Meeting Minutes : Trustees of Public Funds – DRAFT

Pittsford Trustees of the Public Funds
Meeting Minutes 0ctober 28, 2014 DRAFT
Attendance: Terri Davis, Robert Howland, James Rademacher
Investment advisors: Gary Gibbs, Christine Diekel

Meeting Called to order by Jim Rademacher at 8:58 AM.

Motion by Rob Howland to nominate Jim Rademacher as Chairman.Seconded by Terri Davis.
Motioned passed.

Jim Rademacher volunteered to keep the minutes.

Discussion of frequency of future meeting. Consensus was to have semiannual (Jan. & July) and as needed.

Discussion about a request we will likely soon receive from the Lothrop School for funds to purchase and install energy efficiency equipment and insulation. From newspaper articles the project seems appropriate for Burditt Fund use. The Lothrop School has a bond vote at the upcoming general election to bond for this project and have the Burditt Fund pay the 20 year payments. Also from the newspaper the Pittsford Select Board and the Lothrop School Board have both voted in favor of a Burditt Fund request. We have not received a formal request as of this meeting date.

The status of the Burditt Fund was reviews with the advisors. The fund continues to reflect what the market is doing. It is currently in about a 2/3 stocks vs 1/3 bond position. Advisors recommend maintaining that investment strategy.

The status of the Booth Fund was reviewed with the advisors. The fund continues to reflect is more conservative investment model with 40% in stock and 60% in bonds. Advisors recommend maintain that investment strategy.

Motion by Jim Rademacher to maintain the current investment strategies for both the Burditt and Booth Funds.Seconded by Terri Davis. Motion passed. Documents to that effect signed.

Discussion of Corporate Resolution laying out the method by which withdrawals or transfers from either Fund can occur. Withdrawals or transfers can only go to a designated Lothrop School account and must be first approved by a joint action of the Trustees.

Motion by Jim Rademacher to approve the Corporate Resolution.Seconded by Rob Howland.
Motion approved.
Discussion of the Pittsford Fund. This fund was created in 1993 by former Lothrop School students Karl and Gert Schmidt. The Fund has been managed by the Lothrop School Board. They wish to have the Trustee take over management. We understand that the fund may be worth about $30,000 at this time with most of the assets in a mutual fund. A copy of the trust document was reviewed. The trustees wish to meet with the Lothrop School Board to discuss the understanding around several provisions of the trust prior to taking any action on this issue. A clear mutual understanding is need especially regarding condition #5 which states,

“The Trustees may withdraw up to eighty (80%) of the income earned on the funds in any calendar year but shall not at any time withdraw any principal. It is the intent that the principal grow by at least twenty percent (20%) of the income produced by the Fund each year. The Trustees may withdraw up to eighty percent (80%) of the interest earned each school district fiscal year within six months of the close of the school year or else the interest shall thereafter by added to the principal.”

Also wish to discuss condition #10 which states,

“The Pittsford Town School District will attempt to promote and encourage fund raising efforts to increase the capital resources of the Fund. Each class at Lothrop is encouraged to sponsor a Fund raising effort. Business owners, private citizens, estates, foundations, former graduates of Pittsford’s schools and parents are encouraged to donate to the Pittsford Fund (and thus Pittsford’s children) in their wills.”

There was no further business.

Motion by Jim Rademacher to adjourn at 10:20 AM.Seconded by Terri Davis.Approved.

Jim Rademacher