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 Lunenburg Trust Fund Commission 
 Bilotta Meeting Room/PACC 
 Lunenburg Town Hall 
 August 14, 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 
 No public comment 
 3. Review and Approve Minutes 
 Mr.  Howard made a motion for the approval of the minutes of both the July 
 10,2025 and July 24, 2025, meetings as written.  Chairman Bowen seconded the 
 motion. Mr. Howard = Aye, Chairman Bowen = Aye. Motion passed unanimously. 
 4. New Business 
 a. Organization 
 The current vacancy on the Trust Fund Commission remains unfilled. 
 b. Management of the Trust Funds 
 Mr. Howard commented on the contract between the Town and the PTC (private 
 Trust Company) with their fees and expenses.  From the schedule provided it was 
 difficult to gauge the magnitude of these expenses on an annual basis, but they may be 
 having a disproportional impact on the five funds under the purview of the Trust Fund 
 Commission. 
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 Chairman Bowen was concerned with the penalties and fees, discussed the 
 potential for hedging the portfolio.  Penalties and fees are borne by each of the fund’s 
 balances, bad planning for one Trust hurts all the other Trusts. 
 For full transparency, Chairman Bowen went through full agreement with 
 Bartholemew and Town, highlighting the investing options selected and some of the 
 associated fees. 
 Chairman Bowen reiterated that these funds are the People’s money. Many 
 generous benefactors bequeathed a portion of their savings to help the citizens of the 
 Town.   
 Chairman Bowen recognized the budget task force for their work and that each 
 fund cannot operate in a vacuum.  Additionally, Chairman Bowen provided an update on 
 the research he has completed on the proper management of the Workers 
 Compensation Insurance Fund (1913 statute) and that in his research it would appear 
 that many Towns the size of Lunenburg have much broader control and management of 
 Trusts than what currently exists in Lunenburg. 
 Chairman Bowen updated the Trust Fund Commission and audience with the 
 research he was able to conduct on the Worthy Poor Fund and The VFW Post 283 
 declarations. 
 In the review of the Worthy Poor fund document, the benefactor stated the funds 
 were to be used for the “poor houses” in Town.  As time and social service support 
 networks have evolved in the 118 years since the trust was funded, there no longer are 
 “poor houses” in the Town of Lunenburg so it may be necessary to invoke the cy près 
 doctrine.  The cy près doctrine is a legal principle that allows a court to modify the terms 
 of a failed charitable trust to uphold the creator's general charitable intent, applying the 
 funds to a new charitable purpose that is "as near as possible" to the original one. The 
 doctrine prevents a charitable trust from failing due to reasons like the original 
 beneficiary no longer existing or the specific charitable purpose becoming impossible or 
 illegal to fulfill, ensuring the funds continue to serve a charitable goal. 
 Chairman Bowen has scheduled time with Town Counsel, Adam Costa to discuss 
 the comparable Trust Fund Commissions in surrounding Towns.  Additionally, the 
 Comm of MA Division of Local Services will be used as a resource to help in comparing 
 the role, scope and influence of the Lunenburg Trust Fund Commission versus other 
 Towns of similar size in the Commonwealth. 
 c. Scheduled Meetings 
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 Next meeting scheduled for Thursday August 28, 2025, at 5:00 PM. 
 d. Action items for next meeting 
 There are no specific action items assigned during the meeting. 
 5. Public Comment 
 There was no further public comment – either in person or via Zoom. 
 6. Adjourn 
 There was a motion to adjourn by Chairman Bowen, seconded by Mr. Howard. 
 Mr. Howard = Aye, Chairman Bowen = Aye. Motion passed unanimously.  The meeting 
 was adjourned at 6:33 PM