# trust-fund-commission — 19 documents, concatenated for reading and search # # This is a CONVENIENCE BUNDLE, not a source. Every document below is # published separately and byte-identically; cite the individual file, # whose path is given in each header, rather than this bundle. # Index of all boards: https://lunenburgbudgetproject.org/minutes/INDEX.txt # The town's own scanned original is linked per document. ======================================================================================== DOCUMENT : 2025-06-26-agenda-7289.txt BOARD : trust-fund-commission DATE : 2025-06-26 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-06-26-agenda-7289.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_06262025-7289 ======================================================================================== ===PAGE 1=== Town of Lunenburg TUNENBURD Trust Fund Commission 17 Main Street, P.O. Box 135 Lunenburg, MA 01462-0135 John Bowen Richard Howard, Jr. NOTICE OF MEETING TRUST FUND COMMISSION Joseph F. Bilotta Meeting Room 17 Main Street, Lunenburg, MA 01462 Thursday, June 26, 2025, 5:30 PM AGENDA: • Call to order by Assistant Town Clerk Election of Officers: • Assistant Town Clerk seek nomination(s) for Chair Chair seck nominations) for Vice-Chair General Discussion: Discuss date for next meeting Adjournment: ======================================================================================== DOCUMENT : 2025-06-26-minutes-7289.txt BOARD : trust-fund-commission DATE : 2025-06-26 KIND : minutes OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-06-26-minutes-7289.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Minutes/_06262025-7289 ======================================================================================== ===PAGE 1=== Lunenburg Trust Fund Commission Bilotta Meeting Room /PACC Lunenburg Town Hall June 26, 2025 Present: John Bowen and Richard Howard (elected Members), Assistant Town Clerk Ellen Griffin. Agenda 1. Call to Order The meeting opened at 5:30 PM. 2 . Public Comment Member John Bowen made a statement expressing his concerns with the legal process regarding the submission of the agenda by the town clerk specifically noting the separation of powers , whereby the town c lerk ’s office upon direction from the town manager, imposed upon these elected persons to this commission an agenda they created, conjoined together , for the reason that it “may ” be in violation of the Open meeting law without no legal clarity except to cite MGLA Ch. 30a sec. 20(a) which is referencing emergency submissions of agendas notating the law that 48 hours ’ notice must be given and done by the “chair ” of the board, as well as stating that this was “customarily ” how things were always done in town. This was over the objection of Member J ohn Bowen because the elected members John Bowen and Richard Howard agreed upon an agenda and submitted that agenda within 48 hours of a meeting of the Trust Funds Commission for organizing the board and other matters. Mr. Bowen made clear the town clerk is not subject to the open meeting law and therefore cannot convene a meeting of any board or commission which has already been created by charter and in statute and this process should never occur, which clearly is a violation of the separation of powers and not within the scope of the power and duties of a town clerk let alone a town manger by statute. Mr. Bowe n stated the town manager ignored him when he informed her he spoke with the Office of Open Government and clarified that his position is correct and that the Meeting Agenda requirement of 48 hours is the only parameter to be met under the open meeting law and the specific use of the word “chair ” in the statute, which was a misapplied statute by the town manager, is an open statement and not one that primarily singles out it must be the chair to act when a board has no chair, the law of common sense applies. Clearly the town clerk and the town ===PAGE 2=== manager hasn ’t the authority to convene board meetings and the only parameter for the person who is required to file a submission of an agenda , in this instance , is only by a member of the board or in absence of members the elected persons to said board . It is not for the executive branch to exercise the powers of the Legislative branch and above all the administrative branch clearly has no authority except that which is allowed by the legislative branch. 3. Review and Approve Minutes There were no Minutes to review and approve as this is the first meeting of this formed commission. 4. New Business a . Organization Asst Town Clerk Ellen Griffen initiated the organizational activities of the Commission as both Mr. Bowen and Mr. Howard are new members of the Commission. Mr. Howard made a motion to nominate Mr. Bowen as Chairman of the Trust Fund Commission. Mot ion passed unanimously. Mr. Bowen made a motion to nominate Mr. Howard as Vice-Chairman of the Trust Fund Commission. Motion passed unanimously. b . Scheduled Meetings Chairman Bowen and Mr. Howard discussed the schedule for future meetings. Mr. Howard proposed that every other Thursday from 5:00PM-6:30PM be our default meeting time. So agreed by both members . Next meeting scheduled for Thursday July 10, 2025. c. Action items for next meeting There were no specific items to address in advance of our next meeting. Chairman Bowen advised that a relatively new MGL 203( c) ( Massachusetts Prudent Investor Act. ) went into effect and this is something that the Trust Fund Commission needs to be cognizant of and make sure that the provisions are followed as there has not been a consistent focus on the oversight of these funds the past few years by the Commission. ===PAGE 3=== 5 . Public Comment There were no comments from the public. 6 . Adjourn There was a motion to adjourn by Vice Chairman Mr. Howard , seconded by Chairman Bow e n . It was unanimously voted. The meeting was adjourned at 6:1 0 PM ======================================================================================== DOCUMENT : 2025-07-10-agenda-7309.txt BOARD : trust-fund-commission DATE : 2025-07-10 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-07-10-agenda-7309.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_07102025-7309 ======================================================================================== ===PAGE 1=== Trust Fund Commission Thursday, July 10, 2025 5:00 PM AGENDA Bilotta Meeting Room, Town Hall In accordance with the requirements of the Open Meeting Law, please be advised that this meeting is being recorded and broadcast live over the Lunenburg Public Access channel, on Facebook Live on the Public Access Facebook page (https://www.facebook.com/Lunenburg-Public-Access-Cable-157427270975305/ ) and will be uploaded to the Lunenburg Access YouTube after the meeting. Additionally, please be advised that the Town of Lunenburg utilizes the Zoom platform as host for its hybrid and remote meetings; that the Zoom platform utilizes AI technology, known as "AI Companion," to create audio transcriptions of meetings to aid in the subsequent preparation of meeting minutes; and that AI Companion is activated immediately upon launching the Zoom application. You are hereby notified that this AI technology may capture audio prior to the start of the meeting and/or following the conclusion of the meeting. This meeting will be held in-person at the location provided on this notice. Members of the public are welcome to attend this in-person meeting. Please note that while an option for remote attendance and/or participation is being provided as a courtesy to the public, the meeting will not be suspended or terminated if technological problems interrupt the virtual broadcast, unless otherwise required by law. Members of the public with particular interest in any specific item on this agenda should make plans for in-person vs. virtual attendance accordingly. The following information is also provided for members of the public that would like to participate in the meeting remotely: To Participate Remotely: From a computer, please use the link below to join the public meeting webinar: https://zoom.us/j/7927370353 or from a telephone, dial the toll free number (888) 475-4499 and enter Webinar ID: 792 737 0353 # If you have not registered with Zoom you will be asked for your name and an e-mail address. Note: No participant ID is needed, just press # when asked. Telephone users may dial *9 to request to speak after joining the meeting. Computer and app users may use the “ raise hand ” feature to request to speak. The agenda lists all the topics which may be discussed at the meeting and are those reasonably anticipated by the Chair. Votes may be taken as a result of these discussions. Not all the items listed may in fact be discussed and other items not listed may also be brought up for discussion to the extent permitted by Open Meeting Law. 5:30 PM CALL TO ORDER AND PLEDGE OF ALLEGIANCE I. OPEN •PLEDGE OF ALLEGIANCE II. PUBLIC COMMENT*** COMMISSION • PUBLIC III. ANNOUNCEMENTS IV. COMMUNICATIONS FROM BOARDS/COMMISSIONS/COMMITTEES/INDIVIDUAL TRUST REPRESENTATIVES (communication strictly related to funds managed by the Trust Fund Commission) V. SCHEDULED MEETINGS (every 2 nd and 4 th of every month, exempting holidays or unless otherwise noted) VI. TREASURER AND FINANCE DIRECTOR REPORTS RELATED TO FUNDS UNDER CHARGE (strictly related to funds managed by the Trust Fund Commission as needed by request of the commission) None ===PAGE 2=== VII. NEW BUSINESS 1. Continued Discussion of MGLA 203c “ Prudent Investor Rule ” As passed by The Town of Lunenburg in 2024 Special Town meeting for Investment of Trust Funds into an investment pool. 2. Public Sharing of the List of Trust Funds currently organized in the investment pool and a discussion of other funds which may be added (i.e. Scholarship Funds-Excluding Library) 3. Play Video Clip (35 minutes) of Budget Task Force meeting From August 2024 explaining MGLA 203C 4. Discuss the creation of Policy to govern all Trust Funds Under the care and control of the Trust Fund Commission. Targeting the requests and needs for compliance and use of the funds (Notating the pre-emption of Statute MGLA) including incorporating MGLA 203c. The Focus of Policy will be on the entirety of the trust accounts as a managed liquid pooled investment and the impact of withdrawals therefrom and its impact on the rate of return. Specifically the need to manage any negative financial impact from any withdrawals including its overall impact on the pooled investment and any associated penalties that will apply for early withdrawals during the investment cycle, how they will be paid (either from interest earned or from the general fund) and how to manage all impacts keeping this commissions focus predominantly on the rate of return while allowing the specific use of these funds (as outlined in their accompanying documents and in Massachusetts Statute) to continue to provide their individual benefits. 5. Discussion to Identify the quarterly dates when the investment of trust funds will be able to shift direction between specific paper and bond investments and investment percentages of each. VIII. OLD BUSINESS 1. Update on percentages invested between bonds and paper evaluating market trends and historical market trends of these investments and the individual investments for stabilization of the specific investments, in a balanced approach, focusing on the rate of return. 2. Goals of the Commission (i.e. Policy, management, investment firm evaluation, etc.) IX. MINUTES/ACTION ITEMS 1. Approve Minutes From June 26, 2025 2. Write a letter/email to the T reasurer and the investment Firm Bartholomew and Company to acquire information as discussed in New Business and any other information beneficial to the commission in the exercise of its duties X. INDIVIDUALS/COMMITTEE/BOARDS WHOSE FUNDS ARE UNDER CHARGE REPORTS/COMMENT XI. SPECIFIC INDIVIDUAL TRUST FUND INVESTMENT DIRECTION AND REVIEW/COMMENTS XII. UPCOMING MEETING/EVENTS SCHEDULE • July 24, 2025, Regular Meeting of the Commission • August 21, 2025 Executive Session to review parameters of Trust Accounts not open for public inspection XIII. PUBLIC COMMENT** PUBLIC • TREASURER/FINANCE DIRECTOR • COMMISSION XIV. ADJOURN ** Per Policy, Public comment is limited to 15 minutes (this may be shortened or lengthened by the Commission Chair), we request consideration of no more than 3 minutes per speaker (this will be decided at the discretion of the Chair)- please Note that Public comment is not required by law and may at times not be permitted for any reason. The agenda will always be notated when the chair decides to engage public comment. ======================================================================================== DOCUMENT : 2025-07-10-minutes-7309.txt BOARD : trust-fund-commission DATE : 2025-07-10 KIND : minutes OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-07-10-minutes-7309.