to:
Re: LAS 011oss 'i 1 Crlte �,,��.
From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account.
The income amount indicates what you have in your fund to spend if
you wish, on your mission. You might want to increase the income
amount by sending a check indicating your fund name to
Trustees of the Public Trusts
Selectman's office
1625 Massachusetts Avenue
Lexington, Ma 02420
Principal: t3' 45o r
Income:
If you have any questions please contact me
781 5724768
Attentio;2 Board of Select;;zan 4 1 G?S Massachttsetts Avenue 0 Le:y;ingta7z, 11,1assaclizrsetis 0 420
I
I RUSTEES OF PUB-Tic TRUSTS
Established 191 o
Alma.Melds, Chairman
Davol Ylrilliasjrs
Sitsatt AllaCleinents
Memo to: c�`��irliee-���
From David Williams
Trustees of the Public Trusts
On behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account.
The income amount indicates what you have in your fund to spend if
you wish, on your mission. You might want to increase the income
amount by sending a check indicating your fund name to
Trustees of the Public Trusts
Selectman's office
1625 Massachusetts Avenue
Lexington, Ma 02420
Principal: F°? I too
Income: r?ol
f If you have any questions please contact me
c
-W-111jacn.9 do.
781 5724768
i
F
Attention Board of Selectinan 0 1 b9S Massc.chuselts Avenue 0 Lexit7gtoj2, -tlllassachitsetts o2420
CRUST MS OF r U�i TC TRUSTS
_ Established 1910
Alar'Fields, Chair rnari
David fftillialns
Susan 1111cCle;:eats
Memoto:
Re: C.a.,cz:,\-�1l
From David Williams
Trustees of the Public Trusts
4n behalf of the Trustees of the Public Trusts I am pleased, as
promised to send you the year end balances in your account.
The income amount indicates what you have in your fund to spend if
you wish, on your mission. You might want to increase the income
amount by sending a check indicating your fund name to
Trustees of the Public Trusts
Selectman's office
1625 Massachusetts Avenue
Lexington, Ma 02420
i
E Principal:
Income: _ .. -5orlq
If you have any questions please contact me
v�.i.11iams. c c.,. st,net
781. 5724768
Attention Board of Selecunan 0 1625 Massachusetts Averztre o Leyir1gtolz, dlassachztsetis 02420
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DONOR NAME
ADDRESS
DATE
Mr.Alan Fields
Chairman
Town of Lexington
Trustees of Public Trusts
Dear Mr. Fields,
This letter is to set the terms by which the Trustees of Public Trusts agree to hold
Fund, (the "Fund") which we hereby establish.
I. The Trustees will hold and invest the Fund as part of the Endowment Fund administered by the
Trustees for the benefit of the Town of Lexington.
2. Each year, the Fund will transfer to [the Lexington Scholarship Committee/ or
their designated successor] an amount that the Trustees deem appropriate and consistent with their
Investment Policy with the intention that the Fund be preserved in perpetuity. (alternate wording is
percentage of income only)
3. Any net income and all capital gains of the Fund not distributed annually shall be transferred to Fund
principal.
4. By signing this letter, I acknowledge that contributions to the Fund are irrevocable and any changes
to the terms of the Fund must be approved by the Trustees of Public Trusts and/or the Town of
Lexington Select Board or their successors.
S. Purpose/Guidelines for distributions — SAMPLE LANGUAGE for a scholarship - Each year the
Lexington Scholarship Committee shall award one or more scholarships to be known as the Joe
Quigley IVMemorial Scholarship. To be eligible the recipient must meet the following criteria:
a. Be a graduate of Lexington High School or Minuteman Technical High School.
b. Will major in a STEMfield at an accredited two to four year college program.
c. Demonstrate a passion for mathematics.
d. Demonstrate financial need.
e. Preference will be given to students who had participated in the Lexington Math Club, while it is
in existence.
6. The Lexington Scholarship Committee shall allow a member of the Quigley family, as long as they
are willing and able to serve, to present the scholarship to the recipient at the annual awards night.
7. If the charitable purpose of the Fund becomes impossible or impractical to achieve or the size of the
fund too small to warrant ongoing administration, the Trustees in their sole discretion may dissolve
the Fund and apply the proceeds to a similar charitable purpose to benefit the Town of Lexington.
DONOR
INVESTMENT POLICY STATEMENT
Trustees of the Lexington Public Trust
Investment Investment Purpose: The purpose of the Trustees of the Public Trusts is to
Objectives: administer, invest, and disburse the funds bequeathed or donated to the town for
specific public purposes.
Investment Objective*, The purpose of the investment portfolios is to provide for
the long-term benefit of the beneficiaries of the assets that have been bequeathed or
donated to the town of Lexington. The portfolio should have a balanced exposure to
fixed income and equity assets in order to provide growth and stability and therefore
protect against the long-term risk of inflation. While the trustees acknowledge the
acceptance of market risk, the long-term objective of the fund is to obtain growth in
income. Protecting the value of the assets from undue volatility and or risk of loss of
capital supersedes the desire of maximizing the growth of the corpus.
Portfolio Investment Strategy: The investment strategy is focused on earning a long-term
Investment inflation adjusted return sufficient to grow the purchasing power of the fund. This
Strategy: strategy requires a willingness and ability to tolerate a moderate level of portfolio
fluctuations in order to achieve long term objectives. General asset allocation
guidelines to achieve these objectives are shown below
BALANCEDSTRATEGY
Asset;Class:
Cash and Fixed Income 30%-50%
Equities 40%-60%
Alternatives 0%-15%
Equity Equity investments are intended to provide capital appreciation for portfolio assetsand
Guidelines: protection from inflation over the course of the investment cycle. The equity portion
of the portfolio may consist of both individually held securities and pooledfunds such
as common trust funds and mutual funds. The portfolio's equity investments may be
diversified across companies, sectors, and industries.
Additional diversification may be achieved by providing exposure to various asset
classes, such as large-cap, mid-cap, international, and income-oriented equities.
Fixed Income Fixed income investments are intended to provide a stable income stream while also
Guidelines: reducing the overall volatility of the portfolio. Fixed income securities may consist of
both individually held securities and pooled funds such as common trustfunds and
mutual funds.
Spending In response to an extended period of historically low interest rates, the Trustees have
Policy: adopted a spending policy to allow annual spending of up to five percent(5%) of
total investment returns of a fund, unless otherwise explicitly restricted by the terms
of the agreement establishing the fund