===PAGE 1===
Lunenburg Trust Fund Commission meeting of  8/28/2025 
 
Meeting called to order 5:04PM by Chairman Bowen 
  
Public comment. No public comment from members of the live audience or via Zoom. 
Chairman Bowen expressed condolences for victims of the recent church shooting in 
Minnesota. 
 
Agenda. 
 
Old Business: 
The structure of the funds currently identified as being under the purview of the Trust Fund 
Commission are a part of pooled funds with Cemetery and Conservation.  There currently is no 
policy to protect one commission’s action from another.  Chairman Bowen feels that prior poor 
planning and controls are causing the funds as an aggregate to suffer in their returns.. 
 
Treasurer and Finance Director reports - have not been received since March, likely using the 
same investment strategy so do not expect today to be much different.  Both Chairman Bowen 
and Mr Howard expressed concern we are too heavily invested in Pharma, and possibly too 
heavily weighted in Bonds.  Chairman Bowen advised the Commission that he has  sent 
requests to the Treasurer &Finance Director raising specific questions and concerns.  Chairman 
Bowen has requested an updated report of all revenue received, interest, fines penalties and 
trading expenses.   
 
New Business: 
Chairman Bowen updated the Trust Fund Commission on his meeting with Town Attorney 
Costa to understand what protections are in place and what is the rationale of investments past 
and present.  Managing expenditures.  Informed treasurer of method to have fund withdrawing 
impact others and how to isolate and are others following declarations.  Chairman Bowen 
expressed concern that there have been certain expenditures made outside of declarations and 
is questioning whether the interest of the Board and Commissions are being addressed.   In the 
meeting with Town Attorney Costa, Chairman Bowen Chairman Bowen also presented the draft 
of the Risk mitigation and Best Practices policy present 
 
There are others monies that Chairman Bowen feels should be under the management of the 
Trust Fund Commission, specifically the Workers Comp sec 807.  The Chairman believes that 
the value of these funds is approximately $145K which does fall under the 1913 statute, which is 
1/20 of 1%. 
 
Chairman Bowen raised an issue about financial controls in the Town, specifically an amount of 
approximately $300,000 located with no current understanding of the source/use of these funds. 
Chairman Bowen suggested that a forensic audit should be performed every 10 years or so, 
maybe this has to be on the Town Warrant. 
 
===PAGE 2===
Discussion of selections of investment philosophy, the Town has historically taken a very 
conservative approach to limit losses.  Chairman Bowen highlighted the need for the Budget 
task force and Fincom to understand the investment philosophy. 
 
Chairman Bowen raised a point on the authority to have the Treasurer expended funds from 
some of the existing funds outside of the control of the Trust Funds Commission.  The question 
that we need more clarity on is who oversees the enforcement of declarations for Cemetery and 
Conservation. If spending outside of declarations is uncovered, it must be reported by oath of 
duty to the Atty. General’s Office. 
 
Scholarships (School Committee) except in uncommon circumstances, the Gift should be 
handled by the Trust Fund Commission unless a School Scholarship Fund is formed - 
composition would be beyond the current school committee members. 
 
Chairman Bowen advised that the American Legion has expressed interest in clawing back 
monies that are in one of our funds.  Chairman Bowen referred that request to Town Counsel 
and Town Manager.  This issue remains unresolved as of the meeting time. 
 
Mr. Howard made a motion to approve the Minutes of the Aug 14, 2025 meeting.  The motion 
was tabled as they are still in review and were subsequently not approved. 
 
The next meeting of the Trust Fund Commission is scheduled to be held on Thursday, Sept. 
11th at 5pm. 
 
Public Comment: 
 
There were no Public comments, neither in person or over Zoom 
 
Chairman Bowen made a  motion to adjourn 6:34pm, seconded by Mr. Howard, motion passed 
unanimously.