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Vaughan Fund Minutes 05/22/2012

Vaughan Fund
May 22, 2012
 
Chairman David Burke opened the meeting at 6:30pm.  Trustees present included Gerald W. MacPherson, Sr., Jean Demetracopoulos, David H. Webster and John C. Kareckas.  Town Manager Perry Ellsworth was also present.
 
Approval of Minutes
 
1. 7-26-11:  On a motion by Mr. Webster, seconded by Mrs. Demetracopoulos, it was unanimously voted to adopt the minutes as written.
 
New Business
 
1. Mr. Burke gave an overview of the Fund.  He recommended that no rash moves be made in light of the recent downturn in the stock market.  Both Bank of America and US Steel holdings are down, but are good long term equities.  The current balance in the fund is $310,730.  The balance is down about $31,000 from last year due to the 2011 grants issued and the market downturn.
 
Discussion ensued in regard to the return of some grant funds that were not used and whether any grants would be issued this year.  Mr. Ellsworth stated that he expects to return some of the funds that were granted for renovations at the Teen Barn and the $4800 granted for the portable skate rink will also be returned.  (The funds being returned have not actually been spent, but have been held in special revenue accounts)
 
On a motion by Mr. Kareckas, seconded by Mr. Webster, it was unanimously voted to return $4800 to the Fund that was granted last year to Recreation for a portable skate rink.
 
The Trustees also discussed the applications for grants received from SoBo Central $5000, Vaughan Woods State Park $1307, and the South Berwick Conservation Commission $4250.
 
SoBo Central: 
 
Mr. Kareckas made a motion to grant SoBo Central $1000.  The motion failed due to the lack of a second.
 
On motion by Mrs. Demetracopoulos, seconded by Mr. MacPherson, it was unanimously voted to award SoBo Central a grant of $2000 for the Festival of Lanterns to be spent within 1 year.
 
Vaughan Woods State Park:
 
No action was taken.  The Fund Policy allows for only 2 consecutive years for funding; 2012 would be the 3rd year in a row. 
 
South Berwick Conservation Commission:
 
On a motion by Mrs. Demetracopoulos, seconded by Mr. Webster, it was unanimously voted to award a grant of $2125 to the Conservation Commission.
 
The Trustees agreed that $675 (the remainder of the returned $4800) would be deposited into the Kennebunk Savings Bank account.  [The figure of $475 was erroneously stated during the meeting]
 
Mrs. Demetracopoulos requested that the Trustees not go a year without holding a meeting.  Note was made that meetings are supposed to be held quarterly.
 
ADJOURNMENT
 
On a motion by Mr. Kareckas, seconded by Mr. MacPherson, it was unanimously voted to adjourn the meeting at 7:03pm.
 
Attest:
 
 
          Barbara Bennett, CCM
          Town Clerk