# trust-fund-commission — 29 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 : 2025-08-14-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-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. ======================================================================================== DOCUMENT : 2026-01-08-agenda-7596.txt BOARD : trust-fund-commission DATE : 2026-01-08 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2026-01-08-agenda-7596.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_01082026-7596 ======================================================================================== ===PAGE 1=== BOARD OF TRUST FUND COMMISSIONERS Thursday January 8, 2025 5:00 PM 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 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. Overview of Meeting with Town manager and Treasurer VII. OLD BUSINESS 1. Discuss Proposed written operating policy 2. Meeting Minutes Ratification 3. 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 4. Update to Application For Funds 5. Vacancy 6. Goals of the Commission 7. Update on interns 8. Real estate investigations 9. Review rewritten risk management policy ratify with corrections 10. Rewrite trusts AG office of Public Charity cy pres filing updates VIII. BENEFICIARY/COMMENT IX. UPCOMING MEETING/EVENTS 1. January 22, 2026 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 : 2026-01-08-minutes-7596.txt BOARD : trust-fund-commission DATE : 2026-01-08 KIND : minutes OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2026-01-08-minutes-7596.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Minutes/_01082026-7596 ======================================================================================== ===PAGE 1=== Lunenburg Trust Fund Commission Bilotta Meeting Room/PACC Lunenburg Town Hall January 8, 2026 Due to technical issues, the meeting was not called to order until 5:25pm. Members recited the Pledge of Allegiance. Chairman Bowen proceeded to read the posted open meeting notice from the Agenda with the clarification that it is not being broadcast on the Zoom platform but only recorded. No public was present. There was no comment from either Mr Howard or Chairman Bowen. No Finance Direct or Treasurer reports were presented - as those are published by the Private Trust Company on a quarterly basis, we expect to receive a Treasurer update in February 2026. Chairman Bowen provided a brief update on the meeting with Town Mgr. Essentially, during this meeting there was a review of records and transaction logs related to the Trusts held under control of the Trust Fund Commission. Chairman Bowen again mentioned the vacancy on the Trust Fund Commission and the means to apply. Mr Howard mentioned that anyone interested would need to take State Ethics Training as a prerequisite to sitting on the Trust Fund Commission. Chairman Bowen discussed the need to submit a warrant article to allow the Select Board to release money in the absence of a quorum on the board of Trust Fund Commissioners. The Intent is to allow the Select Board and the existing member of Trust Fund Commission, in the absence of majority or quorum, they would be able to serve in the capacity to fulfill the obligations of the Trust Fund Commission for the purposes of making distributions from the funds under control of the Trust Fund Commission. Mr Howard felt that this is a good example of a “business continuity plan” to ensure uninterrupted operations in the event of unforeseen circumstances impacting the timely operation of the Trust Fund Commission. One possible scenario discussed is the possibility that the Trust Fund Commission could possibly be composed entirely of members of the Select Board or be entirely appointed by the Select Board. Mr Howard has concerns about the structure of a fully appointed Trust Fund Commission. Chairman Bowen reiterated his concern that some prior appointments made by the Select Board were made without consideration of past experience or the actual qualifications of volunteers, relevant experience is important. Chairman Bowen and Mr Howard discussed the loan of approximately $2,700 given by the Trust Fund Commission back in 2017. With turnover on the Trust Fund Commission, the provisions ===PAGE 2=== and obligations of the recipient of the loan were not followed up on, causing the enforcement to fall through the cracks. Chairman Bowen requested that by the next meeting we each take some time to brainstorm voting structures for appointed structures or hybrid elected/Select Board compositions.. Chairman Bowen would begin to draft the potential wording for the proposed Warrant article by our next meeting, the exact mechanics are not entirely known at this time. The Trust Fund Commission's application for rewriting the provisions and declarations of the American Legion 283 are still with the Town Attorney. In the process of updating the declaration there is the need to add some info for Veterans in good standing, for example. Real estate investigations are going slowly as work is being performed solely by Chairman Bowen. The Issue is any sales, or transfers of land where the donor had specific intent but the Town subsequently sold the property that ended up being used for other purposes outside of the donor’s intent. Chairman Bowen’s assertion is that during conversion the proceeds should have been put into Trust in the donor's name, not taken by the Town. Chairman Bowen updated Mr Howard and the viewing public on the Intern situation which has been discussed at prior meetings of the Trust Fund Commission. Due to the prerequisites involved in setting up a formal