July 18, 2014 Minutes

Trustees of the Trust Funds Meeting Minutes
Cara Marston
Ross Morse
Harry Vogt

The meeting of the Trustees of Trust Funds was called to order at 8:02 AM, July 18, 2014 in the Pittsfield Town Hall by Harry Vogt, Meeting Chair.

Secretary’s Report: Accepted with corrections to the report on the Foss Scholarship
Fundraising/Donation and Update letters. Fundraising/Donation letters have been mailed, Update letters will be mailed upon approval of the final draft.
Treasurer’s Report: Accepted as presented.
Old Business:
1. Review of RFP for Financial Proposals for Investment Advisor.
a. Firms: The Trustees decided to request financial proposals from the following firms: MorningStar, Daniel Davidson (HD Vest), Citizens Bank, Mackensen & Company, TD Bank, and Charter Trust.
b. Schedule:
1. Review RFP forms to be sent to proposed list: 7/18/2014 (completed)
2. Send out RFPs: 7/30/2014
3. Proposals Due: 8/28/2014
4. Review Proposals: 9/5/2014
5. Interview and Select Firms: 8:00 AM – 12:00 PM; 9/12/2014
2. Capital Reserve Fund: The Trustees reviewed a sample warrant article to be presented to the Town Administrator for consideration by the Select Board for the 2015 Town Meeting.
3. PYBA Lighting Project:
a. The Trustees agreed to send a request to PYBA/Larry Berkson for return of funds in the sum of $25,000 allocated toward the completion of the lighting project at Tilton Hill Ball Fields. The decision was based on whether or not the project was deemed viable due to recent communications with Mr. Berkson and the PYBA’s non-responsive return of repeated communication attempts by the Chair of the Board of Trustees.
4. Ross Morse reached out to the Pittsfield School District to clarify the need for a Public Hearing to accept funds from a private donor, if the funds were to be given to the Pittsfield School District.
5. Foss Scholarship Update:
a. Of the returned letters to past Foss Scholars, two remain unresolved as to updating of their addresses.
b. The Foss Scholarship Committee will address possible strategies to insure applicants are aware that additional postage may be due when mailing the requested application through the USPS at their next meeting, schedule for September of 2014.
New Business:
1. Sanderson Request: The Trustees reviewed a request and granted funds totaling $5,356.00 to the Pittsfield Community Development Corporation for work to be completed at Blueberry Express ($900.00 for demolition and disposal of the ceiling on the back porch; $1,656.00 for the reconstruction of steps) and the Community Center ($2,800.00 for the paving of the walkways to comply with request of the insurance company).
2. Investment Policies: The Trustees agreed to combine the investment policies of trusts that used the same guidelines. This was suggested as an attempt to reduce the need for multiple policies for each individual trust while continuing to honor the spirit of the separate trusts.
Next Meeting: 9/5/14, 8:00 AM
Review of Financial Advisor RFPs

Adjournment: The meeting was adjourned at 9:07 AM. Minutes submitted by: Ross Morse