VAUGHAN FUND NOVEMBER 24, 2009 Chairman David Burke opened the meeting at 6:30pm.  Trustees present included Michelle Kareckas, Jean Demetracopoulos, Gerald W. MacPherson, Sr., and David H. Webster.  Town Manager John B. Schempf was also present. ELECTION OF OFFICERS On a nomination by Mrs. Demetracopoulos, seconded by Mrs. Kareckas, David Burke was unanimously voted as Chairman and Gerald MacPherson, Sr. was unanimously voted as Treasurer for the ensuing year. VALUATIONS Mr. MacPherson gave a brief summary of the Fund’s balance.  The Fund has realized a 16% return since January 2009.  Fixed accounts include 2 CD’s:  Kennebunk Savings $50,341, earning 1.34% matures on 2-20-2010; and Edward Jones $50,549 earning 1.70% matures 11-29-2010.  The General Motors bond is listed as a debt, but it is earning 7% and has a current value of $2,175.  The cash/money market account has a current balance of $278,761.  The total Fund value as of November 24, 2009 is $380,936. Mr. Burke stated that it is anticipated, if numbers hold steady, that there may be as much as $40,000 - $42,000 available for grants. ADJOURNMENT On a motion by Mr. MacPherson, seconded by Mrs. Demetracopoulos, it was unanimously voted to adjourn the meeting at 6:37pm. Attest:         Barbara Bennett, CCM         Town Clerk