internship program, Interns won't be used for 2026. The issue will be revisited next year. There were no Beneficiary comments nor comments from members of the Trust Fund Commission. There was no public comment as there were no members of the public present either in person and there were no remote viewers due to issues with the Zoom platform.. Both members discussed the date for the next Trust Fund Commission meeting. The next meeting will be held on Jan 22, 2026. Motion to adjourn made by Mr Howard, seconded by Chairman Bowen. Motion approved unanimously and the meeting was adjourned at 6:31 pm. ======================================================================================== DOCUMENT : 2026-01-29-agenda-7627.txt BOARD : trust-fund-commission DATE : 2026-01-29 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2026-01-29-agenda-7627.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_01292026-7627 ======================================================================================== ===PAGE 1=== BOARD OF TRUST FUND COMMISSIONERS Thursday January 29, 2026 5:30 PM 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. 5:30 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. Warrant Article finalize and vote For request of monies for Cy pres filing for the distribution of American Legion Funds 2. By Law finalize and Vote regarding the absence of a quorum of the Commission leaving for another body to assume the distribution of trust money until a full commission can be appointed or elected. 3. ATM Presentation of the state of trust Funds VII. OLD BUSINESS 1. Discuss Proposed written operating policy 2. Meeting Minutes Ratification 3. Updates to Application For Funds 4. Vacancy 5. Goals of the Commission 6. Update on interns 7. Real estate investigations 8. Review rewritten risk management policy ratify with corrections 9. Rewrite trusts with AG office of Public Charity PC-15 Form VIII. BENEFICIARY/COMMENT IX. UPCOMING MEETING/EVENTS 1. February 12, 2026 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 : 2026-01-29-minutes-7627.txt BOARD : trust-fund-commission DATE : 2026-01-29 KIND : minutes OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2026-01-29-minutes-7627.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Minutes/_01292026-7627 ======================================================================================== ===PAGE 1=== Lunenburg Trust Fund Commission Bilotta Meeting Room/PACC Lunenburg Town Hall January 29, 2026 Due to a scheduling conflict with one of the Trust Fund Commission members the meeting was rescheduled to start at 5:30pm. Members recited the Pledge of Allegiance. Chairman Bowen proceeded to read the posted open meeting notice from the Agenda. No public was present. There were no opening comments from either Mr Howard or Chairman Bowen. Chairman Bowen reminded the public that our normal meeting schedule is to meet on the 2nd and 4th Thursday of the month, this meeting was rescheduled from Jan 22nd due to a scheduling conflict with one of the members of the Trust Fund Commission. No Finance Direct or Treasurer reports were presented - as those are published by the Private Trust Company on a quarterly basis, we expect to receive a Treasurer update in February 2026. The main topics to be discussed during the meeting are two warrant articles drafted by Chairman Bowen in regards to the appropriation of funds to pay for cy pres filings for the American Legion Trusts and a warrant article on vacancies on the Trust Fund Commission. The first warrant discussed was the Appropriation for Legal Expenses related trust fund Cy Pres proceedings, the text was read as follows: Town of Lunenburg, Massachusetts Annual Town Meeting – May 2, 2026 Warrant Article ARTICLE __: APPROPRIATION FOR LEGAL EXPENSES RELATED TO TRUST FUND CY PRES PROCEEDINGS To see if the Town will vote to appropriate the sum of Fourteen Thousand Two Hundred Fifty ‑ Two Dollars and Thirty ‑ Nine Cents ($14,252.39) from the General Fund for the payment of legal expenses, as advised by Town Counsel, necessary for the research, analysis, legal drafting, and filing of cy pres petitions in the Massachusetts Probate and Family Court, ===PAGE 2=== Worcester Division, for the purpose of correcting and updating the terms of certain municipal trust funds so that they may lawfully and effectively serve their intended charitable purposes, including but not limited to: 1. The American Legion Poor Trust Fund (Ledger Name: American Legion Poor) and the Post 283 American Legion Trust Fund (Ledger Name: Lunenburg Post #283), which presently restrict use of funds to members of American Legion Post #283, an organization that is no longer an active or recognized National or State post of the American Legion, thereby preventing the funds from being used for the benefit of Lunenburg resident veterans; and 2. The Worthy Poor Fund (Ledger Name: Worthy Poor Income), whose existing terms require modification to conform with the modern structure of public assistance, as the responsibility for the care of the poor is no longer a municipal function and was assumed by the Commonwealth of Massachusetts in the early twentieth century under statewide public welfare laws; said appropriation being for the purpose of restoring lawful, practical, and charitable use of these trust funds through judicial approval consistent with donor intent, or take any other action relative thereto. Submitted by: Board of Commissioners of Trust Funds Prepared: January 29, 2026 After review there was identified the need to strike the word municipal from the 6th line of the first paragraph. In order to provide