HomeMy WebLinkAbout2018-08-28-TPT-min TOWN OF LEXINGTON
TRUSTEES OF PUBLIC TRUSTS
Minutes of Meeting of August 28, 2018
The meeting was held at 6:45pm.at Artistry at the Inn at Hasting Park at 2027
Massachusetts Ave., Lexington, MA. Present were Trustees Alan Fields, David Williams and
Susan McClements. Investment Committee members Adrian Jackson and Patrick Morin.
The Investment Committee members met with the Trustees to discuss investment strategy
for the portfolio. The Endowment Fund ended the 6/30/2018 fiscal year with a gain of
6.53% exceeding its benchmark of 3.32%.The Cary Memorial Library Funds exceeded their
benchmarks as well.A global balance investment strategy was reaffirmed by the
investment sub-committee. The Cemetery Funds continue to operate under the legal list
supervised by the State Street Charitable Asset Management Division. Results lagged the
benchmarks reflecting a more constrained equity universe. (Westview 0.44%, Monroe
0.89%). The investment committee adjourned.
Minutes from the April 11, 2018 meeting were unanimously approved by the Trustees.
David Williams shared a draft of the Trustees' report for the Town's Annual Report and
asked for comments by early September.
The Trustees followed up with the Schumacher children regarding the Mary and August
Schumacher Scholarship Fund. The children are pleased with how the Trustees are
managing and administering the fund.
David Williams obtained a quote of$7,700.00 from McCue the Florist to plant the whiskey
barrels in Town Center. In past years,the Fund for Lexington has agreed to pay the cost of
the barrel plantings.Alan Fields will make a request of the Fund for Lexington to pay for
the barrel plantings for the Spring of 2019.
The Trustees unanimously agreed to contribute $3,000.00 from the Bridge Charitable Fund
to benefit Supportive Living Inc.'s campaign for a Brain Injury Wellness Center at Douglas
House in Lexington. Susan McClements will send a letter to SLI notifying them of the
contribution. David Williams will arrange for a check to be sent to SLI.
David Williams reported that a check was sent to the Garden Club for$120.00 from the
Frederick Emery Fund, representing 75% of the income in the fund as of June 30, 2018.
David Williams reported to Shirley Stoltz from the Friends of the Council on Aging (FCOA)
the income and principal balances in the FCOA Fund and the Jack Gardner Fund as of June
30, 2018.
Friends of Lexington Bikeways acknowledged receipt of$3,800.00 from the Jack and Betty
Eddison Blossom Fund in recognition of the 25th Anniversary of the Minuteman Bikeway.
The Trustees unanimously accepted the terms of the "Carl F. and Maureen G. Valente Public
Service Fund" and forwarded it to the Selectmen for acceptance.
The Trustees received notice from the administrator for the estate of August Schumacher
that Mr. Schumacher left a bequest to the Mary and August Schumacher Scholarship Fund.
The amount of the bequest is unknown at this time.
A bass relief sculpture,a gift of the Class of 1901 from the Hancock School,was discovered
in disrepair in the attic of a Lexington home.David Williams obtained an estimate to
restore the sculpture and requested funds from the George L. Gilmore Fund to pay for the
restoration.Trustees Alan Fields and Susan McClements approved up to $1,500.00 from the
George L, Gilmore Fund to pay for the restoration. The restored sculpture will be displayed
at the Lexington Community Center.
David Williams shared copies of the State Street Global Advisors year-end report.
The meeting adjourned at 9:00 pm.
Respectfully submitted,
Susan K. McClements
Trustee of Public Trusts
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