HomeMy WebLinkAbout2019-05-28-TPT-min TOWN OF LEXINGTON
TRUSTEES OF PUBLIC TRUSTS
Z51 SEP 26 F'H p 17- 08
Minutes of Meeting of May 28, 2019
The meeting was held at 7,00 pm at the Inn at Hastings Park at 2027 Massachusetts Avenue,
Lexington, 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 January 15,2019 meeting were unanimously approved by the Trustees.
The terms of the Artis Benevolent Fund where unanimously approved by the Trustees and
forwarded to the Select Board for acceptance.
The terms of the Brian Michael Addley Fund have been accepted by the Select Board and
were unanimously ratified by the Trustees.The initial fund balance is$20K.
The Trustees received notice in 2018 from the administrator for the estate of August
Schumacher that Mr. Schumacher left a bequest to the Mary and August Schumacher
Scholarship Fund.David Williams reported that the amount of the bequest is$22,500.
David Williams also reported that flowers placed on graves at Westview Cemetery by the
terms of the Hilton Family Fund will now be placed on graves annually on Memorial Day by
Wilson Farms when it is placing flowers on other graves.
David reported that the Alan S. Fields Community Enrichment Fund has a balance of over
$60K.
A bas-relief sculpture,a gift of the Class of 1901 from the Hancock School,was discovered in
disrepair in the attic of a Lexington home. The sculpture was restored in part through a
donation from the George Gilmore Fund. David reports that the restoration came out well
and that the sculpture is now located at the Lexington Community Center.
The Friends of the Bikeway asked permission from the Trustees to reallocate remaining
funds originally distributed to them from the Jack Eddison Blossom Fund for the pocket park
near Grant Street on the Bikeway and events connected with the 251h Anniversary of the Jack
Eddison bikeway. After some discussion,the Trustees agreed that the proposed reallocation
to help fund a memorial bench for a specific individual was beyond the purpose of the Jack
Eddison Blossom Fund.The Trustees will request that the Friends of the Bikeway return the
balance of the funds not expended on the pocket park and anniversary celebration.
The Trustees unanimously approved the disbursement of scholarship funds to the 2019
scholarship recipients.
Alan Fields reported that the investment committee has reviewed the portfolio and
unanimously supports the current allocation to meet the needs and requirements of the
trusts.The portfolio exceeded benchmarks in the first quarter for all funds.
The meeting adjourned at 9:00 pm.
Respectfully submitted,
Susan K. McClements
Trustee of Public Trusts
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