the public with further information on the need to expend these funds, Chairman Bowen drafted a Legal Research Memorandum, the text of which follows: Town of Lunenburg, Massachusetts Legal Research Memorandum Prepared: January 29, 2026 LEGAL RESEARCH MEMORANDUM Re: Warrant Article – Appropriation for Cy Pres Proceedings Affecting Certain Trust Funds Town of Lunenburg, Massachusetts I. Purpose This memorandum explains the legal authority supporting the Warrant Article requesting an appropriation of $14,252.39 from the General Fund to fund legal services required to pursue cy pres relief in the Massachusetts Probate and Family Court. The purpose of the cy pres proceedings is to restore certain charitable trust funds to lawful and effective use where their current terms are impossible or ===PAGE 3=== impracticable to carry out as written. II. Massachusetts Uniform Trust Code and Cy Pres Massachusetts General Laws Chapter 203E, the Massachusetts Uniform Trust Code, governs the administration and modification of charitable trusts. Under Section 413 of that chapter, a court may modify the terms of a charitable trust when the original charitable purpose has become unlawful, impracticable, impossible to achieve, or wasteful. The doctrine of cy pres allows the court to redirect the trust property to a purpose as near as possible to the donor’s original charitable intent. This authority is judicial in nature and must be exercised by the Probate and Family Court. III. Powers and Duties of the Board of Commissioners of Trust Funds Under M.G.L. Chapter 41, Section 45, the Board of Commissioners of Trust Funds is charged with the custody and management of trust funds given or bequeathed for the benefit of the Town or its inhabitants. The Board acts as a fiduciary and is required to administer each trust strictly in accordance with donor intent. The Board does not have authority to unilaterally alter or modernize trust purposes; when trust terms can no longer be fulfilled, judicial approval through cy pres is required. IV. Role of the Attorney General The Attorney General of the Commonwealth has supervisory authority over charitable trusts and is a necessary party to any court proceeding seeking cy pres relief or other modification affecting a charitable interest. Probate and Family Court rules require that the Attorney General receive notice and an opportunity to be heard before relief may be granted. V. Limitations of Attorney General Administrative Filings Administrative filings with the Attorney General’s Non-Profit Organizations and Public Charities Division, including annual charity filings and related forms, do not authorize changes to donor-restricted purposes. Such filings are regulatory and reporting mechanisms only. They cannot substitute for a court decree modifying a charitable trust. Where a trust’s purpose must be altered, Probate and Family Court approval is required. VI. Application to the Affected Trust Funds The American Legion Poor Trust Fund and the Post 283 American Legion Trust Fund restrict benefits to members of American Legion Post #283. Because that post no longer exists as an active or recognized organization, the trusts cannot be administered as written, even though the underlying charitable intent to benefit veterans remains clear. The Worthy Poor Fund was created at a time when towns were responsible for operating poorhouses and providing direct relief to the indigent. Over time, Massachusetts shifted responsibility for public assistance from municipalities to statewide public welfare systems. As a result, the original method of administering the Worthy Poor Fund is no longer practicable under modern law. VII. Need for General Fund Appropriation The individual donor trust accounts affected by this warrant article do not contain sufficient funds to cover the legal costs associated with pursuing cy pres relief. In addition, using restricted trust assets to finance litigation intended to alter the governing terms of those same trusts would raise fiduciary concerns. Because the cy pres proceedings are undertaken to restore lawful usability and preserve donor intent, the associated legal costs must be borne by the Town through an appropriation from the General Fund. VIII. Conclusion Approval of the Warrant Article will allow the Town to seek necessary judicial relief to restore long-standing charitable trust funds to lawful and effective use, consistent with donor intent and modern legal requirements, while avoiding fiduciary risk and ensuring proper oversight by the Probate Court and the ===PAGE 4=== Attorney General. No discussion on wording as written and no changes. Mr Howard made a motion to approve the warrant article for APPROPRIATION FOR LEGAL EXPENSES RELATED TO TRUST FUND CY PRES PROCEEDINGS with the aforementioned removal of the word municipal from the first paragraph. The Motion was seconded by Chairman Bowen. Vote on the motion was Mr Howard = Aye, Chairman Bowen = Aye. The next item on the agenda was to discuss the warrant/bylaw to address the Distribution of Trust Funds in the Absence of a Quorum , the amended text of which is as follows: Town of Lunenburg, Massachusetts Annual Town Meeting – May 2, 2026 Warrant Article ARTICLE __: DISTRIBUTION OF TRUST FUNDS IN THE ABSENCE OF A QUORUM To see if the Town will vote to amend the General Bylaws of the Town of Lunenburg by adding a new section to Chapter 12, Boards, Commissions and Committees, designated as § 12-9, entitled ‘Distribution of Trust Funds in the Absence of a Quorum,’ to authorize the Select Board, on a limited and conditional basis, to approve distributions from trust funds