Board of Commissioners of Trust Funds DRAFT
Minutes of the September 15, 2011 Meeting
Present: Mayor Driscoll, Raymond Vaillancourt, Thaddeus Buzcko,
and William P. Goreham
Mayor Driscoll called the meeting to order at 5:30 P.M.
A donation was received for the Class of 41’ Scholarship Fund.
The $50.00 donation will be sent to the Eastern Bank for deposit.
Year end checks for interest earned on the accounts for the Perpetual Fund, Nichols and Read Library will be distributed this month.
The annual scholarship checks for the Bean, Low and Angelico funds were distributed in August. Total interest earned in FY11 was $6,990.00.
There were no applications for the Battis Fund (Harvard Unv. ).
The Salem Council on Aging submitted requests for medication expense reimbursement. Raymond Vaillancourt made a motion to approve $1,486.50 from the Endicott Fund for the expenses. The motion was seconded by Thaddeus Buczko and voted unanimously.
Deschamps Printing Co., Inc. sent a statement for Read Picnic tickets.
Thaddeus Buczko made a motion to approve $258.00 from the Picnic Funds for payment. The motion was seconded by William P. Goreham and voted unanimously.
Genghis Salem, Inc. submitted a statement for food expenses from the Read Fund Picnic. Thaddeus Buczko made a motion to pay $170.00 from the Picnic Funds for the expenses. The motion was seconded by William P. Goreham and voted unanimously.
Raymond Vaillancourt made a motion to approve the minutes of the August 9, 2011 meeting. The motion was seconded by William P. Goreham and voted unanimously.
Robert Lutts, Treasurer, sent over the Eastern Bank Fourth Quarter Report. After review, Raymond Vaillancourt made a motion to accept the report. The motion was seconded by Thaddeus Buczko and voted unanimously.
The Board would like to invite the Eastern Bank Advisors to our November or December meeting to review the current market situation and investment strategies.
The Clerk will follow up with this request.
There being no further business, the meeting was adjourned at 5:50 P.M.
Respectfully submitted:
F. Kay Fouhey, Clerk
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