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Minutes/_07102025-7309 ======================================================================================== ===PAGE 1=== 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. ===PAGE 2=== 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. ===PAGE 3=== 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 ======================================================================================== DOCUMENT : 2025-07-24-agenda-7323.txt BOARD : trust-fund-commission DATE : 2025-07-24 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-07-24-agenda-7323.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_07242025-7323 ======================================================================================== ===PAGE 1=== BOARD OF TRUST FUND COMMISSIONERS Thursday, July 24, 2025 5:00 PM AGENDA Bilotta Meeting Room, Town Hall In accordance with the requirements of the Open Meeting Law, please be advised that this meeting is being recorded and broadcast live over the Lunenburg Public Access channel, on Facebook Live on the Public Access Facebook page (https://www.facebook.com/Lunenburg-Public-Access-Cable-157427270975305/) and will be uploaded to the Lunenburg Access YouTube after the meeting. Additionally, please be advised that the Town of Lunenburg utilizes the Zoom platform as host for its hybrid and remote meetings; that the Zoom platform utilizes AI technology, known as "AI Companion," to create audio transcriptions of meetings to aid in the subsequent preparation of meeting minutes; and that AI Companion is activated immediately upon launching the Zoom application. You are hereby notified that this AI technology may capture audio prior to the start of the meeting and/or following the conclusion of the meeting. This meeting will be held in-person at the location provided on this notice. Members of the public are welcome to attend this in-person meeting. Please note that while an option for remote attendance and/or participation is being provided as a courtesy to the public, the meeting will not be suspended or terminated if technological problems interrupt the virtual broadcast, unless otherwise required by law. Members of the public with particular interest in any specific item on this agenda should make plans for in-person vs. virtual attendance accordingly. The following information is also provided for members of the public that would like to participate in the meeting remotely: To Participate Remotely: From a computer, please use the link below to join the public meeting webinar: https://zoom.us/j/3020039690 or from a telephone, dial the toll free number (888) 475-4499 and enter Webinar ID: 302 003 9690 # If you have not registered with Zoom you will be asked for your name and an e-mail address. Note: No participant ID is needed, just press # when asked. Telephone users may dial *9 to request to speak after joining the meeting. Computer and app users may use the “raise hand” feature to request to speak. The agenda lists all the topics which may be discussed at the meeting and are those reasonably anticipated by the Chair. Votes may be taken as a result of these discussions. Not all the items listed may in fact be discussed and other items not listed may also be brought up for discussion to the extent permitted by Open Meeting Law. 5:00 PM CALL TO ORDER I. OPEN • PLEDGE OF ALLEGIANCE II. PUBLIC COMMENT*** COMMISSION • PUBLIC III. ANNOUNCEMENTS AND COMMUNICATIONS FROM TRUST REPRESENTATIVES IV. SCHEDULED MEETINGS (every 2 nd and 4 th Thursday) V. TREASURER AND FINANCE DIRECTOR REPORTS None (arranging to meet with treasurer and private trust company) VI. NEW BUSINESS 1. Update on List of Trust Funds discussion of other funds which may be added (i.e. Scholarship Funds, workers compensation) other town comparisons. 2. Investigation to existing 5 funds and how to distribute them without trust documents 3. Discuss proposed written Policy VII. OLD BUSINESS 1. Vacancy 2. Goals of the Commission (i.e. Policy, management, investment firm evaluation, etc.) VIII. BENEFICIARY/COMMENT IX. UPCOMING MEETING/EVENTS 1. August 14, 2025, Regular Meeting of the Commission 2. August 21, 2025 Executive Session to review parameters of Trust Accounts not open for public inspection X. PUBLIC COMMENT** PUBLIC • TREASURER/FINANCE DIRECTOR • COMMISSION XI. ADJOURN ** Per Policy, Public comment will be decided at the discretion of the Chair- please Note that Public comment is not required by law and may at times not be permitted for any reason. ======================================================================================== DOCUMENT : 2025-07-24-minutes-7323.txt BOARD : trust-fund-commission DATE : 2025-07-24 KIND : minutes OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-07-24-minutes-7323.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Minutes/_07242025-7323 ======================================================================================== Lunenburg Trust Fund Commission Bilotta Meeting Room/PACC Lunenburg Town Hall July 24, 2025 Present: Chairman John Bowen and Vice-Chair Richard Howard Agenda 1. Call to Order The meeting opened at 5:00 PM. 2. Public Comment Chairman Bowen thanked the Attorney Adam Costa for his explanation of the power and duties of the commission and his interpretation of statutes of what funds are under the purview of the Board of Trust Fund Commissioners as presented by him before the selectboard. Chairman Bowen noted that the attorney agreed there are no precedent cases which specifically identify what specific funds given to the town are under the authority of the Board of Trust Fund Commissioners which was iterated by Adam Costa in his dissertation which leaves the interpretation open and new to a determination and possibly a challenge by the public or this board of what funds actually are overseen by the trust funds commission and the avenues we as a board can take to get a definitive determination specifying what funds are under the purview of the trust funds commission. Mr. Howard thanked the Select Board for hosting Town Counsel at their July 15, 2025 session and setting aside time for him to present what MGL has for the “Powers and Duties of the Commissions of Trust Funds”. The information presented was helpful to him, it did help clarify some points, but some still remain somewhat unclear. One of the major housekeeping items necessary for the Lunenburg Trust Fund Commission to fulfil its obligations is a complete set of documents (declarations) for the five funds that fall in the Miscellaneous funds category, only one has been located as of the meeting date. Mr. Howard thanked the Town Manager for raising the topic and asking if anyone in town who was formerly on the Trust Fund Commission to review any records they may have have as that information would be helpful moving forward, and Mr. Howard reiterated that request since there are four Trusts where no documents appear to exist within Town Hall. David Rogers of 82 Highland Ave was in attendance, Mr. Rogers stated he has been in Lunenburg for over 50 years and never attended or viewed any of the meetings of the Trust Fund Commission. During the course of the meeting, Mr. Rogers did raise some points of clarification out of order, but Chairman Bowen did allow Mr. Rogers to ask questions and make comments out of respect for his attendance and the fact his questions did not put the agenda or meeting end time at risk. 3. Review and Approve Minutes Minutes of July 10, 2025, Trust Fund Commission were unanimously approved as written. 4. New Business a. Organization The current vacancy on the Trust Fund Commission remains unfilled. b. Management of the Trust Funds Chairman Bowen again stressed the importance of receiving final fiscal year numbers from the Town Accounting department, who are still working on closing out the fiscal year. Chairman Bowen updated the Trust Fund Commission and audience with the research he was able to conduct on the four Trusts in the Miscellaneous category that do not have declarations available. This history may be helpful in determining the intent and disposition of the funds if necessary. Chairman Bown has reached out to the Worcester County probate court to have these documents retrieved and provided to the Trust Fund Commission so they can be properly acted upon. Chairman Bowen again raised the issue of comingled funds, and the fact that any costs and penalties that are incurred as a result of poor planning and budgeting of the other funds managed as part of the larger Trust Fund portfolio have an adverse effect on all the funds collectively. The five portfolio balances under the Trust Fund Commission’s responsibility are hurt by these costs and penalties. Additionally, Chairman Bowen highlighted the poor return of the portfolio over the past year, which was less than 2.5% - a rate far below the rate of inflation. Mr. Howard reiterated the point that our funds have not been receiving a rate of return that we should be receiving even with a conservative and balanced portfolio. As a benchmark, Mr. Howard raised the point that a local investment fund (New Harbor Financial) achieved a return of 9.51% over this same period. The Trust Fund Commission reviewed a document compiled by Chairman Bowen titled “Risk Mitigation and Best Practices Policy”. The document, which will be posted, was voted and ratified by the board in roll call vote. The motion to adopt was raised by Richard Howard and seconded by John Bowen the vote resulted in the following Richard Howard-Aye, John Bowen-Aye, vote was unanimous and the Risk Management and Best Practices Policy was ratified and signed. c. Scheduled Meetings Next meeting scheduled for Thursday August 14, 2025 at 5:00 PM. d. Action items for next meeting Policy management and investment parameters, funds discussion 5. Public Comment David Rogers, 82 Highland Ave. made a comment regarding the Public Comment clause as written in our Meeting Notice. Mr. Rogers felt that the statement that public comment is essentially at the discretion of the Chair is not a good stance to take, but the Chair assured Mr. Rogers that the public comment statement in our meeting notice is in full compliance with MGL, and as a practical matter the Trust Fund Commission would not infringe on the right of the public to comment at our meetings, discussion is encouraged and both members feel there needs to be more engagement and participation from the public in town affairs. 6. Adjourn There was a motion to adjourn by Chairman Bowen, seconded by Mr. Howard. The meeting was adjourned at 6:30 PM ======================================================================================== DOCUMENT : 2025-08-14-agenda-7350.txt BOARD : trust-fund-commission DATE : 2025-08-14 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-08-14-agenda-7350.