VAUGHAN FUND MARCH 9, 2009 Chairman David Burke opened the meeting at 6:30pm.  Trustees present included Michelle Kareckas, Jean Demetracopoulos, David E. Webster, and Gerald W. MacPherson, Sr.  Town Manager John B. Schempf was also present. APPROVAL OF MINUTES 1. 12-28-08:  On a motion by Mrs. Kareckas, 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’s financial position.  As of today, the Fund balance is $328,571; with $1300 in Debt (Corp), $59,861 in Equities (Common Stock), and $267,410 in Fidelity money market.  Mr. Burke explained that although the Fund has lost 5% ($17,429) of its value since January 2008, it is still in a very solid position right now. Mrs. Demetracopoulos suggested placing some funds in local bank CD’s to earn a higher interest rate.  It was agreed to look into local bank rates and terms. 2. Mr. Burke stated that he would abstain from participating in the vote on the two applications received because he is active with both groups, Powderhouse Ski Club and Babe Ruth Baseball. The Trustees discussed the fact that the current policy would not allow for disbursements because of a loss in the Fund balance.  Mrs. Kareckas made a motion to not make any distributions from the Fund in 2009 based on the 2008 losses.  Mr. Webster seconded the motion. Mr. Burke commented that the cash portion of the Fund is only earning 1% and could be doing more good if distributed in the community.  Mrs. Demetracopoulos suggested looking at when applications are due and disbursements are made.  She added that it might make sense to disburse money in the fall. The motion not to make distributions for 2009 passed with a 4-1 vote (Mr. Burke opposed).  It was agreed that the issue of disbursements for 2009 could be revisited. ADJOURNMENT On a motion by Mrs. Kareckas, seconded by Mrs. Demetracopoulos, it was unanimously voted to adjourn the meeting at 6:52pm. Attest:         Barbara Bennett, CCM         Town Clerk