HomeMy WebLinkAbout2019-01-15-TPT-min TOWN OF LEXINGTON
TRUSTEES OF PUBLIC TRUSTS aN,
Minutes of Meeting of January 15, 2019 _.10
7.
The meeting was held at 7:30 pm at the home of Alan Fields at 42 Adams Street, Lixing , ` ~
MA. Trustees Alan Fields, David Williams and Susan McClements were present.
Investment Committee members Adrian Jackson and Patrick Morin were also in
attendance.
Minutes from the August 28, 2018 meeting were unanimously approved by the Trustees.
Alan Fields shared that the Trustees will meet with Assistant Town Manager for Finance,
Carolyn Kosnoff,later this spring.
The Trustees and Investment Committee discussed the cemetery funds and the process for
selecting investments from the Commonwealth's legal list of investments.Alan will follow
up with State Street to discuss.
The terms of the Alan S. Fields Community Enrichment Fund were unanimously approved
and sent to the Board of Selectmen for acceptance.
State Street sent David Williams instructions on how to make gifts of stock to the Town of
Lexington. Copies of the instructions have been sent to Kim,administrative assistant in the
Selectmen's Office. David will be sure Skip Lovering in the Treasurer's office has a copy as
well.
Alan Fields reported that the portfolio performance exceeded benchmarks for the year
despite the significant market downturn in the 4th quarter of 2018. The investment
committee discussed asset allocation going forward and recommended staying the course
for now. The investment committee recommended the reallocation of funds between two
international equity funds and moving cash into the Versus Capital real estate fund.Alan
will follow up with State Street to implement the investment recommendations.
David Williams reported that Pamela Yang has joined State Street Global Advisors as
managing director and head of Charitable Asset Management.
An individual approached David about starting a fund for the non-profit communal dining
group, Lex Eat. David will follow up with Lex Eat.
The Council on Aging (COA) is holding money from a fund established by Lexington
residents,Joel and Nancy Adler,to benefit the Lexington Community Center. The COA
would like to turn the funds over to the Trustees. David asked the COA to contact the
Trustees when the fund balance exceeds the required minimum of$10K to establish a fund
with the Trustees of Public Trusts.
The late Brian Adley's wife,Ann,and his children established a Road Race Fund to raise
money for scholarships in his memory.The Adley family would like the Trustees to take
over the fund when it exceeds $10K and manage it as a scholarship fund. David will follow
up on this.
According to a Memorandum of Understanding signed by the Selectmen and Artis Senior
Living,Artis must establish a fund with the Trustees to offset costs for its residents with
financial need. Susan McClements and David will follow up with Artis to craft the terms of
the fund.
The meeting adjourned at 9;00 pm.
Respectfully submitted,
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Susan K.McClements
Trustee of Public Trusts