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_08142025-7350 ======================================================================================== ===PAGE 1=== BOARD OF TRUST FUND COMMISSIONERS Thursday, August 14, 2025 5:00 PM REVISED AGENDA Bilotta Meeting Room, Town Hall In accordance with the requirements of the Open Meeting Law, please be advised that this meeting is being recorded and broadcast live over the Lunenburg Public Access channel, on Facebook Live on the Public Access Facebook page (https://www.facebook.com/Lunenburg-Public-Access-Cable-157427270975305/ ) and will be uploaded to the Lunenburg Access YouTube after the meeting. Additionally, please be advised that the Town of Lunenburg utilizes the Zoom platform as host for its hybrid and remote meetings; that the Zoom platform utilizes AI technology, known as "AI Companion," to create audio transcriptions of meetings to aid in the subsequent preparation of meeting minutes; and that AI Companion is activated immediately upon launching the Zoom application. You are hereby notified that this AI technology may capture audio prior to the start of the meeting and/or following the conclusion of the meeting. This meeting will be held in-person at the location provided on this notice. Members of the public are welcome to attend this in- person meeting. Please note that while an option for remote attendance and/or participation is being provided as a courtesy to the public, the meeting will not be suspended or terminated if technological problems interrupt the virtual broadcast, unless otherwise required by law. Members of the public with particular interest in any specific item on this agenda should make plans for in-person vs. virtual attendance accordingly. The following information is also provided for members of the public that would like to participate in the meeting remotely: To Participate Remotely: From a computer, please use the link below to join the public meeting webinar: https://zoom.us/j/7663167607 or from a telephone, dial the toll free number (888) 475-4499 and enter Webinar ID: 766 316 7607 # If you have not registered with Zoom you will be asked for your name and an e-mail address. Note: No participant ID is needed, just press # when asked. Telephone users may dial *9 to request to speak after joining the meeting. Computer and app users may use the “ raise hand ” feature to request to speak. The agenda lists all the topics which may be discussed at the meeting and are those reasonably anticipated by the Chair. Votes may be taken as a result of these discussions. Not all the items listed may in fact be discussed and other items not listed may also be brought up for discussion to the extent permitted by Open Meeting Law. 5:00 PM CALL TO ORDER I. OPEN •PLEDGE OF ALLEGIANCE II. PUBLIC COMMENT*** COMMISSION • PUBLIC III. ANNOUNCEMENTS AND COMMUNICATIONS FROM TRUST REPRESENTATIVES IV. SCHEDULED MEETINGS (every 2 nd and 4 th Thursday) V. TREASURER AND FINANCE DIRECTOR REPORTS None (arranging to meet with treasurer and private trust company) VI. NEW BUSINESS VII. OLD BUSINESS 1. Vacancy 2. Goals of the Commission (i.e. Policy, management, investment firm evaluation, etc.) 3. Update: List of Trust Funds discussion of other funds which may be added (i.e. Scholarship Funds, workers compensation) other town comparisons. 4. Investigation into existing 5 funds and how to distribute them without trust documents 5. Discuss proposed written Policy VIII. BENEFICIARY/COMMENT IX. UPCOMING MEETING/EVENTS 1. August 14, 2025, Regular Meeting of the Commission 2. August 21, 2025 Executive Session to review parameters of Trust Accounts not open to public inspection X. PUBLIC COMMENT** PUBLIC •TREASURER/FINANCE DIRECTOR • COMMISSION XI. ADJOURN ** Per Policy, Public comment will be decided at the discretion of the Chair- please Note that Public comment is not required by law and may at times not be permitted for any reason. ======================================================================================== DOCUMENT : 2025-08-14-minutes-7350.txt BOARD : trust-fund-commission DATE : 2025-08-14 KIND : minutes OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-08-14-minutes-7350.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Minutes/_08142025-7350 ======================================================================================== ===PAGE 1=== 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. ===PAGE 2=== 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 ===PAGE 3=== 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 ======================================================================================== DOCUMENT : 2025-08-28-agenda-7371.txt BOARD : trust-fund-commission DATE : 2025-08-28 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-08-28-agenda-7371.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_08282025-7371 ======================================================================================== ===PAGE 1=== BOARD OF TRUST FUND COMMISSIONERS Thursday, August 28, 2025 5:00 PM REVISED AGENDA Bilotta Meeting Room, Town Hall In accordance with the requirements of the Open Meeting Law, please be advised that this meeting is being recorded and broadcast live over the Lunenburg Public Access channel, on Facebook Live on the Public Access Facebook page (https://www.facebook.com/Lunenburg-Public-Access-Cable-157427270975305/ ) and will be uploaded to the Lunenburg Access YouTube after the meeting. Additionally, please be advised that the Town of Lunenburg utilizes the Zoom platform as host for its hybrid and remote meetings; that the Zoom platform utilizes AI technology, known as "AI Companion," to create audio transcriptions of meetings to aid in the subsequent preparation of meeting minutes; and that AI Companion is activated immediately upon launching the Zoom application. You are hereby notified that this AI technology may capture audio prior to the start of the meeting and/or following the conclusion of the meeting. This meeting will be held in-person at the location provided on this notice. Members of the public are welcome to attend this in- person meeting. Please note that while an option for remote attendance and/or participation is being provided as a courtesy to the public, the meeting will not be suspended or terminated if technological problems interrupt the virtual broadcast, unless otherwise required by law. Members of the public with particular interest in any specific item on this agenda should make plans for in-person vs. virtual attendance accordingly. The following information is also provided for members of the public that would like to participate in the meeting remotely: To Participate Remotely: From a computer, please use the link below to join the public meeting webinar : https://zoom.us/j/ 302 003 9690 or from a telephone, dial the toll free number (888) 475-4499 and enter Webinar ID: 302 003 9690 # If you have not registered with Zoom you will be asked for your name and an e-mail address. Note: No participant ID is needed, just press # when asked. Telephone users may dial *9 to request to speak after joining the meeting. Computer and app users may use the “ raise hand ” feature to request to speak. The agenda lists all the topics which may be discussed at the meeting and are those reasonably anticipated by the Chair. Votes may be taken as a result of these discussions. Not all the items listed may in fact be discussed and other items not listed may also be brought up for discussion to the extent permitted by Open Meeting Law. 5:00 PM CALL TO ORDER I. OPEN •PLEDGE OF ALLEGIANCE II. PUBLIC COMMENT*** COMMISSION • PUBLIC III. ANNOUNCEMENTS AND COMMUNICATIONS FROM TRUST REPRESENTATIVES IV. SCHEDULED MEETINGS (every 2 nd and 4 th Thursday) V. TREASURER AND FINANCE DIRECTOR REPORTS None (arranging to meet with treasurer and private trust company) VI. NEW BUSINESS 1. Meeting with Attorney Costa 2. American Legion Communication 3. Communication with FinCom VII. OLD BUSINESS 1. Vacancy 2. Meeting with Trust company and Treasurer and Finance Director 3. Goals of the Commission 4. Update: List of Trust Funds. 5. Investigation into existing 5 funds and how to distribute them without trust documents Cypress Doctrine 6. Discuss proposed written Policy VIII. BENEFICIARY/COMMENT IX. UPCOMING MEETING/EVENTS 1. September 2025, limited meeting of the Commission vacations 2. Meeting with Treasurer, Finance Director and Bartholomew and Company TBD X. PUBLIC COMMENT** PUBLIC •TREASURER/FINANCE DIRECTOR • COMMISSION XI. ADJOURN ** Per Policy, Public comment will be decided at the discretion of the Chair- please Note that Public comment is not required by law and may at times not be permitted for any reason. ======================================================================================== DOCUMENT : 2025-08-28-minutes-7371.txt BOARD : trust-fund-commission DATE : 2025-08-28 KIND : minutes OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-08-28-minutes-7371.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Minutes/_08282025-7371 ======================================================================================== ===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. ======================================================================================== DOCUMENT : 2025-09-11-agenda-7399.txt BOARD : trust-fund-commission DATE : 2025-09-11 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-09-11-agenda-7399.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_09112025-7399 ======================================================================================== BOARD OF TRUST FUND COMMISSIONERS Thursday, September 11, 2025 12:45 PM AGENDA Bilotta Meeting Room, Town Hall In accordance with the requirements of the Open Meeting Law, please be advised that this meeting is being recorded and broadcast live over the Lunenburg Public Access channel, on Facebook Live on the Public Access Facebook page (https://www.facebook.com/Lunenburg-Public-Access-Cable-157427270975305/) and will be uploaded to the Lunenburg Access YouTube after the meeting. Additionally, please be advised that the Town of Lunenburg utilizes the Zoom platform as host for its hybrid and remote meetings; that the Zoom platform utilizes AI technology, known as "AI Companion," to create audio transcriptions of meetings to aid in the subsequent preparation of meeting minutes; and that AI Companion is activated immediately upon launching the Zoom application. You are hereby notified that this AI technology may capture audio prior to the start of the meeting and/or following the conclusion of the meeting. This meeting will be held in-person at the location provided on this notice. Members of the public are welcome to attend this in-person meeting. Please note that while an option for remote attendance and/or participation is being provided as a courtesy to the public, the meeting will not be suspended or terminated if technological problems interrupt the virtual broadcast, unless otherwise required by law. Members of the public with particular interest in any specific item on this agenda should make plans for in-person vs. virtual attendance accordingly. The following information is also provided for members of the public that would like to participate in the meeting remotely: To Participate Remotely: From a computer, please use the link below to join the public meeting webinar: https://zoom.us/j/7663167607 or from a telephone, dial the toll free number (888) 475-4499 and enter Webinar ID: 766 316 7607 # If you have not registered with Zoom you will be asked for your name and an e-mail address. Note: No participant ID is needed, just press # when asked. Telephone users may dial *9 to request to speak after joining the meeting. Computer and app users may use the “raise hand” feature to request to speak. The agenda lists all the topics which may be discussed at the meeting and are those reasonably anticipated by the Chair. Votes may be taken as a result of these discussions. Not all the items listed may in fact be discussed and other items not listed may also be brought up for discussion to the extent permitted by Open Meeting Law. 12:45 PM CALL TO ORDER OPEN•PLEDGE OF ALLEGIANCE PUBLIC COMMENT*** COMMISSION • PUBLIC ANNOUNCEMENTS AND COMMUNICATIONS FROM TRUST REPRESENTATIVES SCHEDULED MEETINGS (every 2nd and 4th Thursday) TREASURER AND FINANCE DIRECTOR REPORTS Treasurer and Finance director presentation with Bartholomew andCcompany schedule 12:50 PM NEW BUSINESS Discuss Proposed written policy Minutes Ratification/review OLD BUSINESS Vacancy Goals of the Commission Follow up on investigations on Update: List of Trust Funds. BENEFICIARY/COMMENT UPCOMING MEETING/EVENTS September/October 2025, limited meeting of the Commission vacations PUBLIC COMMENT** PUBLIC•TREASURER/FINANCE DIRECTOR • COMMISSION ADJOURN ** Per Policy, Public comment will be decided at the discretion of the Chair- please Note that Public comment is not required by law and may at times not be permitted for any reason. ======================================================================================== DOCUMENT : 2025-09-11-minutes-7399.txt BOARD : trust-fund-commission DATE : 2025-09-11 KIND : minutes OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-09-11-minutes-7399.