Board of Commissioners of Trust Funds
Minutes of the December 10, 2009 Meeting
Present: Robert Lutts, Raymond Vaillancourt, Thaddeus Buczko
and William P. Goreham
Robert Lutts called the meeting to order at 5:30 P.M.
The Board welcomed its new member, William P. Goreham, CPA of 2 Pioneer Circle, Salem, MA.
Susan Kravetz Syversen, Vice President, Eastern Wealth Management and John Kattar, Chief Investment Officer and Managing Director of Eastern Wealth Management reviewed the investment management portfolio for the City trust funds. The agenda and review included the Investment Portfolio, Market Monitor, Market Outlook, and Portfolio Characteristics including investment objective and asset allocation, equity positions, active fixed income strategy, and bond maturity. A new letter of instruction for investment purposes will be forwarded with reference to the Danvers Bank (former Beverly Savings Bank).
The Salem Council on Aging submitted a request for medication expense reimbursement in the amount of $953.26 from the Endicott Fund.
Robert Lutts made a motion to approve the request. The motion was seconded by Raymond Vaillancourt and voted unanimously.
The annual post office box rent is due, $116.00. The check will be sent and expensed from the Administration account.
Thaddeus Buczko made a motion to approve the minutes of the November 12, 2009 meeting. The motion was seconded by Raymond Vaillancourt and voted unanimously.
There being no further business the meeting was adjourned at 630 P.M.
Respectfully submitted:
F. Kay Fouhey, Clerk
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