only when the Board of Commissioners of Trust Funds lacks a lawful quorum, and further to establish specific voting requirements and safeguards applicable to such action, including: (i) a unanimous vote of all five Select Board members when only one elected member of the Board of Commissioners of Trust Funds remains in office; (ii) in the event of an emergency where unanimity is not possible, the temporary inclusion of that sole elected member of the Board of Commissioners of Trust Funds as a voting participant, with approval by a majority of the Select Board members present; and (iii) conflict-of-interest and emergency fallback procedures, including reliance on the Rule of Necessity when legally required; all subject to strict compliance with donor intent, the governing trust instruments, existing policies of the Board of Commissioners of Trust Funds, and all applicable laws, or take any other action relative thereto. Submitted by: Board of Commissioners of Trust Funds Prepared: January 29, 2026 Chairman Bowen proceeded to read the detailed wording of the proposed warrant article/bylaw the text of which follows: ===PAGE 5=== Distribution of Trust Funds in the Absence of a Quorum — Delegated Authority to the Select Board Prepared: January 29, 2026 Draft Warrant Article Article __: Distribution of Trust Funds in the Absence of a Quorum — Delegated Authority to the Select Board To see if the Town will vote to amend the Town’s General Bylaws by adding a new chapter and section entitled “Distribution of Trust Funds in the Absence of a Quorum,” authorizing the Select Board, on a limited and conditional basis, to act in place of the Board of Commissioners of Trust Funds solely when the Board of Commissioners of Trust Funds lacks a quorum, or take any other action relative thereto. Submitted by: Select Board Chapter __. Financial Administration § __ ‑ __. Distribution of Trust Funds by the Select Board in the Absence of a Quorum of the Board of Commissioners of Trust Funds § 1. Purpose and Findings. (a) The Town maintains multiple trust funds “given or bequeathed for the benefit of the Town or the inhabitants thereof,” which are managed by the Board of Commissioners of Trust Funds (BCTF) pursuant to M.G.L. c.41, § 45 and Lunenburg Charter § 3 ‑ 11. This bylaw ensures timely distributions when the BCTF is unable to attain a legal quorum, without altering donor restrictions or the BCTF’s statutory and chartered management role. § 2. Definitions. (a) “Absence of a quorum” means fewer than the number of BCTF members required to constitute a quorum under applicable law and the Town’s governing rules, present and eligible to act at a duly posted meeting. (Under general Massachusetts practice, when a quorum is present, a majority of that quorum may act unless a statute provides otherwise.) § 3. Triggering Conditions. The Select Board may act under this section only if both of the following are true: (a) The BCTF fails to attain a quorum at two (2) duly posted meetings noticed at least seven (7) days in advance, scheduled within forty ‑ five (45) days prior to the requested action; or there exists a vacancy or recusals that make a quorum impracticable for at least thirty (30) days; and (b) The Town Manager or Town Clerk provides a written certification to the Select Board that a quorum could not be obtained despite reasonable scheduling efforts (to be filed with the Town Clerk). (Posting and meeting conduct shall comply with the Open Meeting Law and standard Select Board practice.) § 4. Scope of Delegated Authority. (a) Distributions Authorized. When the conditions of § 3 are satisfied, the Select Board may ===PAGE 6=== approve the expenditure of trust interest, trust income, and, where permitted, trust principal, provided that such expenditures are authorized or required by the governing trust instrument and would otherwise fall within the lawful authority of the BCTF under M.G.L. c.41, § 45 and Charter § 3 ‑ 11. (b) Expenditure of Interest (Non ‑ Depletion). Interest earnings generated by trust assets may be expended in addition to trust income and principal, where allowed by the terms of the trust, provided that such expenditures (1) are consistent with the stated purposes of the trust; (2) do not deplete all monies held in the trust fund; and (3) maintain a reasonable continuing balance in accordance with the trust instrument and applicable fiduciary standards. (c) Preservation of Fund Balance. No action taken pursuant to this section shall result in the exhaustion of a trust fund or materially impair the long ‑ term viability of the trust. All distributions shall preserve the corpus or minimum balances required by: (1) the express terms of the trust; and (2) any policies duly adopted by the Board of Commissioners of Trust Funds, including spending ‑ rate, reserve, or preservation policies; and (3) any applicable distribution, preservation, reserve, or spending standards imposed by a professional trust management company, investment manager, or fiduciary engaged by the Town for the management of trust assets, and all current policies duly adopted by the Board of Commissioners of Trust Funds, which policies shall remain in full force and effect. (d) No Expansion of Select Board Authority. Nothing in this section shall be construed to expand the Select Board’s authority beyond the temporary approval of distributions during an absence of a quorum. The investment, management, allocation, and preservation of trust assets remain the exclusive responsibility of the BCTF, subject to law, the Town Charter, and the governing trust instruments. § 5. Application and Review