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Minutes/_09112025-7399 ======================================================================================== ===PAGE 1=== Lunenburg Trust Fund Commission meeting of 9/11/2025 Meeting called to order by Chairman Bown at 12:48pm. This meeting was held outside of the normal meeting time to accommodate a meeting with Bartholomew &Company, the Private Trust Company that manages the Trust funds of the Town of Lunenburg along with other surplus funds that Town may have available for OPEB and Stabilization. Also present were Mylee Mallari (Treasurer) and Jennifer Warren-Dyment (Town Manager). Additionally, Brian Jamros and Kathleen Cyganiewicz from Bartholomew & Co. (our Private Trust Company) were present to address the Trust Fund Commission per our request. The meeting opened with the reciting of the pledge of allegiance. There was no Public comment from members present in the room and none on Zoom. Public comment - Chairman Bowen requested a moment of silence to remember those lost on 9/11/2001 and Charlie Kirk the previous day. The following statement was read by Chairman Bowen: “Today marks a day of great tragedy in America. However, that tragedy has been a beacon of our resilience as one nation under God. I believe today marks the turning point of a stark reality of the condition of our people as a nation. I want to begin by having a moment of silence to recognize the loss of life which happened on this day, caused by the actions of those who hate America and our way of life. In particular, I would like everyone in their silence to remember our Local Families who have been impacted by this tragedy, the Sozycik Family in particular, and that we remember all those families who lost loved ones on this day. I would also like to hold a moment of silence to recognize the loss of a great man, Charlie kirk, an inspirational leader and orator, a lover of faith and country who was a stellar example of Faith love and hope particularly in the eyes of the youth in our country. Charlie Kirk the founder of Turning Point USA held the hearts of many, and he approached everyone with balance and respect. He was a polarizing figure that inspired many young Americans to engage in politics and peaceful discourse, and created a safe space on campuses where differing opinions, individual thoughts and experiences were shared freely and openly, providing many to engage in a peaceful exchange without yelling and screaming lighting cars on fire, smashing windows of ===PAGE 2=== businesses and engaging in other illicit activity disrupting the good order for which America has always been the leader in the world as an example by its people of good order. Sadly, good order and prudence in relation to this good order is not what we have today. I recently spoke about prudence before the selectboard with regard to a political action by the Democrat Town Committee pushing their ideologies as a party on the people of Lunenburg. I support the 1 st amendment in particular free speech, but I believe in leaving ideological support actions to the individual groups and non-profits not the political parties. Clearly, I am not wrong with raising this matter about exercising prudence when it comes to politics. Ideologies and indoctrinations have no place in politics or within our local government. Unfortunately, this is not what has been happening in Lunenburg. I am not speaking about oppression of any viewpoint. I know what oppression is firsthand. I Live it. I also know what it means to be American probably more than many of you. I Ran for office in town for a couple of reasons. The first reason was that I”I can”. The second reason was because I believe it is Civic Duty. The third reason is to show my children and others that no matter what your background, your history, where you came from, rich or poor, gay or straight, male or female the one thing America is to an American that no matter what the hurdle you are up against Free Enterprise and capitalism under a constitution for the people by the people you can never lose your opportunity to have the American Dream. I want to share a personal example of my above statement. I saw how people act while I campaigned in this town. None of those things stopped me from pursuing what I see as a need to benefit the community which I live in with my family. This is the example of being American. Look at the work Richard and I have done here for the community; this is the example. However during my campaign I had an individual in town specifically a person who is a discharged US Marine mind you with a blemished public record, the pot calling the kettle black, she though it good to make a threat to me and my family, posting images of my home on Facebook, posting my sons school schedule and making a comment about how she could hide in my barn and wait for us and drag us 200 feet into a cemetery but she promised her therapist she wouldn’t do that. What did the government do, well the police investigated saw fit to bring charges, but the district attorney’s office ignored their request? To be honest this behavior actually warrants a reactivation of the soldier and a dishonorable discharge according to the ===PAGE 3=== code of Military justice. Is that a form of oppression? At its best! These actions were clearly ignored because it was me and my family. Where is the outrage? Well, I am not seeking it. I am An American, I am Free to live and do whatever I want. That is oppression working against my family. Fortunately for me I can say with certainty that I wouldn’t recommend anyone get found on my property that is not invited. In light of this behavior, It was a teaching opportunity for my son. He was with me and held signs, watched people drive by and yell and give me the finger and I said that is the First Amendment at work. I told my son his choice to seek a congressional nomination toward acceptance to the United States Naval Academy and enlistment in the US Marine Corps he will defend the people’s right to have that speech. I am proud to put myself out here to educate my son why his choice to be a Marine is valuable. I want to mention the issue we have of people not running for election in town not volunteering their time in town. Recently your selectboard, at the request of the town manager, wants to get rid of the personnel committee. This committee was designed to protect form the hiring of political appointees and hiring friends or colleagues but mostly it is there to protect from a person becoming an “employee” who would have to do what their employer requested not what the personnel committee decided for them to do. This is not good. This is full executive control with no citizen oversight. This is not democracy at this point; this is socialism through a bureaucracy. Lastly, I am a republican. I vote Republican. I am a hard party line voter even when I disagree with the candidate because I vote the message not the man. I used this statement in my campaign. This weekend the Massachusetts GOP will be hosting its annual Unity Rally and Concert in Worcester at off the Rails ne restaurant next to the DCU center from 1-3 PM 90 Commercial Street. I encourage all young republicans and others to attend. The line up of people who will be present is lengthy. This is also an opportunity even if you are a democrat on the fence or maybe are an unenrolled voter you should go to just get more information. This should actually be what the Republican Town Committee should be telling the selectboard but they are MIA this year as years past I have noticed so I will do it. In closing I want everyone to understand, we are all one people, under one flag. We are all members of a country of laws, the law of the people being the first, every state in their individual constitutions in the beginning before the federal government and the supremacy clause, always had laws protecting and requiring the worship of a creator the last few lines in the declaration of ===PAGE 4=== independence is a prayer. Unfortunately, as a foundation of faith, hope and love we were founded upon we have moved away from that to our own detriment and what you have today is clearly because we have been slowly destroying what we built as a nation a way of life that has always worked for hundreds of years. Please keep this thought every time you speak or go to a ballot box or protest something. Let’s all together continue to make America great again regardless of belief or political affiliation. If we recognize the oneness that makes us as a people great only then will positive discourse begin and the healing process to happen recognize today the troubles and do not participate in the collapse of our great nation. Lee Greenwood says it best because I have been there: If tomorrow all the things were gone I'd worked for all my life And I had to start again With just my children and my wife I'd thank my lucky stars To be livin' here today 'Cause the flag still stands for freedom And they can't take that away And I'm proud to be an American Where at least I know I'm free And I won't forget the men who died Who gave that right to me And I'd gladly stand up Next to you and defend her still today 'Cause there ain't no doubt I love this land God bless the USA”” Mr. Jamros and Ms. Cyganiewicz proceeded to make their presentation to the commission. Some of the highlights of the meeting included: ● 4 advisors 330 municipalities. ● The Town of Lunenburg has worked with Bartholomew & Co. since 2005. ● Currently, Bartholomew and Co manages funds under OPEB, Stabilization, and Trust Funds. ===PAGE 5=== The members of the Trust Fund Commission and Bartholomew & Co. both reiterated the intent is to ensure we are ensuring the health of the funds to ensure we can make distributions in perpetuity. Bartholomew & Co present the Trust Fund Commission with some documents outlining fund expenses and performance: The Trust Fund Commission reviewed the report of the Trust Funds for Fiscal 2025. Based on AUM our effective expense rate for managing the funds came in at 0.35% overall. Of the fees, every account gets a pro rata share of expenses (as well as earnings) as the funds are effectively pooled. Chairman Bowen, questioned the strategy of hedging. With the new prudent investor rule (changed 4/11/25) we are no longer more or less bound to a 60% equity -40% bond split. Bartholomew advised that the investor strategy document and service Agreements were signed before the prudent investor act was implemented. 12.27% is current return from April through the date of the meeting Treasurer targets and sets ranges, parameters as established. Bartholomew & Company addressed a concern that was raised by the Trust Fund Commission in previous meetings, they confirmed that there are no penalties on early withdrawals. There was some discussion on the use of Cemetery funds. Of the AUM, approximately $84,000 of $2,155,000 was associated with funds currently defined as under the purview of the Trust Fund Commission with $1.6M of those funds being restricted to ensure these funds will be viable for perpetuity. Bartholomew and Company stated that they target to meet at least 2X per year with Myleen and that they do have regular conversations. Chairman Bowen expressed that he would like to see quarterly performance data. When asked about specific current investment strategy, Bartholomew stated that they have a focus on International equities and exposure to Commodities. Bowen commented on prior TFC minutes on previous distributions and how they were made. Mr Howard - thanked the visitors on their presentation and noted that many uncertainties and unanswered questions were cleared up as a result of the meeting. TFC can invest individually if they want. Old business: Chairman Bowen advised the audience that we still have a vacancy on the Commission.. Chairman Bowen advised that a main goal of the Trust Fund Commission is to start issuing funds in accordance with the declarations. From research conducted by Chairman Bowen, there have been very limited distributions over the past 5 years. Chairman Bowen made a ===PAGE 6=== suggestion that we create a form and have it added to the Town Report to get visibility and have a means for people to apply. The next meeting will not be held until October 9, 2025 due to Mr Howard being out of the country on the 4th Thursday of October. No public comment in person or via Zoom. Motion to adjourn at 2:53pm by Chairman Bowen, motion seconded by Mr. Howard. The motion passed unanimously. ======================================================================================== DOCUMENT : 2025-10-09-agenda-7446.txt BOARD : trust-fund-commission DATE : 2025-10-09 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-10-09-agenda-7446.