Pittsfield Trustee of the Trust Funds
Meeting Minutes
6-8-12
Attendees:
? Harry Vogt, Chair
? Cara Marston, Treasurer
Opening:
The meeting of the Trustees of Trust Funds was called to order at 8:05 AM on June 8, 2012 in the Pittsfield Town Hall by Harry Vogt, Meeting Chair.
New Business:
? Daniel Davison of Davidson & Stone attended this portion of the meeting at the request of the Trustees. Also in attendance for this portion of the discussion were Adam Davidson and Tim Davidson also with Davidson & Stone. Harry Vogt explained that Mr. Davidson’s firm had come highly recommended to the Trustees by Mr. Foss. Based on this recommendation, the Trustees had invited the Mr. Davidson to attend this meeting to introduce his company and to have a general discussion with the Trustees about his firm’s investment philosophies and fee structure.
? Annual Review of Foss Family Investment Policy and Guidelines: The annual review of this document was conducted. The following possible revisions were highlighted for future discussion:
a. III Asset Allocation: Percentages of allocations appear to be too rigidly defined. Suggestion was made to adopt the following asset allocations:
i. Cash and cash equivalents – 20%
ii. Fixed income – 30%
iii. Equities – 50%
c. Annual Review of Internal Controls Policy: The annual review of this document was conducted. The following possible revisions were highlighted for future discussions.
a. Bookkeeping: Paragraph 1, sentence 2; in lieu of specifying a specific investment account such as Morningstar Investment, use of a more general description such as “funds managed by the Trustees’ investment advisors” was suggested.
b. Accounts Receivable: Paragraph two; revise first sentence to read “Board of Selectmen” versus “Trustees of Selectman”.
4. Sonia Robison Scholarship: Based upon a recommendation made by the Pittsfield School District, the Trustees voted to award a $1,000 scholarship to Taylor Kiss a graduating high school senior planning to major in journalism this fall at Emerson College.
Approval of Minutes: Minutes of the April 26th meeting were not available. Minutes of the April meeting will be reviewed and approved at the next regular meeting of the Trustees.
Approval of Treasurer’s Report: The treasurer’s report was unanimously approved as distributed.
Agenda for Next Meeting
1. T.J. Shaughnessy
1. Quarterly review of investments
2. Review of Investment Philosophy
c. Experience with public Trust Funds
d. Investment fees
2. Investment advisor discussion
3. Sonia Robison Scholarship: Review of account balance
Adjournment:
Meeting was adjourned at 9:30AM by Harry Vogt. The next general meeting will be at 8:00AM on Thursday, June 21, 2012 in the Pittsfield Town Hall.
Minutes submitted by: Harry Vogt