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Vaughan Fund Minutes 04/26/2011

VAUGHAN FUND
APRIL 26, 2011
 
Chairman David Burke opened the meeting at 6:30pm.  Trustees present included Gerald W. MacPherson, Sr., David H. Webster and John C. Kareckas.  Town Manager Perry Ellsworth was also present.  Jean Demetracopoulos arrived at approximately 6:43pm.
 
APPROVAL OF MINUTES
 
1. 1-26-10:  On a motion by Mr. Webster, seconded by Mr. MacPherson, it was unanimously voted to adopt the minutes as written.  Mr. Kareckas abstained.
 
2. 3-23-10:  The Trustees present did not constitute a quorum to take action on these minutes because Mr. Kareckas and Mr. MacPherson were not present at the meeting in question.  On a motion by Mr. Kareckas, seconded by Mr. MacPherson, it was unanimously voted to table action on these minutes until the end of the meeting when Mrs. Demetracopoulos would be present.  On a motion by Mrs. Demetracopoulos, seconded by Mr. Webster, it was unanimously voted to adopt the minutes as written.  Mr. Kareckas and Mr. Burke abstained.
 
3. 11-23-10:  On a motion by Mr. Webster, seconded by Mr. Kareckas, it was unanimously voted to adopt the minutes as written.  Mrs. Demetracopoulos and Mr. MacPherson abstained.
 
NEW BUSINESS
 
1. Mr. Burke gave an overview of the Fund balance.  Current investment balances are as follows:  Fixed income accounts at Kennebunk Savings Bank $50,975 and Edward Jones $51,256, Cash $16,141, Fidelity Money Market $15,293, Equities $247,181, and the General Motors Corporate Bonds have been terminated (due to bankruptcy).  Total Fund balance as of April 26, 2011 is $380,846.  Mr. Kareckas received clarification that according to the Policy there is currently $3508 available for disbursement, however note was made that the Trustees do have the authority to disburse funds at their discretion.
 
2. The Trustees discussed and took action on 3 grant requests:
 
          1. South Berwick Recreation Dept, $19,650 for repairs and maintenance at the Youth Center Barn.  Sharon Brassard, Recreation Director was present
 
The Trustees agreed that when funding was requested as part of the budget process the request be made of the Vaughan Fund.  (Approval to expend $10,000 from the Recreation Capital Account has already been given.)  Mr. MacPherson stated that funding is necessary to bring the building into compliance.  He added that he would be in favor of funding the repairs without limiting the disbursements to the $3508.  Mr. Burke expressed his concerns that not all of the repairs were Code issues.
 
On a motion by Mrs. Demetracopoulos, seconded by Mr. MacPherson, it was voted 4-1 (Mr. Burke opposed) to approve a grant in the amount of $19,650 for the purpose of bringing the Youth Center Barn up to Code.
 
          2. South Berwick Babe Ruth, $3000 for repairs/paint to backstop netting, outfield fence and dugouts.  Richard Raitt was present.
 
Mrs. Demetracopoulos questioned what other funding sources were available and whether these funds would be a match.  Mr. Raitt stated that there are no matching funds.  Mr. Kareckas expressed his concerns with funding a private facility that is not located in South Berwick.  Mr. Raitt explained that there was no location available in South Berwick and the land had been donated.  He added that the Marshwood JV team holds its home games at the field.  Note was made that the School District does not contribute to the cost, but the Booster Club does.
 
VF 4-12-2011
 
On a motion by Mr. Webster, seconded by Mr. MacPherson, it was voted 4-1 (Mr. Kareckas opposed) to approve a grant in the amount of $2500 to South Berwick Babe Ruth.
 
          3. Vaughan Woods Memorial State Park, $1000 for an Outdoor Display Panel.  Mr. Dochtermann was not present.
 
Mr. Kareckas stated that he is not in favor of covering program expenses; users of a facility should have their own equipment.  Mr. MacPherson expressed his concerns with funding a state owned facility.  Mrs. Demetracopoulos stated that the users of the facility should be contributing more, and added that a group is being formed to help raise funds.
 
On a motion by Mr. Kareckas, seconded by Mr. Webster, it was voted 3-2 (Mr. MacPherson and Mrs. Demetracopoulos opposed) to approve a grant in the amount of $250 to the Vaughan Woods Memorial State Park.
 
On a motion by Mr. Kareckas, seconded by Mrs. Demetracopoulos, it was unanimously voted to authorize the Chairman to make the necessary withdrawals to cover the approved grants in the amount of $22,400.
 
ADJOURNMENT
 
On a motion by Mr. Webster, seconded by Mrs. Demetracopoulos, it was unanimously voted to adjourn the meeting at 7:31pm.
 
 
 
Attest:
 
          Barbara Bennett, CCM
          Town Clerk