Trustees of the Public Funds – May 3, 2017 DRAFT

DRAFT
Pittsford Trustees of the Public Funds
Meeting Minutes May 3, 2017

 

Attendance: Trustees; Robert Howland , James Rademacher & Bradley Keith

Meeting Called to order by Mr. Rademacher at 6:33 PM.

Bradley Keith was welcomed as a much appreciated new member of the Pittsford Trustees of Public Funds.

Motion by Mr. Howland to accept the agenda as presented.
Motion approved.

Motion by Mr. Howland to nominate Mr. Rademacher as Spokesperson and Mr. Keith as Vice Spokesperson.
Motion approved.

Motion by Mr. Howland to approve the minutes of the 02/07/2017 meeting as presented.
Motion approved.

Public comment on non-agenda items: None.

Discussion of the Burditt Fund:  Current value $2,550,000.
The goals and objectives of this Fund were reviewed along with some of the pertinent prior history.  Since the Fund’s inception approximately $2,500,000 has been disbursed to benefit Pittsford students and residents.  Recent changes as a result of VT school consolidation were discussed.  Mr. Rademacher will remind the OVUU Board Chairman.

Discussion of the Booth Fund: Current value $31,000.
Fund is used for college tuition scholarships for Pittsford residents pursuing education in either business or teaching.

Discussion of the Kelley Fund: Current value $13,000.
Funds student citizenship recognition awards at Lothrop School

Discussion of the Pittsford Fund: Current value $20,300.
Fund is for the enhancement of educational programs at Lothrop School.  The funds are currently at a local bank in a money market account.  We will request our investment advisors to transfer those funds to the account that the Pittsford Trustee’s previously approved our investment advisors to create.  We are concerned that this transfer has not already occurred.

Review of the Pittsford Fund trust document indicates that the principal cannot be disbursed.  Annually up to 80% of yearly earning can be distributed.  Also the Pittsford School District Board was named as the Trustees.  We manage the assets on behave of the School Board.  The trust documents indicate that if the Pittsford School District Board should ever cease to exist that the Pittsford Select Board would then become the Pittsford Fund Trustees.  Since the Pittsford School District Board no longer exists, Mr. Rademacher will attend a future Pittsford Select Board meeting to discuss.  He will also inform the OVUU Board chairman.

Discussion of the Pinney Fund:  Current value $11,000.
It has recently been determined that the Pinney Fund has been residing in a bank CD at the facility associated with our investment advisors since 1980.  We have been informed that documents exist at this bank indicating that these moneys are under the control of the Trustees.

These funds need active management.

Investment strategies for the Pittsford Fund and Pinney Fund need to be discussed with our investment advisors at our next meeting.  We will attempt a late May or early June meeting.

The Trustees will ask for the Select Board’s assistance in seeking future replacement members for the Pittsford Trustees of Public Funds.

 

Respectfully submitted,

James N. Rademacher