Process. (a) Who may apply. Any resident of Lunenburg or Town department eligible under a particular trust may file a written application with the Town Manager’s Office on a form approved by the Select Board, identifying the trust, requested amount, purpose, legal basis, and how the request complies with donor terms. (General information about the Trust Fund Commission and contacts shall be posted on the Town website.) (b) Financial/legal review. Prior to Select Board action, the Treasurer/Collector shall verify fund balance, available income/interest/principal, and any restricted conditions; Town Counsel shall review for legal sufficiency and donor compliance. Written reviews shall be included in the Select Board packet. (c) Public meeting and vote. The Select Board shall deliberate and vote at a posted public meeting. Approval requires a majority of the members present when a quorum is present, unless a higher threshold applies by law or by this bylaw. (d) Notice to BCTF. Agenda and materials shall be transmitted to all sitting BCTF members at least forty ‑ eight (48) hours before the meeting. § 6. Voting Procedures When the BCTF Lacks a Quorum. (a) Nature of the BCTF. The BCTF is a three ‑ member board, elected to staggered three ‑ year terms, with vacancies filled as provided by law and the Charter. (b) Inclusion of Any Sole Elected BCTF Member. If, at the time the Select Board acts under ===PAGE 7=== this bylaw, only one (1) elected BCTF member remains in office (with the other seats vacant or ineligible), the Select Board shall include that elected BCTF member in its deliberations on any application for distribution, with the right to speak, present facts, and respond to questions. (c) Default Voting Standard (Unanimous Five ‑ Member Vote). In the circumstance described in § 6(b), the Select Board’s vote to approve any distribution shall require a unanimous vote of all five (5) Select Board members (i.e., 5 ‑ 0), taken at a meeting where all five members are present. (d) Emergency Fallback with Sole Elected BCTF Member as a Voting Participant. (1) If an emergency exists and a unanimous five ‑ member vote cannot be taken because one or more Select Board members are absent or must abstain, the sole elected BCTF member referenced in § 6(b) shall be seated as a voting participant for that agenda item only. “Emergency” shall have the meaning used in the Lunenburg Charter (“a sudden, unexpected, unforeseen happening … necessitating immediate action or response”). (2) In that emergency circumstance, the voting standard defaults from unanimity to a majority vote of the Select Board members present, with the seated elected BCTF member counted as a qualifying vote for that item. (A quorum of the Select Board must still be present.) (e) Appointed ‑ Only BCTF Member Not a Voting Participant. If the Select Board has appointed (rather than the voters electing) one (1) individual to the BCTF and a BCTF quorum still does not exist, that appointed individual may attend and advise but shall not participate as a voting member under § 6(d). In such case, the Select Board shall proceed to a unanimous five ‑ member vote under § 6(c); alternatively, in an emergency, the Select Board may defer to a date when all five members are present and able to vote. (f) Conflicts, Abstentions, and Emergency Continuity (Legal Safeguard). (1) In an emergency where multiple Select Board members must abstain for conflicts, the Select Board may designate two (2) Finance Committee members to sit and vote solely for that agenda item, only to the extent such temporary designation is lawful under state law. (2) Prior to any temporary designation under § 6(f)(1), Town Counsel must confirm in writing that such temporary voting substitution is legally permissible. If not permissible, the Select Board shall instead proceed under the Rule of Necessity, allowing otherwise disqualified Select Board members to participate to the extent necessary to take legally required action, with written advice from Town Counsel or the State Ethics Commission. (3) The meeting minutes shall reflect: the nature of the emergency; the reason(s) for abstentions; counsel’s written opinion; and whether the Select Board proceeded with temporary designation under § 6(f)(1) or under the Rule of Necessity per State Ethics Commission Advisory 05 ‑ 05. (g) Open Meeting Law and Voting Mechanics. All votes under this section shall occur in an open session duly posted under the Open Meeting Law. When a quorum is present, a majority of that quorum may act unless a higher threshold is imposed by this bylaw or general law. § 7. Transition and Pending Matters. (a) Transition of pending requests. Any application, request, or matter relating to the distribution of trust funds pending before the BCTF at the time a quorum cannot be achieved shall not lapse or be deemed denied solely due to the absence of a quorum. Upon a ===PAGE 8=== formal Select Board finding under § 3, such pending matters may, at the Select Board’s discretion, be temporarily assumed and acted upon under this bylaw, provided all actions strictly comply with the governing trust terms. (b) Preservation of prior actions. Any advisory vote, recommendation, or preliminary determination made by the BCTF prior to the loss of a quorum may be considered but is not binding on the Select Board, which shall make an independent determination based on the trust instrument, applicable law, and the record. (c) Return of authority. Upon re ‑ establishment of a BCTF quorum, all pending and future matters concerning trust management and distributions shall immediately revert to the BCTF. The