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Vaughan Fund Minutes 05/14/2013

Vaughan Fund
May 14, 2013
 
 
Chairman David H. Webster called the meeting to order at 6:52pm.  Trustees present included John C. Kareckas and Russell Abell.  Town Manager Perry Ellsworth was also present.  Gerald W. MacPherson, Sr. and Jean Demetracopoulos were not in attendance.
 
Approval of Minutes
 
1. 4-23-13:  On a motion by Mr. Kareckas, seconded by Mr. Abell, it was unanimously voted to adopt the minutes as written.
 
New Business
 
1. The Trustees discussed the future investment strategies for the Fund.
 
-Mr. Webster stated that he is fine with using Kennebunk Investment Services.
-Mr. Ellsworth stated that he had spoken with both Trustees MacPherson and Demetracopoulos.  Mr. MacPherson is supportive of depositing all but $100,000 with Kennebunk and Mrs. Demetracopoulos has not given clear direction.
-Mr Kareckas stated that he is fine with Kennebunk.  He went on to say that the portfolio needs to be rebalanced to protect the Fund and develop growth.
 
On a motion by Mr. Kareckas, seconded by Mr. Abell, it was unanimously voted to proceed with the contractual arrangements with Kennebunk Investment Services.
 
On a motion by Mr. Kareckas, seconded by Mr. Abell, it was unanimously voted to authorize the Town Manager on behalf of the Vaughan Fund Trustees to start pulling together the necessary contracts and paperwork.
 
ADJOURNMENT
 
On a motion by Mr. Abell, seconded by Mr. Kareckas, it was unanimously voted to adjourn the meeting at 7:00pm.
 
 
 
 
 
 
Attest:
 
 
 
 
 
Barbara Bennett, CCM
Town Clerk