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_10092025-7446 ======================================================================================== ===PAGE 1=== BOARD OF TRUST FUND COMMISSIONERS Thursday, October 9, 2025 5:00 PM AGENDA Bilotta Meeting Room, Town Hall In accordance with the requirements of the Open Meeting Law, please be advised that this meeting is being recorded and broadcast live over the Lunenburg Public Access channel, on Facebook Live on the Public Access Facebook page ( https://www.facebook.com/Lunenburg-Public-Access-Cable-157427270975305/ ) and will be uploaded to the Lunenburg Access YouTube after the meeting. Additionally, please be advised that the Town of Lunenburg utilizes the Zoom platform as host for its hybrid and remote meetings; that the Zoom platform utilizes AI technology, known as "AI Companion," to create audio transcriptions of meetings to aid in the subsequent preparation of meeting minutes; and that AI Companion is activated immediately upon launching the Zoom application. You are hereby notified that this AI technology may capture audio prior to the start of the meeting and/or following the conclusion of the meeting. This meeting will be held in-person at the location provided on this notice. Members of the public are welcome to attend this in-person meeting. Please note that while an option for remote attendance and/or participation is being provided as a courtesy to the public, the meeting will not be suspended or terminated if technological problems interrupt the virtual broadcast, unless otherwise required by law. Members of the public with particular interest in any specific item on this agenda should make plans for in-person vs. virtual attendance accordingly. The following information is also provided for members of the public that would like to participate in the meeting remotely: To Participate Remotely: From a computer, please use the link below to join the public meeting webinar: https://zoom.us/j/7663167607 or from a telephone, dial the toll free number (888) 475-4499 and enter Webinar ID: 766 316 7607 # If you have not registered with Zoom you will be asked for your name and an e-mail address. Note: No participant ID is needed, just press # when asked. Telephone users may dial *9 to request to speak after joining the meeting. Computer and app users may use the “raise hand” feature to request to speak. The agenda lists all the topics which may be discussed at the meeting and are those reasonably anticipated by the Chair. Votes may be taken as a result of these discussions. Not all the items listed may in fact be discussed and other items not listed may also be brought up for discussion to the extent permitted by Open Meeting Law. 5:00 PM CALL TO ORDER I. OPEN • PLEDGE OF ALLEGIANCE II. PUBLIC COMMENT*** COMMISSION • PUBLIC III. ANNOUNCEMENTS AND COMMUNICATIONS FROM TRUST REPRESENTATIVES IV. SCHEDULED MEETINGS (every 2 nd and 4 th Thursday) V. TREASURER AND FINANCE DIRECTOR REPORTS None VI. NEW BUSINESS 1. Discuss Proposed written policy 2. Minutes Ratification/Review 3. Discuss rewriting Risk Policy 4. Discussion and vote on Duties of Chairman 5. Interns: “Handshake APP” college career center program 6. Public charities/ ethics fundraising VII. OLD BUSINESS 1. Vacancy 2. Goals of the Commission 3. Follow up on investigations: List of Trust Funds. VIII. BENEFICIARY/COMMENT IX. UPCOMING MEETING/EVENTS 1. October 23, 2025 X. PUBLIC COMMENT** PUBLIC • TREASURER/FINANCE DIRECTOR • COMMISSION XI. ADJOURN ** Per Policy, Public comment will be decided at the discretion of the Chair- please Note that Public comment is not required by law and may at times not be permitted for any reason. ======================================================================================== DOCUMENT : 2025-10-09-minutes-7446.txt BOARD : trust-fund-commission DATE : 2025-10-09 KIND : minutes OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-10-09-minutes-7446.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Minutes/_10092025-7446 ======================================================================================== ===PAGE 1=== Lunenburg Trust Fund Commission Meeting 10/9/25 Chairman Bowen called the meeting to order at 5pm Members of the Trust Fund Commission recited the Pledge of Allegiance. Chairman Bowen read the meeting notice as posted in advance of the meeting. No public present. No public online. No public comments from the Commission Due to Holidays in November and December, the meeting schedule will be adjusted as necessary. Exact dates to be determined at a future meeting. Treasurer and Director finance reports - none presented. Chairman Bowen suggested that people watch the last meeting (September 11, 2025) with Bartholomew & Co on how funds are managed. Chairman Bown read a letter regarding an “ Investigative Review by the Lunenburg Board of Commissioners of Trust Funds”. Good evening residents of Lunenburg. As stewards of the charitable and public-purpose funds entrusted to our town, the Lunenburg Board of Commissioners of Trust Funds has undertaken a thorough and thoughtful investigation into the scope of our responsibilities, particularly as they relate to gifts, bequests, real estate, scholarships, and historical assets. Our goal is to ensure that we are acting in full compliance with Massachusetts law, donor intent, and municipal ethics standards, while maintaining transparency and accountability. Real Estate Gifts and Sales We began by examining the legal implications of real estate gifted to the town for specific public purposes. We asked: - If the town cannot fulfill the donor’s intended use and elects to sell the property, must the proceeds be redirected under the cy pres doctrine? - Should those funds be placed in a separate trust fund and used for a similar purpose? ===PAGE 2=== - Does the Board of Trust Fund Commissioners control the proceeds from such sales? Our findings confirm that when a public-purpose gift cannot be fulfilled, the town must seek a cy pres ruling from the court to redirect the proceeds in a way that aligns as closely as possible with the donor’s original intent. The funds should be placed in a dedicated trust fund, and the Trust Fund Commissioners may manage those funds if no other entity is designated. Scholarship Funds We explored the management of scholarship gifts, asking: - Are all scholarships managed by the Trust Fund Commissioners by default? - If a donor does not designate a school district or scholarship committee, do we assume responsibility for appropriation? - In the absence of a scholarship committee, does the authority to distribute funds fall to us? - Are we responsible for enforcing the donor’s declaration or approving scholarship distribution? - Do we authorize appropriations for scholarships established outside of Chapter 60, Section 3C? The law indicates that the Trust Fund Commissioners manage scholarship funds only when designated by the donor or town. If no scholarship committee exists and no other entity is named, we may assume responsibility. However, scholarships under Chapter 60, Section 3C are typically managed by a separate committee, not by our board. Cemetery Funds We reviewed our role in managing cemetery-related funds, asking: - Does the Cemetery Commission have full control over funds under Chapter 114, Sections 15 and 25? - Must appropriations be approved by the Trust Fund Commissioners? We found that the Cemetery Commission has statutory authority over perpetual care and related funds. The Trust Fund Commissioners do not have jurisdiction unless the donor or town explicitly assigns us that role. Conservation and Historical Assets ===PAGE 3=== We investigated our responsibilities regarding conservation land and historical property, asking: - Are we responsible for Conservation land gifted to the town? - If historical property is gifted and later liquidated by the Historical Commission, do the proceeds fall under our authority? - Is the Lunenburg Historical Society a municipal entity? Our review confirms that conservation land is managed by the Conservation Commission, and historical property is overseen by the Historical Commission. The Lunenburg Historical Society is a private nonprofit, not a municipal body. Proceeds from the sale of historical property do not automatically fall under our control unless designated by the donor or town. Fundraising and Nonprofit Creation We asked whether the Trust Fund Commissioners are allowed to: - Solicit donations. - Create nonprofit organizations to distribute funds under our care. Massachusetts law does not authorize us to form nonprofits, and soliciting donations must be done cautiously, in compliance with state ethics laws. We may accept gifts and manage them, but we are not a fundraising entity unless formally empowered by the town. Engaging the Cy Pres Doctrine Finally, we examined the process for engaging a cy pres filing, particularly in cases involving: - Real estate sales. - Scholarship funds. - Gifts or bequests where the original purpose cannot be fulfilled. We confirmed that the process involves: 1. Determining that the original purpose is impossible or impracticable. 2. Filing a petition with the Probate or Equity Court. 3. Notifying interested parties. 4. Receiving a court ruling. 5. Managing the redirected funds in accordance with that ruling. Conclusion ===PAGE 4=== These inquiries reflect our commitment to legal integrity, donor respect, and public trust. We have attempted to work with town counsel and other municipal bodies to clarify our role and ensure that all gifts and bequests are managed in accordance with the law and our inquiries have not been received well by this administration. We recognize what our duties are as stewards over these funds and particularly when there is a financial need in town to help our residents we want to be sure we acquire all monies and appropriate as much of this money back to the residents of the community and to the needs of the town and fully comply with the wishes of those who have generously contributed to the future of Lunenburg. Thank you for your attention and continued support. To educate the Public audience and Mr Howard, Chairman Bowen read some of the results of research he conducted into the treatment of land gifted to municipalities. The conclusion of these case law decisions are highlighted below: The Public Promise of Land – When a Gift Becomes a Trust (Drawing lessons from Carroll v. Select Board of Norwell, 493 Mass. 178 (2024), and Cohen v. Lynn, 33 Mass. App. Ct. 271 (1992)) Introduction Ladies and gentlemen, When a town accepts land — whether by gift, bequest, or vote of its people — it does more than gain an asset. It accepts a public obligation. That land is not merely owned; it is held in trust for the specific purpose for which it was given. This obligation is at the heart of Massachusetts law — and it was reaffirmed powerfully by the Supreme Judicial Court this year in Carroll v. Select Board of Norwell (2024), and decades earlier in Cohen v. Lynn (1992). A Promise Made, a Promise to Keep In Cohen v. Lynn, the city had sold a small parcel of land that, in 1893, had been conveyed “to its own use and behoof forever for park purposes.” The court ruled that this created a public charitable trust, binding upon the city and its successors. The court declared: *“The conveyances of 1893, stating that the land was to be used ‘forever for park purposes,’ created a public charitable trust. The acceptance of those deeds by the city constituted a ===PAGE 5=== contract between the donors and the donee which must be observed and enforced.”* In other words, when public land is accepted for a charitable or specific use, the municipality becomes a trustee, not an owner in fee. It cannot later treat that land as a mere surplus asset. The court went further: *“A city’s obligations under a public charitable trust cannot be impaired legislatively. The special act authorizing the sale could neither impair the trust obligation nor ratify the conveyance.”* This principle — that public trust land cannot be diverted or sold without proper authority — carries forward directly to the Supreme Judicial Court’s modern interpretation in Carroll v. Norwell. The Norwell Case: When Dedication Becomes Restriction In Carroll v. Select Board of Norwell, two citizens sought to compel their select board to transfer the “Wildcat land” — a six-acre parcel — to the Conservation Commission for open space and recreation. The land had been acquired by tax foreclosure in 1989, but over the next two decades, the town repeatedly designated it for affordable housing: - A 2004 Town Meeting vote explicitly authorized the board “to make the parcel available for the development of affordable housing.” - In 2007, the town established a Community Housing Trust under G.L. c. 44, § 55C, to further that purpose. - Town housing production plans from 2013 and 2019 both listed the Wildcat parcel as an identified housing site. Then, in 2021, citizens petitioned under Article 26 to transfer the land to the Conservation Commission. The motion passed by a two-thirds vote. Yet, the Select Board declined to transfer custody, stating that it had not determined the land was “no longer needed” for its existing purpose of affordable housing. That decision led to litigation — and to the Supreme Judicial Court’s reaffirmation of the restrictive nature of land held for a specific public purpose. The Court’s Holding: Intent Creates Obligation The SJC held that the Wildcat land was indeed held for a specific municipal purpose — affordable housing — and therefore could not be diverted to another use without following the strict process required by G.L. c. 40, § 15A. The court explained: ===PAGE 6=== *“Under § 15A, once land is held for a specific municipal purpose, it cannot be diverted to another inconsistent public use until the board or officer having charge of it determines that it is no longer needed for that purpose, and the town votes by a two-thirds majority to transfer custody for another specific purpose.”