Select Board shall take no further action under this section except for ministerial acts necessary to effectuate an already ‑ approved distribution. § 8. Fiscal Handling and Records. (a) Upon Select Board approval, the Treasurer/Collector shall disburse funds, maintain accounting entries by trust (preserving corpus and earnings distinctions), and include such disbursements in the annual trust fund report to Town Meeting, consistent with Charter reporting. (b) The Select Board shall issue a written determination for each action documenting: (1) the absence ‑ of ‑ quorum finding; (2) the trust’s governing terms; (3) the approved distribution and purpose; and (4) references to legal and financial review. The determination shall be filed with the Town Clerk. § 9. Emergencies. If an application demonstrates a time ‑ sensitive need such that delay would frustrate donor intent or materially harm an intended beneficiary, the Select Board may call a special meeting to act under this section, provided the conditions in § 3 are met and all Open Meeting Law requirements are satisfied. (Use the Charter definition of “emergency” for consistency.) § 10. Construction; Severability. This section shall be construed liberally to effectuate donor intent and continuity of municipal operations while preserving the BCTF’s statutory and chartered role. If any provision is held invalid, the remainder shall continue in effect. (The Town’s Charter delineates roles for elected boards, including the BCTF; this bylaw supplements, not supplants, those provisions.) § 11. Effective Date. This bylaw shall take effect upon approval by the Attorney General or the lapse of ninety (90) days without action after submission by the Town Clerk, and after posting/publishing as required by M.G.L. c.40, § 32. (Non ‑ binding Explanatory Note) This bylaw does not transfer management of Lunenburg’s trust funds away from the BCTF. Under M.G.L. c.41, § 45 and Charter § 3 ‑ 11, the BCTF manages and controls trust funds for the Town’s benefit, consistent with donor terms. The bylaw only provides a narrow, temporary pathway for the Select Board to approve distributions when the BCTF lacks a ===PAGE 9=== quorum, maintaining donor restrictions and fiduciary protections, requiring Treasurer/Collector accounting, and leaving all investment and management to the BCTF. Chairman Bowen proceeded to read a section-by-section analysis of the document. Mr Howard and Chairman Bowen had a brief discussion on the proposed organizing structure of this Board tasked with fulfilling the fund distribution authority of the Trust Fund Commission. Mr Howard felt that having members of the Select Board fill the necessary gap to achieve a quorum would be a sufficient approach, but Chairman Bowen felt that since this is an unusual arrangement that the 5-0 requirement is a necessary higher standard since these activities do not fall in the normal roles/responsibilities of members of the Select Board. Mr Howard made a motion to approve the DISTRIBUTION OF TRUST FUNDS IN THE ABSENCE OF A QUORUM warrant. The Motion was seconded by Chairman Bowen. The vote on the motion was Mr Howard = Aye, Chairman Bowen = Aye. Chairman Bowen advised that Real Estate investigations are on “Hold” The next meeting is scheduled to be held on February 12, 2026 at our normal time of 5:00pm. There was no public comment, nor any comment from Mr Howard or Chairman Bowen. Mr Howard made a motion to adjourn. Chairman Bowen seconded the motion. The vote on the motion was Mr Howard = Aye, Chairman Bowen = Aye. The Meeting was adjourned at 6:34pm. ======================================================================================== DOCUMENT : 2026-02-12-agenda-7649.txt BOARD : trust-fund-commission DATE : 2026-02-12 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2026-02-12-agenda-7649.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_02122026-7649 ======================================================================================== ===PAGE 1=== BOARD OF TRUST FUND COMMISSIONERS Thursday February 12, 2026 5:00 PM 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 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. Follow up warrant article, By Law submissions and responses from Selectboard and Town Manager and Finance Committee and By law Review Committee. 2. Review Written Operating policy 3. Review Presentation of Trust Funds for ATM 4. Final research of existing funds document review update VII. OLD BUSINESS 1. Meeting Minutes Ratification 2. Updates to Application For Funds 3. Vacancy 4. Goals of the Commission 5. Update on interns (ongoing) 6. Real estate investigations (ongoing) 7. Review rewritten risk management policy ratify with corrections 8. Rewrite trusts with AG office of Public Charity PC-15 Form (on hold ATM) VIII. BENEFICIARY/COMMENT IX. UPCOMING MEETING/EVENTS 1. February 26, 2026 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 : 2026-03-12-agenda-7707.txt BOARD : trust-fund-commission DATE : 2026-03-12 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2026-03-12-agenda-7707.