Hey look! I found $450K
About a year ago I wrote a couple of posts about the Weston Memorial Forest in Middleboro, MA. One about the section off of Tispaquin Street and the other about the section accessible from Purchase Street. The Purchase Street section looked horrible due to some logging to remove dead trees. I spoke to Bob Lessard – head of the Weston Memorial Forest Committee and came away satisfied that everything was in order and going according to plan.
At the last Middleboro BOS meeting, it was learned that there is a sizable trust fund available to the town.
I guess I’m a little worried that the description of acceptable use of the money seems a bit vague – “for the benefit of the town and the Frederick Weston Memorial”. Personally, I would like to see this money used for the betterment of other open space areas after the Weston property is taken care of. For instance, there is a group led by the Jigerian sisters that is raising money to build a pavillion in Pratt Farm. I’d like to see kiosks and trail maps at all of our open space properties which off the top of my head is
- Pratt Farm
- Weston Forest
- the Morgan Property
- Black Brook Conservation Area aka Parks Property/Caparrotta property
- Rocky Gutter Wildlife Management Area
- Taunton River Wildlife Management Area
- Purchade Wildlife Management Area(if that’s actually public land .. not sure)
Themocracy
Basically when Frederick Weston’s last sister died the Weston trust money was divided up into several smaller trust accounts, which will continue to be administered by Rockland Trust, who can invest it as deem best, whether they are considered proper or not. Middleboro got the largest share of the trust account –39%, which I understand to be valued at $450G.
The net income from Middleboro’s $450 G trust fund is to be paid over to the town who must use it in such a way or manner as it maybe deemed best in the connection with specific uses for the Frederick Weston Memorial (FWM), which are park and playground, bird of animal refuge or sanctuary, town forest or in connection with forestry by the Middleboro schools.
Frederick Weston’s will has a backup plan for each of the new trust accounts. Three backs plans clearly showed a strong commitment to the FWM. By example he gave 6% to The Thomastown Cemetary Corp. to take care of the family plots. In the event that the Town took over the cemetery the town would get $3 G for the cemetery fund, and 1/4 would be added to a Middleboro scholarship fund, 1/4 to Dartmouth College and 1/2 to the Frederick Weston Memorial.
He gave 6% to the Middleboro YMCA if that failed to exist –1/4 would be added to a Middleboro scholarship fund, 1/4 to Dartmouth College and 1/2 to the Frederick Weston Memorial.
He gave 5% to the First Congregational Church and if it cease to hold regular services the 5% goes to the First Unitarian, and if it too cease to hold regular services –1/4 would be added to a Middleboro scholarship fund, 1/4 to Dartmouth College and 1/2 to the Frederick Weston Memorial.
Getting back to the will and Middleboro’s new trust fund. — In addition to the money going to the FWM — The will authorizes the Town to use the income generated to purchase additional park, playground or forest areas as it may deem best, and to use such portion of the income as it may deem best for work in connection with other public parks, playgrounds or forest areas of the town
So you see the will is not at all vague, but very specific. As I tried to explain last evening, after reading the entire will it becomes pretty apparent that Frederick Weston “firstly” wanted to make certain the FWM was cared for and that in my opinion is where the money generated from the trust should go.
Once things are set with the FWM I favor investing in the Pratt Farm Pavilion.
In recent years the Town’s Frederick Weston Forest Committee in conjunction with the Association for Rural Middleboro (ARM) and the Bay State Trail Riders Association (BSTRA) have made great strides in the care and expanded usage of the FWM. The Forest Managment Plan is a big deal and this money will go a long way to successfully implement it.
What do we need to to do now?
My feeling is that the town needs to sit down with Rockland Trust to determine how much money we can expect to be generated. We should be able to find out if the money is being invested. -Will they be investing aggressively, moderately or conservatively? How much will be in fixed income? Finally we need to discuss how we want the payments made. –Monthly? Yearly? – Or let it ride!
-BOB
Thanks for that very detailed comment Bob. I didn’t see the BOS meeting yet. Clearly the will is very thought out and not at all vague – thanks for that info.
This could be a great boon for our open spaces if administered wisely. And thanks for all the work you’ve done over the years on this and other open space projects.