* The plaintiffs argued that the two-thirds vote alone should suffice. The SJC disagreed, emphasizing that two steps are mandatory — both a board determination and a town meeting vote. The court reaffirmed that the land’s dedicated purpose must be respected unless the proper process is followed. In the words of the opinion: *“Whether land is held for a specific municipal purpose depends on the totality of the circumstances and the clear and unequivocal intent of the town to hold it for that purpose.”* And in Norwell’s case, that intent was unmistakable. The Broader Principle: Land Held in Trust for the Public What unites Cohen v. Lynn and Carroll v. Norwell is a single legal and ethical truth: land given, acquired, or dedicated for a specific public use creates a trust — not an option. In Cohen, that trust arose from the words “forever for park purposes.” In Carroll, it arose from a clear pattern of official actions dedicating land to housing. In both, the courts refused to allow repurposing or transfer until the proper procedures — or judicial relief under doctrines like cy pres — were met. As the SJC noted, this approach aligns with the prior public use doctrine and Article 97 of the Massachusetts Constitution, which protect public land from diversion without express authority. The Lesson for Towns and Trustees These rulings serve as a vital reminder to every city, select board, and public official in the Commonwealth: - Land accepted for a specific purpose is not free land. It carries a perpetual condition of use — a public trust that binds future boards. - Municipal votes or convenience cannot dissolve that trust. Only a proper legal process — such as a determination under § 15A or judicial approval under cy pres — can change it. - Public stewardship is a legal duty. A town holds land not as a commercial actor, but as a guardian of the donor’s and the public’s intent. Or as the court said long ago and repeated in spirit here: *“The firmly settled and frequently declared policy of the Commonwealth has been to ===PAGE 7=== preserve public parks [and public-use lands] free from intrusion of every kind which would interfere with their complete use for this public end.”* The Enduring Promise So when we speak of land that has been gifted or dedicated to a town, let us remember: Those words in a deed — “for park purposes,” “for housing,” “for public enjoyment” — are not mere suggestions. They are promises written into law, enforceable as public charitable trusts. When a town accepts such a gift, it accepts a solemn duty. It must protect that land, use it only as the donor intended, and, if change is ever necessary, seek proper authority before doing so. A gift of land to the public is not just property — it is a covenant. And in Massachusetts, as both Cohen and Carroll affirm, that covenant endures. Thank you. Another important case was an earlier case “Cohen v Lynn” which also addressed the enduring gift of land gifts. The Enduring Obligation of Public Gifts – Lessons from Cohen v. Lynn (1992) Ladies and gentlemen, When land is conveyed to a town or city — whether by gift, bequest, or deed — it carries not only value in property, but an enduring moral and legal obligation. The Massachusetts Appeals Court reminded us of this in the landmark case of Cohen v. Lynn. In that case, the City of Lynn had sold a small parcel of land to a private developer. But that land had been originally conveyed in 1893, with the deeds declaring that it was to be held by the city “to its own use and behoof forever for park purposes.” Nearly a century later, the city called the parcel “no longer usable for park purposes” and authorized its sale for private development. A group of concerned citizens — twenty-four residents and taxpayers — challenged that sale. They brought what’s known as a “ten taxpayers’ action” under G.L. c. 214, § 3(10), a statute that allows citizens to enforce the purpose of any gift or conveyance accepted by a municipality “for a specific purpose or purposes in trust or otherwise.” The court held — and I quote — ===PAGE 8=== “The conveyances of 1893, stating that the land was to be used ‘forever for park purposes,’ created a public charitable trust. The acceptance of those deeds by the city constituted a contract between the donors and the donee which must be observed and enforced.” In other words, when a city accepts a gift of land for a public purpose, it does not acquire full, unfettered ownership. It becomes a trustee, bound to uphold the intent of the donor and to preserve the property for the public use designated. The city argued that the trust was no longer practical — that the land was too small, too isolated, and that its use as a park was “impracticable.” But the court rejected this claim, finding that the parcel was still used by walkers, riders, and joggers, and “provided a scenic vista of open space suitable for park purposes.” The judge, after viewing the site personally, described it as possessing “a beautiful scenic ocean view” and forming “a green edge to the parkway.” These findings led the court to rule that it had not become impossible or impracticable to carry out the trust’s purpose. The doctrine of cy pres, which allows modification of charitable trusts only when their purpose truly cannot be fulfilled, did not apply. The court also addressed an important point about consideration — whether the trust could exist if the city paid part of the purchase price. The answer was clear: “The receipt of some consideration does not bar the creation of a public charitable trust.” The donors themselves had contributed funds to the public subscription, reaffirming their intent that the land be “secured for public enjoyment forever.” Most significantly, the court condemned the idea that special legislation could ratify the sale after the fact. It held that: “A city’s obligations under a public charitable trust cannot be impaired legislatively. The special act authorizing the sale could neither impair the trust obligation nor ratify the conveyance.” And in words that every public official should remember, the court quoted an earlier decision: “The firmly settled and frequently declared policy of the Commonwealth has been to preserve public parks free from intrusion of every kind which would interfere in any degree with their complete use for this public end. It cannot be assumed that this policy is to be lightly thrown aside.” Thus, the Appeals Court affirmed judgment for the citizens. The conveyance to the developer was declared null and void, and the city was ordered to restore the parcel to its prior park condition. The lessons from Cohen v. Lynn are enduring: ===PAGE 9=== - Property conveyed to a municipality for a public purpose — such as a park, library, or green — becomes a public charitable trust. - Once accepted, that trust creates a contractual obligation that binds the city and its successors. - Neither convenience, development pressure, nor legislative authorization can release a municipality from that trust. - As long as the public purpose remains possible, it must be upheld. In short, when towns receive real estate “for park purposes,” or for any other charitable or civic use, they hold it not as owners but as guardians. These are not mere parcels to be traded or repurposed. They are promises — gifts to the public, given in trust — and that trust must be honored. The Cohen v. Lynn decision is more than a legal precedent; it is a reminder of stewardship — that public land dedicated to the people must remain for the people. When a deed says “forever,” the law means it. Thank you. The third case Chairman Bowen read involved Woodward v Quincy. Speech: The Lessons of Woodward v. Quincy — Fiduciary Duty and the Sale of Trust Property Good evening, everyone. Today, I’d like to speak about an important case that bridges the worlds of education, philanthropy, and public accountability — The Woodward School for Girls, Inc. v. City of Quincy, decided by the Massachusetts Supreme Judicial Court in 2014. This case arose from a remarkable legacy — a trust established in 1822 by former President John Adams, later expanded by his grandson, to support the education of young women in Quincy. For nearly two centuries, the City of Quincy served as trustee of that charitable trust. Yet over time, a fundamental question came before the courts: Did the City fulfill its fiduciary duties in managing the trust’s property and investments — especially its real estate? The Heart of the Dispute: Mismanagement and Real Estate Sales The Woodward School, as the sole income beneficiary of the Adams trust, brought a claim alleging that the City had failed to act prudently in managing the trust’s assets. ===PAGE 10=== Among the most serious accusations was the mishandling of trust real estate. The City had sold certain parcels of trust-owned property, but the School contended these transactions were made without adequate prudence or financial foresight — that the City: - Did not properly appraise or assess the long-term value of the properties; - Sold them under market conditions unfavorable to the trust; and - Failed to reinvest the proceeds in a way that preserved or enhanced the value of the trust’s principal. The sale of trust real estate lies at the core of a trustee’s duty of prudence. Real estate held by a charitable trust is not just an asset — it is part of a living legacy. The trustee must ensure that when property is sold, the transaction advances the charitable purpose, protects the trust corpus, and reflects sound judgment informed by market conditions and fiduciary responsibility. The Court’s View: Prudence Requires Vision In its decision, the Massachusetts Supreme Judicial Court emphasized the Prudent Investor Rule, codified in the Massachusetts General Laws, Chapter 203C. Under this rule, trustees must manage assets — including real estate — not in isolation, but as part of a comprehensive investment strategy that considers: - Risk and return objectives suited to the trust; - The needs of the income beneficiary; and - The long-term preservation of the principal. The Court recognized that even though the Woodward trust had only an income beneficiary, the City was still obligated to protect the principal against inflation and maintain its capacity to generate income in perpetuity. The problem with the City’s management — including its sale of real estate — was that it reflected short-term thinking and a failure to plan for future growth. Selling property without reinvesting in assets capable of appreciation meant the trust’s corpus steadily lost value over time. The Court viewed this not merely as a poor decision but as a breach of fiduciary duty — a failure to act with the prudence, diligence, and foresight that the law demands of every trustee. Why the Real Estate Issue Mattered The sale of trust property was emblematic of a larger issue: the City’s misunderstanding of its role as trustee. The City acted less like a fiduciary and more like a municipal manager — treating the trust as a set of accounts, rather than a living endowment with an enduring charitable mission. When a trustee sells real estate, it must ask: ===PAGE 11=== - Will this sale serve the trust’s purpose in the long term? - Are we ensuring the proceeds are reinvested prudently? - Have we obtained professional advice, independent valuations, and exercised due care? In this case, the Court found that the City failed on several of these fronts. Its actions were not aligned with the Prudent Investor Act’s vision of a balanced, forward-looking approach. A Broader Lesson: Trusteeship and Accountability The Woodward case reminds us that trusteeship is an act of stewardship, not convenience. Selling trust real estate is not simply a financial transaction — it is a decision that affects generations of beneficiaries and the integrity of