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_03122026-7707 ======================================================================================== ===PAGE 1=== ** 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. BOARD OF TRUST FUND COMMISSIONERS Thursday March 12, 2026 5:00 PM 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. Select board presentation and Follow up on warrant article and By Law submissions for finance committee presentation March 12, 2025 2. Amend eligibility criteria for 2 legion funds to align with American Legion Eligibility requirements in Written Operating policy (verification) 3. Overview of new research of funds documentation and PC-15 form filing (discussion) 4. Meeting Minutes Ratification VII. OLD BUSINESS 1. Updates to website posting of Application and manual For Funds 2. Vacancy 3. Goals of the Commission 4. Update on interns (ongoing) 5. Real estate investigations (ongoing) 6. Review rewritten risk management policy ratify with corrections 7. Rewrite trusts with AG office of Public Charity PC-15 Form (on hold ATM) VIII. BENEFICIARY/COMMENT IX. UPCOMING MEETING/EVENTS 1. March 26, 2026 X. PUBLIC COMMENT** PUBLIC•TREASURER/FINANCE DIRECTOR • COMMISSION XI. ADJOURN ======================================================================================== DOCUMENT : 2026-03-26-agenda-7740.txt BOARD : trust-fund-commission DATE : 2026-03-26 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2026-03-26-agenda-7740.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_03262026-7740 ======================================================================================== ===PAGE 1=== ** 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. BOARD OF TRUST FUND COMMISSIONERS Thursday March 26, 2026 5:00 PM 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 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. Notice of Breach Letter to town manager and selectboard for town failure to meet their legal obligations that triggers specific rights, duties, or consequences for the commission. 2. Amend eligibility criteria for 2 legion funds to align with American Legion Eligibility requirements per constitution in Written Operating policy (verification) 3. Update on Overview of new research of funds documentation and PC-15 form filing (discussion) 4. Meeting Minutes Ratification VII. OLD BUSINESS 1. Updates to website posting of Application and manual For Funds 2. Vacancy 3. Goals of the Commission 4. Update on interns (ongoing) 5. Real estate investigations (ongoing) 6. Review rewritten risk management policy ratify with corrections VIII. BENEFICIARY/COMMENT IX. UPCOMING MEETING/EVENTS 1. April 9, 2026 X. PUBLIC COMMENT** PUBLIC•TREASURER/FINANCE DIRECTOR • COMMISSION XI. ADJOURN ======================================================================================== DOCUMENT : 2026-04-09-agenda-7761.txt BOARD : trust-fund-commission DATE : 2026-04-09 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2026-04-09-agenda-7761.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_04092026-7761 ======================================================================================== ===PAGE 1=== ** 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. BOARD OF TRUST FUND COMMISSIONERS Thursday April 9, 2026 5:00 PM 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 III. TRUST REP COMMUNICATION IV. MEETINGS (every 2nd and 4th Thursday) V. TREASURER AND FINANCE DIRECTOR REPORTS None VI. NEW BUSINESS 1. Update regarding recent Communication with the Attorney General office on the Notice of Breach Letter to town manager and selectboard for town failure to meet their legal obligations that triggers specific rights, duties, or consequences for the commission. 2. Update the Breach Notice Filing with an Addendum to be sent to the Attorney General as further Notice of Breach for the Town of Lunenburg after the Selectboard inaction of March 31 denying the inclusion of the By law Article and Cy Pres Article without consulting the commission on legal Trustee responsibilities MGLA 203E 3. Communications with the school superintendent and letter to the school regarding gifts and scholarships no within exempted authority under MGLA chapter 71 4. Meeting Minutes Ratification VII. OLD BUSINESS 1. Updates to website posting of Application and manual For Funds 2. Vacancy 3. Goals of the Commission (Cunningham will of 1875) 4. Update on interns (ongoing) 5. Real estate investigations (ongoing) 6. Review rewritten risk management policy ratify with corrections (finalize and vote) VIII. BENEFICIARY/COMMENT IX. UPCOMING MEETING/EVENTS 1. April 9, 2026 X. PUBLIC COMMENT** PUBLIC•TREASURER/FINANCE DIRECTOR • COMMISSION XI. ADJOURN ======================================================================================== DOCUMENT : 2026-04-23-agenda-7780.txt BOARD : trust-fund-commission DATE : 2026-04-23 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2026-04-23-agenda-7780.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_04232026-7780 ======================================================================================== ===PAGE 1=== ** 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. BOARD OF TRUST FUND COMMISSIONERS Thursday April 23, 2026 5:00 PM REVISED 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 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 III. TRUST REP COMMUNICATION IV. MEETINGS (every 2nd and 4th Thursday) V. TREASURER AND FINANCE DIRECTOR REPORTS VI. NEW BUSINESS 1. Update regarding recent Communication with the Town regarding the Attorney General office on the Notice of Breach Letter to town manager and selectboard for town failure to meet their legal obligations that triggers specific rights, duties, or consequences for the commission. 2. Update delivery addendum to breach 3. Review/Approve ATM Report. 