HomeMy Public PortalAbout20131009 - Commissioners of Trust Funds - Meeting Minutes
Hopkinton Commissioners of Trust Funds Meeting Minutes for October 9, 2013
All three commissioners were present - Maureen Bumiller, Chair; Tom Garabedian,
Investment Liaison; Mary Arnaut, Secretary - so there was a quorum.
I. Reading of the September 2013 minutes - motion made and seconded and
passed to accept, unanimously.
II. Library request for funds from Rowak Hussain, from the McGovern Trust,
were in the amount of $362.50. The request was approved, unanimously,
after the appropriate motion was made, seconded, and passed.
III. Status of the McGovern Trust investments showed a slight decrease in
balances due to a recent decline is some of the preferred stock investment.
Holdings in ING mutual funds were liquidated, with some of the money being
reinvested to the Eaton Vance floating rate fund; a larger portion of the money
is still in cash. A motion was made to authorize Tom to work with our Morgan
Stanley agent to look at how best to reinvest and allocate any or all of the cash.
The motion was seconded and passed.
IV. In following up on an outstanding request to have Town Treasurer Maureen
Dwinnell move the money in the other Trust funds, to the same investments
as the McGovern Trust, Tom will draft a letter for her signature and contact
her again to comply with our request.
V. In anticipating the year-end, Maureen will begin compiling and
composing the Commissioners of Trust Funds report to meet Town
requirements.
VI. Our next meeting date will be changed from Nov. 13 to Nov. 5 at 4:30 PM.
Mary will schedule the meeting with the Town and email the Commissioners
and Library Director Rownak Hussain, who regularly attends and/or submits
requests for funds.
VI. A motion was made, seconded, and passed to adjourn at 5:30 PM.
Respectfully Submitted By Mary Arnaut, Secretary