VAUGHAN FUND DECEMBER 22, 2008 Chairman David Burke opened the meeting at 6:30pm.  Trustees present included Michelle Kareckas, Jean Demetracopoulos, David E. Webster, and Gerald W. MacPherson, Sr.  Interim Town Manager Roberta Orsini was also present. APPROVAL OF MINUTES 1. 10-27-08:  On a motion by Mrs. Demetracopoulos, seconded by Mrs. Kareckas, it was unanimously voted to adopt the minutes as written.  Mr. Webster and Mr. MacPherson both abstained. NEW BUSINESS 1. Mr. Burke stated that the Fund balance as of November 30th is $332,543.85.  He added that all but about $12,000 was in the money market fund. 2. Mr. Burke asked the trustees what their wishes were in regard to the investments.  He recommended splitting the Fund into thirds:  1/3 in equities, 1/3 in money market and mutual funds, and 1/3 in cash such as CD’s.  There was a unanimous consensus in favor of the Chair’s recommendations. The trustees also discussed the amount of the Fund that would be available for disbursement.  (There were no grants given last year).  A brief discussion ensued regarding the terms of the current policy.  Consensus was to follow the adopted policy.  Mr. Burke stated that he would do some research and have some specific numbers for the next meeting. ADJOURNMENT On a motion by Mrs. Demetracopoulos, seconded by Mr. Webster, it was unanimously voted to adjourn the meeting at 6:42pm. Attest:         Barbara Bennett, CCM         Town Clerk