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Vaughan Fund Minutes 02/25/2014

Vaughan Fund
February 25, 2014
Chairman David H. Webster called the meeting to order at 6:30pm.  Trustees present included Gerald W. MacPherson, Sr., Jean Demetracopoulos, and John C. Kareckas.  Town Manager Perry Ellsworth was also present.  Russell Abell was not in attendance.
On a motion by Mr. Kareckas, seconded by Mrs. Demetracopoulos, it was unanimously voted to postpone the meeting until the investment advisor is present.
The meeting reconvened at 7:02pm.
Approval of Minutes
1. 11-26-13:  On a motion by Mrs. Demetracopoulos, seconded by Mr. Kareckas, it was unanimously voted to adopt the minutes as written.  Mr. MacPherson abstained.
New Business
1. Investments Update:  Ryan Hale of Kennebunk Investments gave an update on the Fund status.  Mr. Hale has been managing the Fund since June 2013.  Overall, through market ups and downs, the Fund has realized a 12.29% gain since June.  The current balance with Kennebunk Investments is $248.000.  [There are additional funds in more liquid investments not included in the $248,000]
Mr. Hale stated the outlook for the upcoming year is optimistic.  Fundamentals support the market having a higher value at year end.
The Trustees briefly discussed investment strategies; especially the amount kept in cash equivalent accounts.  Mr. Kareckas asked if the Trustees want to consider changing the policy.
On a motion by Mr. MacPherson, seconded by Mrs. Demetracopoulos., it was unanimously voted to adjourn the meeting at 7:25pm.
Barbara Bennett, CCM
Town Clerk