a charitable purpose. The Massachusetts Supreme Judicial Court made clear that municipal trustees are held to the same standards as private ones. Sovereign immunity cannot shield a public entity from accountability when it acts as a fiduciary. If a government chooses to hold charitable property, it must do so with the same prudence, care, and loyalty that the law demands of any private trustee. Conclusion In the end, the Court removed the City of Quincy as trustee, finding that it had breached its fiduciary duties, including through its imprudent management and sale of trust property. It ordered damages and prejudgment interest to make the School whole — and reaffirmed a principle as old as the Adams trust itself: “To hold in trust is to hold in confidence — to manage not for oneself, but for the enduring good of others.” The Woodward case thus stands as a cautionary tale and a guidepost. Whether a trustee is a city, a corporation, or an individual, the duty is the same: To act prudently, to plan for the future, and to ensure that every sale, every investment, every decision — honors the purpose and perpetuity of the trust. Thank you. Goals of the Commission While much of the effort to date has been around organization, the Trust Fund Commission has not lost sight of a very important function of the commission - to distribute funds in accordance with the wishes and declaration of those who made these gifts to the Town. There was discussion regarding the application that people could submit to the Trust Fund Commission to request a distribution against available funds. Mr Howard made a motion to accept the proposed version as designed (pending review by Town Counsel), Chairman Bowen seconded. ===PAGE 12=== Mr Howard (aye), Chairman Bowen (aye), motion passed unanimously. Chairman Bowen advised that previous requests were made with a letter submitted to the Trust Fund Commission. Some distributions were made from the Poor Fund, apparently one was worded as a loan but exact details on that agreement were not available. Duties on the Chairman - Some of the issues the Trust Fund Commission must address require the ability of the Chairman to represent the interest of the Commission in handling investigations, Management and general administrative issues. Chairman Bowen requested permission to handle investigations only without a vote of the Trust Fund Commission, not for issues that require debate. Mr Howard made a motion to allow Chairman Bowen to continue investigative research and contact the appropriate State agencies without a vote of the Trust Fund Commission to authorize each activity. The Motion was seconded by Chairman Bowen. Vote for this motion was Mr Howard (aye), Chairman Bowen (aye). Motion passed unanimously. Chairman Bowen advised the Public and Mr Howard that he would like to explore the option of engaging College interns through the “handshake” program. We would have an obligation to give feedback to the career centers. Chairman Bowne made the motion to “engage the town HR Department to establish a relationship for intern work through local colleges to assist in investigative research in regards to the Trust Funds commission”. Mr Howard seconded the motion. Vote on the motion was Mr Howard (aye), Chairman Bowen (aye). Motion passed unanimously Chairman Bowen requested that agenda item Risk Mgt policy be tabled for the meeting. Per Chairman Bowen, the proposed written policy needs amending. Chairman Bowen put forward a motion to approve the meeting minutes of Aug 14, 2025, Aug 28, 2025 and Sept 11, 2025 put forward by Chairman Bowen, seconded by Mr. Howard. Vote on the Motion was Mr Howard (aye), Chairman Bowen (aye), Motion passed unanimously. Follow up on investigations. Investigations - American Legion - Mr Howard made a motion that Chairman Bowen can engage in discussions with the American Legion to discuss the disposition of the funds held within our Trust. Motion seconded by Chairman Bowern. Vote on the motion was Mr Hoawrd (aye), Chairman Bowen (aye) unanimous. Motion passed unanimously. The next meeting of the Trust Fund Commission will be held on Oct. 23, 2025 at 5pm. Public Comment: No comment from either in-person or on Zoom Chairman Bowen commented that the Mass GOP is hosting a guest on Tuesday Oct 14th- RNC Joe Gruters at the American Legion Dedham and encouraged viewers to attend. ===PAGE 13=== Motion to adjourn 6:31pm made by Chairman Bowen, motion second by Mr Howard. Vote on the Motion was Mr Howard (aye), Chairman Bowen (aye), Motion passed unanimously. ======================================================================================== DOCUMENT : 2025-10-23-agenda-7475.txt BOARD : trust-fund-commission DATE : 2025-10-23 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-10-23-agenda-7475.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_10232025-7475 ======================================================================================== ===PAGE 1=== BOARD OF TRUST FUND COMMISSIONERS Thursday, October 23, 2025 5:00 PM AGENDA Bilotta Meeting Room, Town Hall In accordance with the requirements of the Open Meeting Law, please be advised that this meeting is being recorded and broadcast live over the Lunenburg Public Access channel, on Facebook Live on the Public Access Facebook page (https://www.facebook.com/Lunenburg-Public-Access-Cable-157427270975305/) and will be uploaded to the Lunenburg Access YouTube after the meeting. Additionally, please be advised that the Town of Lunenburg utilizes the Zoom platform as host for its hybrid and remote meetings; that the Zoom platform utilizes AI technology, known as "AI Companion," to create audio transcriptions of meetings to aid in the subsequent preparation of meeting minutes; and that AI Companion is activated immediately upon launching the Zoom application. You are hereby notified that this AI technology may capture audio prior to the start of the meeting and/or following the conclusion of the meeting. This meeting will be held in-person at the location provided on this notice. Members of the public are welcome to attend this in- person meeting. Please note that while an option for remote attendance and/or participation is being provided as a courtesy to the public, the meeting will not be suspended or terminated if technological problems interrupt the virtual broadcast, unless otherwise required by law. Members of the public with particular interest in any specific item on this agenda should make plans for in-person vs. virtual attendance accordingly. The following information is also provided for members of the public that would like to participate in the meeting remotely: To Participate Remotely: From a computer, please use the link below to join the public meeting webinar: https://zoom.us/j/3020039690 or from a telephone, dial the toll free number (888) 475-4499 and enter Webinar ID: 302 003 9690 # If you have not registered with Zoom you will be asked for your name and an e-mail address. Note: No participant ID is needed, just press # when asked. Telephone users may dial *9 to request to speak after joining the meeting. Computer and app users may use the “raise hand” feature to request to speak. The agenda lists all the topics which may be discussed at the meeting and are those reasonably anticipated by the Chair. Votes may be taken as a result of these discussions. Not all the items listed may in fact be discussed and other items not listed may also be brought up for discussion to the extent permitted by Open Meeting Law. 5:00 PM CALL TO ORDER I. OPEN•PLEDGE OF ALLEGIANCE II. PUBLIC COMMENT*** COMMISSION • PUBLIC III. ANNOUNCEMENTS AND COMMUNICATIONS FROM TRUST REPRESENTATIVES IV. SCHEDULED MEETINGS (every 2nd and 4th Thursday) V. TREASURER AND FINANCE DIRECTOR REPORTS None VI. NEW BUSINESS 1. Discuss Proposed written operating policy 2. Minutes Ratification/review/correction 3. Review rewritten risk management policy ratify corrections 4. Update to Application For Funds 5. Review gifting parameters per declarations; cy pres filings ; AG Public Charity adjustments VII. OLD BUSINESS 1. Vacancy 2. Goals of the Commission 3. Update on interns 4. Real estate investigations VIII. BENEFICIARY/COMMENT IX. UPCOMING MEETING/EVENTS 1. Thursday November 13, 2025, discuss 4th week November 2025 meeting date X. PUBLIC COMMENT** PUBLIC•TREASURER/FINANCE DIRECTOR • COMMISSION XI. ADJOURN ** Per Policy, Public comment will be decided at the discretion of the Chair- please Note that Public comment is not required by law and may at times not be permitted for any reason. ======================================================================================== DOCUMENT : 2025-11-13-agenda-7505.txt BOARD : trust-fund-commission DATE : 2025-11-13 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-11-13-agenda-7505.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_11132025-7505 ======================================================================================== ===PAGE 1=== BOARD OF TRUST FUND COMMISSIONERS Thursday, November 13, 2025 5:00 PM AGENDA Bilotta Meeting Room, Town Hall In accordance with the requirements of the Open Meeting Law, please be advised that this meeting is being recorded and broadcast live over the Lunenburg Public Access channel, on Facebook Live on the Public Access Facebook page (https://www.facebook.com/Lunenburg-Public-Access-Cable-157427270975305/) and will be uploaded to the Lunenburg Access YouTube after the meeting. Additionally, please be advised that the Town of Lunenburg utilizes the Zoom platform as host for its hybrid and remote meetings; that the Zoom platform utilizes AI technology, known as "AI Companion," to create audio transcriptions of meetings to aid in the subsequent preparation of meeting minutes; and that AI Companion is activated immediately upon launching the Zoom application. You are hereby notified that this AI technology may capture audio prior to the start of the meeting and/or following the conclusion of the meeting. This meeting will be held in-person at the location provided on this notice. Members of the public are welcome to attend this in- person meeting. Please note that while an option for remote attendance and/or participation is being provided as a courtesy to the public, the meeting will not be suspended or terminated if technological problems interrupt the virtual broadcast, unless otherwise required by law. Members of the public with particular interest in any specific item on this agenda should make plans for in-person vs. virtual attendance accordingly. The following information is also provided for members of the public that would like to participate in the meeting remotely: To Participate Remotely: From a computer, please use the link below to join the public meeting webinar: https://zoom.us/j/7663167607 or from a telephone, dial the toll free number (888) 475-4499 and enter Webinar ID: 766 316 7607 # If you have not registered with Zoom you will be asked for your name and an e-mail address. Note: No participant ID is needed, just press # when asked. Telephone users may dial *9 to request to speak after joining the meeting. Computer and app users may use the “raise hand” feature to request to speak. The agenda lists all the topics which may be discussed at the meeting and are those reasonably anticipated by the Chair. Votes may be taken as a result of these discussions. Not all the items listed may in fact be discussed and other items not listed may also be brought up for discussion to the extent permitted by Open Meeting Law. 5:00 PM CALL TO ORDER I. OPEN•PLEDGE OF ALLEGIANCE II. PUBLIC COMMENT*** COMMISSION • PUBLIC III. ANNOUNCEMENTS AND COMMUNICATIONS FROM TRUST REPRESENTATIVES IV. SCHEDULED MEETINGS (every 2nd and 4th Thursday) V. TREASURER AND FINANCE DIRECTOR REPORTS None VI. NEW BUSINESS 1. Review rewritten risk management policy ratify with corrections 2. Rewrite trusts AG office of Public Charity cy pres filing 3. Meeting with School Committee Chairman and board public comment-Scholarships report VII. OLD BUSINESS 1. Discuss Proposed written operating policy 2. Update to Application For Funds 3. Vacancy 4. Goals of the Commission 5. Update on interns 6. Real estate investigations VIII. BENEFICIARY/COMMENT IX. UPCOMING MEETING/EVENTS 1. Week of Thanksgiving TBD X. PUBLIC COMMENT** PUBLIC•TREASURER/FINANCE DIRECTOR • COMMISSION XI. ADJOURN ** Per Policy, Public comment will be decided at the discretion of the Chair- please Note that Public comment is not required by law and may at times not be permitted for any reason. ======================================================================================== DOCUMENT : 2025-11-25-agenda-7535.txt BOARD : trust-fund-commission DATE : 2025-11-25 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-11-25-agenda-7535.