Board of Trust Fund Commissioners

Board of Commissioners of Trust Funds Minutes of the March 11, 2021 Meeting Present: William P. Goreham, Sumner Jones and Richard Lobsitz The meeting was called to order via Zoom at 1:00 P.M. The Eastern Bank Financial Representatives, Ryan Van Luling, CFP, Vice President and Rose Brooks Grant, Managing Director of Investments attended our meeting and reviewed investments for the last fiscal year. On December 31, 2020 the Market Value of the trust fund was $10,450,132. At that time Equities were 63.6%, Fixed Income 32.4% and Money Market 4.4%. The presentation included the investments for the year, the income and loss of funds and what they expect the market to do in the next fiscal year. Ms. Grant told the Board that she is retiring in April 2021. We thanked her for her excellent work and wish her the very best as she begins her retirement. The Council on Aging submitted medication expense reimbursement requests for review and the Board agreed that the requests should be paid for from the Endicott Fund ($506.34, $1,400.00, $1,020.00). Salem State University submitted their request for payments for the Darwin Festival. The $2,400 was an approved large grant. The funds will be taken from the Read Lecture and Read Remainder Funds. The Brookhouse Home submitted their request for over the counter medication reimbursement. This was an approved Large Grant and $4,952.71 will be taken from the Endicott Fund. The Minutes were reviewed for the January 14, 2021 meeting and approved. Revised forms for Large Grants and Scholarships were reviewed and will be distributed. We will also add this information to our web page. All grants will be due May 1st. A thank you note from LEAP was received for our quarterly award. It was with great sadness the Board discussed the death of one of our members, Thaddeus Buczko. The Board agreed to send a $100 donation from the Administration Fund to the Thaddeus Buczko Scholarship Fund at Norwich University in his honor. There being no further business, the meeting was adjourned at 1:55 P.M. Respectfully submitted: F. Kay Fouhey, Clerk