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HomeMy WebLinkAbout2018-04-11-TPT-min TOWN OF LEXINGTON TRUSTEES OF PUBLIC TRUSTS Minutes of Meeting of April 11, 2018 , LLXiNt i ()N h=N The meeting was held at 11:30am.at the offices of Atlantic Trust at 100 Federal Street, Boston, MA. Present were Alan Fields, David Williams and Susan McClements, Representatives from State Street Global Advisors,Jack Serhant, Tim Gould and Del (Delizia) Bouafi, were present for the first portion of the meeting. SSGA Matters Representatives from SSGA discussed a variety of matters with the Trustees. The Trustees requested that SSGA waive the $100.00 annual fee for smaller trust funds. Tim Gould will follow up with others at SSGA. (Alan Fields reminded Tim that the TOL Pension Fund is also a client of SSGA.) In addition to the $100.00 annual fee per account, SSGA charges 0.75%on the first$2.5MM of assets under management and 0.65%on the remainder. SSGA is in the process of removing the $7.50 wire charge. A month lead-time is required in order to receive cash from a trust account. David Williams said that the month lead-time has created problematic delays on a few occasions. Jack Serhant suggested this could be resolved by allocating a portion of the trust accounts in cash. After discussion, the Trustees decided to leave the account allocations as is,given how infrequently the delay causes a problem. SSGA reported that the 2017 YTD return for the portfolio was 12.3%, exceeding the benchmark. Jack Serhant is moving to a different group within SSGA. Delizia Bouafi (Del), a Vice President in the Investment Solutions Group will take over Jack's responsibilities for the TOL trust accounts. The Trustees thanked jack for his work and the SSGA representatives departed. Tru,5,tees Minutes from the September 26, 2017 meeting were unanimously approved. The Trustees discussed a request from the Schumacher family to increase the dollar amount of annual scholarships awarded from the Schumacher Scholarship Fund.Two of the surviving children would like to see the fund spent down over the next several years using both income and principal to fund the scholarship awards. After discussion,the Trustees agreed that the terms and intent of the Schumacher Scholarship Fund require that principal of the fund be preserved. Susan McClements will draft a letter for Alan Fields to send to the family. The Trustees discussed a request for an addendum to the Quinn Amsler Memorial Scholarship Fund.The addendum would allow periodic funding of awards to Bridge School students to be distributed to the recipients when they graduate from high school.After some discussion, the Trustees declined the request. In particular,the Trustees expressed concern about holding money awarded to students in fifth grade until high school graduation. David will follow up with the Amsler family. In response to a request from the Friends of Lexington Bikeways, the Trustees unanimously agreed to fund the following amounts from the Jack and Betty Eddison Blossom Fund in recognition of the 25th Anniversary of the Minuteman Bikeway: $620.00 for Grant Street Park Improvements as detailed in the request and $3,000.00 towards the cost of the Arts Along the Bikeway project detailed in the request. David will follow up with Peggy Enders who submitted the request on behalf of the Friends of Lexington Bikeways. The Trustees unanimously approved the terms of the Jessica Bussgang Rosenbloom Skating Prize Fund and will request the Selectmen accept the fund. The Trustees unanimously denied a request from Bob Burbridge of Genesis HR Solutions that the Pauline Briggs Memorial Scholarship Fund be transferred from the Town of Lexington to Minuteman High School. David will follow up with Bob. The Trustees unanimously ratified a vote taken by email to accept the terms of the Richard "Dick"Michelson Scholarship Fund and forward it to the Selectmen for acceptance. The Trustees unanimously approved the terms of the Howard A. and Elaine L.Smith Scholarship Fund that has been accepted by the Selectmen. David reported he sent the Conservation Commission a memo detailing available income account balances.A separate subsection for Conservation Funds will be established for reporting purposes going forward. The Fund for Lexington approved funding the flower barrels in Lexington Center. The Trustees approved the transfer of funds in January from the two cemetery perpetual care funds to the Town in accordance with procedure established last year. Susan will follow up with Town Clerk, Nathalie Rice, about scanning all trust documents for safekeeping. The meeting adjourned at 2:00 pm. Respectfully submitted, rri Susan K. McClements Trustee of Public Trusts c C Un r°-1: