Board of Commissioners of Trust Funds
Minutes of the July 8, 2010 Meeting
Present: Mayor Driscoll, Raymond Vaillancount, Thaddeus Buczko and William Goreham
The meeting was called to order by Mayor Driscoll at 5:30PM.
Raymond Vaillancourt made a motion to approve the minutes of the June 10, 2010 meeting. The motion was seconded by Thaddeus Buczko and voted unanimously.
The Salem Council on Aging submitted requests for $653.08 for medication reimbursement expenses. Raymond Vaillancourt made a motion to approve payment from the Endicott Fund. The motion was seconded by William Goreham and voted unanimously.
Willows merchants submitted requests for payment for food and rides for the Annual Read/Buffum/Smith Picnic and Science Fair. Thaddeus Buczko made a motion to approve payment of $1,097.50 from the Read Picnic and Picnic Fund. The motion was seconded by Raymond Vaillancourt and voted unanimously.
A statement was received from Deschamps Printing Co., Inc. for tickets for the picnic. Raymond Vaillancourt made a motion to approve $170.00 from the Read Picnic or Picnic Funds for the expense. The motion was seconded by William Goreham and voted unanimously.
North Shore Community Action Program sent the Board an addendum item for the FY11 Large Grant Request. They requested to increase their administration costs from $500 per year to $1,000. Raymond Vaillancourt made a motion to approve
the increase as requested. The amount will come out of their total grant award, not to be paid additional for the service. The motion was seconded by Thaddeus Buczko and voted unanimously.
Scholarship applications were approved from the Low, Bean & Angelico Funds.
Total awards were $5,884.00 this year.
Round two of the proposals were completed. Applicants submitting their proposals included; Boys & Girls Club, Salem YMCA, Women’s Friend, The Salvation Army, Children’s Friend and Family Society, The Food Pantry, and Salem Philharmonics.
Robert Lutts, Treasurer was unable to attend the meeting but sent an email with his recommendations for funding the Large Grants for FY11. The bank has estimated that our income for 2011 will be approximately $140,000. Mr. Lutts recommends that we level fund the large grants for 2011 and that we put ourselves on a quarterly budget like we did for 2010 – to payout about $50,000 per quarter. This will mean including fees and expenses we should be in the 4% range.
Thaddeus Buczko made a motion to approve the recommendations of Mr.Lutts for funding FY2011 Large Grants. The motion was seconded by Raymond Vaillancourt and voted unanimously.
There being no further business, the meeting was adjourned at 6:55PM.
Respectfully submitted:
F. Kay Fouhey, Clerk
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