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Lunenburg Trust Fund Commission
Bilotta Meeting Room/PACC
Lunenburg Town Hall
July 10, 2025
Present: Chairman  John Bowen and Vice-Chair Richard Howard
Agenda
1. Call to Order
 The meeting was opened  at 5:00 PM.
2. Public Comment
There was no comment from the public present in the Bilotta Meeting Room nor 
from those attending the Zoom meeting.
Chairman  Bowen read a statement regarding his commitment to full transparency
to the people of Lunenburg regarding the operations of the Trust Fund Commission and 
his outreach to the different operating bodies of the Town where Trusts are involved 
(Library, School Committee, treasurer) in a purely informational manner.
Chairman  Bowen has been in communication with the Town Manager regarding 
the Town Attorney forwarding to The commission in writing some  information about 
policy, procedure, etc.  As the commission is with  no incumbents present and both 
members are newly elected would be helpful to identify the direction of the commission . 
The Town Manager contacted the Trust Fund Commission and suggested the lawyer 
meet with the Trust Fund Commission publicly to “direct us ”.  Chairman Bowen felt the 
cost of an Attorney is not necessary to “direct us ” for two reasons; the first is the cost for 
the Attorney is unnecessary, and his time could be better used on higher priorities 
issues; the second is the Town Manager may also have been able to acquire these 
guidelines from the Massachusetts Municipal Association free of charge and deliver 
them in writing to the Commission). Having written guidelines would be an important 
part to create  a handbook so that the Trust Fund Commission would be able to provide 
this information publicly on our web page .  As commission members, we must by our 
oath and responsibility consult the charter and by laws of the Town of Lunenburg and 
Massachusetts General Laws, as well as request and review, if any, policies that are 
currently in full force and effect.
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Chairman  Bowen encouraged more citizens of Lunenburg to get involved by 
running for Commissions, volunteering for Committees and in general participating more
in Lunenburg Government citing very low  attendance at Town Meetings, elections and 
caucus ’.
3. Review and Approve Minutes
Minutes of June 26, 2025, Trust Fund Commission were unanimously approved
as written.
4. New Business
a. Organization
Chairman Bowen expressed his concern that the vacancy on the Commission is 
not being urgently addressed and that the guidance from the statutes and the Town 
Charter seem to be somewhat conflicting in describing the manner in which the vacancy
can be filled and subsequently the town manager rejected the original letter only signed 
by the chairman of the commission.
As a matter of housekeeping, Chairman  Bowen requested that the letter 
addressing the open vacancy be voted  on by the current two members of the Trust Fund
Commission, so it is requested  by the Trust Fund Commission as a whole, not just a 
request from the Commission Chairman .  Chairman  Bowen made the motion, by roll call
vote, to send the letter as written, signed electronically using /S/ after the names of the 
commissioners which is the legal method of electronic signatures accepted by the courts
by Chairman  Bowen and Vice-Chair Howard .  Motion passed unanimously.
b. Management of the Trust Funds
Chairman  Bowen advised the importance of receiving final fiscal year numbers 
from the Town Accounting department, who are still working on closing  out the fiscal 
year .
A critical element of the Trust Fund Commission being able to fulfill its duties and 
obligations is that we understand the declarations (provisions, intent and wishes) made 
when the funds were given  or bequeathed to the Town by our generous benefactors .  A 
review of these declarations may need to be carried out  in Executive  Session in 
cooperation with the Town Treasurer.
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The Trust Fund Commission reviewed a 35-minute video that was part of a 
longer presentation given by our Private Trust Company (PTC) who is currently 
“Bartholomew and Company ” to the Budget Task Force in August 2024 .   
Representatives of Bartholemew discussed the new Prudent Investor Rule MGL 203c 
that expands investment opportunities to allow Municipalities to seek higher returns and 
diversification if they fit within the definitions provided and the goals of the Trust Funds .  
During the presentation, it appears that our current portfolio  is heavily weighted  in the 
pharmaceutical sector, which presents some  industry risk that may expose the funds to 
poor returns.
Mr. Howard commented on the recent fund performance (% rate of return) and 
commented that the earnings of the funds have been far below the rate of inflation and 
that needs to be addressed  to ensure long-term viability of the Trusts.
c. Scheduled Meetings
Next meeting scheduled for Thursday July 24, 2025  at 5:00 PM.
d. Action items for next meeting
There was no specific action items assigned to, or committed by, either member 
of the Commission that are due in advance of the next scheduled meeting .  Chairman  
Bowen advised he is working on a handbook of Trust Fund Duties and Responsibilities 
that will be posted  when complete.
5. Public Comment
 There were no comments from the Public.
6. Adjourn
 There was a motion to adjourn by Mr. Howard, seconded by Chairman  Bown. 
The meeting was adjourned  at 6:31 PM