4. Further discussion of the Massachusetts Trust code MGLA Ch. 203E and duty to act is an onus on the individual trustees 5. Motion for continuation of Fiduciary oversight; delegation of Ministerial Administration mandatory cooperation preservation of assets upon loss of quorum 6. Meeting Minutes Ratification VII. OLD BUSINESS 1. Communications Regarding school department and letter to the school regarding gifts and scholarships no within exempted authority under MGLA chapter 71 and Chapter 55 2. Updates to website postings 3. Vacancy 4. Goals of the Commission (Cunningham will of 1875) 5. Update on interns (ongoing) 6. Real estate investigations (ongoing) 7. Review rewritten risk management policy ratify with corrections (finalize and vote) VIII. BENEFICIARY/COMMENT IX. UPCOMING MEETING/EVENTS 1. May 7, 2026 X. PUBLIC COMMENT** PUBLIC•TREASURER/FINANCE DIRECTOR • COMMISSION XI. ADJOURN ======================================================================================== DOCUMENT : 2026-05-07-agenda-7801.txt BOARD : trust-fund-commission DATE : 2026-05-07 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2026-05-07-agenda-7801.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_05072026-7801 ======================================================================================== ===PAGE 1=== ** 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. BOARD OF TRUST FUND COMMISSIONERS Thursday May 7, 2026 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/766 316 7607 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 III. TRUST REP COMMUNICATION IV. MEETINGS (every 2nd and 4th Thursday) V. TREASURER AND FINANCE DIRECTOR REPORTS VI. NEW BUSINESS 1. Recent Communication Response from Town Counsel regarding the Attorney General Notice of Breach for town failure to meet their legal obligations that triggers specific rights, duties, or consequences for the commission. 2. School Department Trust Funds and charitable gifts issues letter titled “Supplemental Compliance Complaint and Request for Investigative Action" Draft Letter Review. 3. Town Meeting Review 4. Meeting Minutes Ratification VII. OLD BUSINESS 1. Communications Regarding school department and letter to the school regarding gifts and scholarships not within exempted authority under MGLA chapter 71 and Chapter 55 2. Updates to website postings 3. Vacancy 4. Goals of the Commission (Cunningham will of 1875) 5. Update on interns (ongoing) 6. Real estate investigations (ongoing) 7. Review rewritten risk management policy ratify with corrections (finalize and vote) VIII. BENEFICIARY/COMMENT IX. UPCOMING MEETING/EVENTS 1. May 21, 2026 X. PUBLIC COMMENT** PUBLIC•TREASURER/FINANCE DIRECTOR • COMMISSION XI. ADJOURN ======================================================================================== DOCUMENT : 2026-07-21-agenda-7916.txt BOARD : trust-fund-commission DATE : 2026-07-21 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2026-07-21-agenda-7916.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_07212026-7916 ======================================================================================== ===PAGE 1=== ** 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. JOINT MEETING OF THE BOARD OF TRUST FUND COMMISSIONERS AND SELECTBOARD Tuesday July 21, 2026 7:00 PM 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: see selectboard meeting agenda or from a telephone, dial the toll free number (888) 475-4499 and enter Webinar ID: see selectbboard meeting agenda # 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. 7:00 PM CALL TO ORDER I. Interview and vote on Appointment of Richard Howard as Trust Fund Commissioner Term to End June 2027 II. Adjourn ======================================================================================== DOCUMENT : 2026-07-24-agenda-7923.txt BOARD : trust-fund-commission DATE : 2026-07-24 KIND : agenda OUR COPY : https://lunenburgbudgetproject.org/docs/minutes/text/trust-fund-commission/2026-07-24-agenda-7923.txt TOWN PDF : https://www.lunenburgma.gov/AgendaCenter/ViewFile/Agenda/_07242026-7923 ======================================================================================== ===PAGE 1=== ** 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. BOARD OF TRUST FUND COMMISSIONERS Friday July 24, 2026 5:00 PM-6:00PM Sudolnik Meeting Room, Lunenburg Public library 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/86144009272 or from a telephone, dial the toll free number (888) 475-4499 and enter Webinar ID: 86144009272 # 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 III. TRUST REP COMMUNICATION 1. American Legion Post 283 Fund Devise Ernie Sund IV. MEETINGS (every 2nd and 4th Thursday) V. TREASURER AND FINANCE DIRECTOR REPORTS VI. NEW BUSINESS 1. Ernie Sund Past American Legion Commandant Post 283 Former Trust Fund Chairman Clarification of Trust Declarations for the American Legion Post 283 Fund and the American legion Poor Fund 2. Town Attorney meeting and Report regarding answer to breach Notice filed with the Attorney General 3. School Department Trust Funds and charitable gifts issues letter titled “Supplemental Compliance Complaint and Request for Investigative Action" Draft Letter Review.(follow up) 4. Meeting Minutes Ratification VII. OLD BUSINESS 1. (Status update) Attorney General Notice of Breach for town failure to meet their legal obligations that triggers specific rights, duties, or consequences for the commission. 2. (Status Update) Regarding school department and letter to the school regarding gifts and scholarships not within exempted authority under MGLA chapter 71 and Chapter 55 1. Updates to website postings 2. Vacancy 3. Goals of the Commission 4. Update on interns (ongoing) 5. Real estate investigations (ongoing) 6. Review rewritten risk management policy ratify with corrections (finalize and vote) VIII. BENEFICIARY/COMMENT IX. UPCOMING MEETING/EVENTS 1. August 13, 2026 X. PUBLIC COMMENT** PUBLIC•TREASURER/FINANCE DIRECTOR • COMMISSION XI. ADJOURN