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_11252025-7535 ======================================================================================== ===PAGE 1=== BOARD OF TRUST FUND COMMISSIONERS Tuesday, November 25, 2025 5:00 PM REVISED AGENDA Bilotta Meeting Room, Town Hall In accordance with the requirements of the Open Meeting Law, please be advised that this meeting is being recorded and broadcast live over the Lunenburg Public Access channel, on Facebook Live on the Public Access Facebook page (https://www.facebook.com/Lunenburg-Public-Access-Cable-157427270975305/) and will be uploaded to the Lunenburg Access YouTube after the meeting. Additionally, please be advised that the Town of Lunenburg utilizes the Zoom platform as host for its hybrid and remote meetings; that the Zoom platform utilizes AI technology, known as "AI Companion," to create audio transcriptions of meetings to aid in the subsequent preparation of meeting minutes; and that AI Companion is activated immediately upon launching the Zoom application. You are hereby notified that this AI technology may capture audio prior to the start of the meeting and/or following the conclusion of the meeting. This meeting will be held in-person at the location provided on this notice. Members of the public are welcome to attend this in- person meeting. Please note that while an option for remote attendance and/or participation is being provided as a courtesy to the public, the meeting will not be suspended or terminated if technological problems interrupt the virtual broadcast, unless otherwise required by law. Members of the public with particular interest in any specific item on this agenda should make plans for in-person vs. virtual attendance accordingly. The following information is also provided for members of the public that would like to participate in the meeting remotely: To Participate Remotely: From a computer, please use the link below to join the public meeting webinar: https://zoom.us/j/3020039690 or from a telephone, dial the toll free number (888) 475-4499 and enter Webinar ID: 302 003 9690 # If you have not registered with Zoom you will be asked for your name and an e-mail address. Note: No participant ID is needed, just press # when asked. Telephone users may dial *9 to request to speak after joining the meeting. Computer and app users may use the “raise hand” feature to request to speak. The agenda lists all the topics which may be discussed at the meeting and are those reasonably anticipated by the Chair. Votes may be taken as a result of these discussions. Not all the items listed may in fact be discussed and other items not listed may a lso be brought up for discussion to the extent permitted by Open Meeting Law. 5:00 PM CALL TO ORDER I. OPEN•PLEDGE OF ALLEGIANCE II. PUBLIC COMMENT*** COMMISSION • PUBLIC III. ANNOUNCEMENTS AND COMMUNICATIONS FROM TRUST REPRESENTATIVES IV. SCHEDULED MEETINGS (every 2nd and 4th Thursday) V. TREASURER AND FINANCE DIRECTOR REPORTS None VI. NEW BUSINESS 1. Meeting Minutes Ratification VII. OLD BUSINESS 1. Discuss Proposed written operating policy 2. Update to Application For Funds 3. Vacancy 4. Goals of the Commission 5. Update on interns 6. Real estate investigations 7. Review rewritten risk management policy ratify with corrections 8. Rewrite trusts AG office of Public Charity cy pres filing updates VIII. BENEFICIARY/COMMENT IX. UPCOMING MEETING/EVENTS 1. December 11, 2025 X. PUBLIC COMMENT** PUBLIC•TREASURER/FINANCE DIRECTOR • COMMISSION XI. ADJOURN ** Per Policy, Public comment will be decided at the discretion of the Chair- please Note that Public comment is not required by law and may at times not be permitted for any reason. ======================================================================================== DOCUMENT : 2025-11-25-minutes-7535.txt BOARD : trust-fund-commission DATE : 2025-11-25 KIND : minutes OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-11-25-minutes-7535.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Minutes/_11252025-7535 ======================================================================================== ===PAGE 1=== Lunenburg Trust Fund Commission Bilotta Meeting Room/PACC Lunenburg Town Hall November 25, 2025 The meeting was called to order at 5:00 pm by Chairman Bowen. Present were Mr Howard and Chairman Bowen. Members recited the Pledge of Allegiance. Chairman Bowen proceeded to read the posted open meeting notice from the Agenda.. There was no Public comment: No comment from either Mr Howard or Chairman Bowen. There was no public present in the meeting room nor on the Zoom platform.. There were no Treasurer or Finance Director reports. New Business: Review and ratify meeting minutes. Chairman Bowen made a Motion to approve the minutes of Nov 13, 2025 as written, motion seconded by Mr Howard. The Motion passed unanimously with both Mr Howard and Chairman Bowen voting ‘Aye’. Chairman Bowen and Mr Howard discussed the application process to request funds from the Trust Fund Commission. Privacy is a concern. While we wish to preserve the anonymity and dignity of anyone who applies, some information must be made public. Both Mr Howard and Chairman Bowen also discussed the importance of performing some level of due diligence for applicants that may require the assistance of outside organizations. As an example, the American Legion requires that any recipient be honorably discharged, so we need to verify with the agent of Veteran Affairs as an appropriate check and balance. Chairman Bowen stated that he sent a copy of the Attorney General’s Office PC-IF form to the Town Manager and Myleen Millari as this will be necessary to begin distribution of funds since some of the language on the original declarations are obsolete. Chairman Bowen feels the monies have been neglected, $87,000 that should have gone to needy members. There are two funds that as originally written and intended (Gazebo trust and Sidewalks trust) cannot be distributed unless modified.. Chairman Bowen stated that he has not heard back from the Superintendent of Schools regarding Scholarships. The Commission's goal is to begin distributing funds as soon as possible, this will likely not be until early 2026. ===PAGE 2=== Chairman Bowen discussed Interns. To date we have not filed anything with any educational institutions, not received any help from any interns and are still working on defining roles. If we do bring in Interns the focus will be on real estate transactions. There is some administrative work involved to get the program started, the Intern role needs to be better defined and Chairman Bowen is working on that issue. Both members discussed the vacancy on the Trust Fund Commission, making pleas to the viewing audience to get involved. Without a third member, progress by the Trust Fund Commission could be brought to a halt if either Mr Howard or Chairman Bowne disagree on any decision requiring a vote. Per Chairman Bowen, when questioned by Mr Howard on the appointment process, interested candidates would be placed on the board via a joint appointment between the two Trust Fund Commissioners and the Board of Selectmen. The Town Manager has requested we review any changes to be filed on Form PC-IF (Office of the Attorney General - Instructions for Institutional Fund Form) with Town Counsel before formal submission. Chairman Bowen noted we do not have to get approval from Town Counsel, the Select Board or any other members of the Executive Branch, that as Trustees we can rewrite without further approval. The Trust Fund Commission in our spirit of transparency will solicit public opinion on any proposed rewording before sending the document to the Attorney General’s office. The Attorney General’s office will identify any language changes that need to be made. Mr Howard and Chairman Bowen began to review and make edits to the Risk Management policy. Due to time constraints, the review was not completed and will be finished in a future meeting. There was no public comment from members, no members of the public and no participants on the Zoom platform. The next scheduled meeting is planned for December 11, 2025. A motion to adjourn was raised by Chairman Bowen. The motion was seconded by Mr Howard. Motion passed unanimously with both members voting ‘aye’. The Meeting was adjourned at 6:32pm on November 25, 2025. ======================================================================================== DOCUMENT : 2025-12-18-agenda-7574.txt BOARD : trust-fund-commission DATE : 2025-12-18 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2025-12-18-agenda-7574.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_12182025-7574 ======================================================================================== ===PAGE 1=== BOARD OF TRUST FUND COMMISSIONERS Thursday December 18, 2025 5:00 PM REVISED AGENDA Bilotta Meeting Room, Town Hall In accordance with the requirements of the Open Meeting Law, please be advised that this meeting is being recorded and broadcast live over the Lunenburg Public Access channel, on Facebook Live on the Public Access Facebook page (https://www.facebook.com/Lunenburg-Public-Access-Cable-157427270975305/) and will be uploaded to the Lunenburg Access YouTube after the meeting. Additionally, please be advised that the Town of Lunenburg utilizes the Zoom platform as host for its hybrid and remote meetings; that the Zoom platform utilizes AI technology, known as "AI Companion," to create audio transcriptions of meetings to aid in the subsequent preparation of meeting minutes; and that AI Companion is activated immediately upon launching the Zoom application. You are hereby notified that this AI technology may capture audio prior to the start of the meeting and/or following the conclusion of the meeting. This meeting will be held in-person at the location provided on this notice. Members of the public are welcome to attend this in- person meeting. Please note that while an option for remote attendance and/or participation is being provided as a courtesy to the public, the meeting will not be suspended or terminated if technological problems interrupt the virtual broadcast, unless otherwise required by law. Members of the public with particular interest in any specific item on this agenda should make plans for in-person vs. virtual attendance accordingly. The following information is also provided for members of the public that would like to participate in the meeting remotely: To Participate Remotely: From a computer, please use the link below to join the public meeting webinar: https://zoom.us/j/7663167607 or from a telephone, dial the toll free number (888) 475-4499 and enter Webinar ID: 766 316 7607 # If you have not registered with Zoom you will be asked for your name and e-mail address. Note: No participant ID is needed, just press # when asked. Telephone users may dial *9 to request to speak after joining the meeting. Computer and app users may use the “raise hand” feature to request to speak. The agenda lists all the topics which may be discussed at the meeting and are those reasonably anticipated by the Chair. Votes may be taken as a result of these discussions. Not all the items listed may in fact be discussed and other items not listed may a lso be brought up for discussion to the extent permitted by Open Meeting Law. 5:00 PM CALL TO ORDER I. OPEN•PLEDGE OF ALLEGIANCE II. PUBLIC COMMENT*** COMMISSION • PUBLIC III. ANNOUNCEMENTS AND COMMUNICATIONS FROM TRUST REPRESENTATIVES IV. SCHEDULED MEETINGS (every 2nd and 4th Thursday) V. TREASURER AND FINANCE DIRECTOR REPORTS None VI. NEW BUSINESS 1. Meeting Minutes Ratification 2. By-Law to allow the select board to vote to release money from the trust funds in the absence of a quorum or an appointed or elected board VII. OLD BUSINESS 1. Discuss Proposed written operating policy 2. Update to Application For Funds 3. Vacancy 4. Goals of the Commission 5. Update on interns 6. Real estate investigations 7. Review rewritten risk management policy ratify with corrections 8. Rewrite trusts AG office of Public Charity cy pres filing updates VIII. BENEFICIARY/COMMENT IX. UPCOMING MEETING/EVENTS 1. Happy New Year we will be continuing on our regular schedule X. PUBLIC COMMENT** PUBLIC•TREASURER/FINANCE DIRECTOR • COMMISSION XI. ADJOURN ** Per Policy, Public comment will be decided at the discretion of the Chair- please Note that Public comment is not required by law and may at times not be permitted for any reason.