Repairing what’s broken

Awhile back I wrote a blog chronicling two terrible crimes that were committed during the twentieth century.        As I wrote,

 As an ancient seaport, many over the years have created trusts that were committed to the City for a particular purpose.    It could be beautification, or to benefit the library or to finance the care of a park.    Some were dedicated to educating the students with scholarships.        They were supposed to be taken care of, allowed to accrue with interest to enrich the City’s care and they were to follow the wishes of the original benefactor.         This last intent is written into Massachusetts General Law.      

But instead of being taken care of, most of the money was not re-invested, and worse, the original wishes (quite illegally) were not honored.     For example, John Bromfield gave $10,000 to the City to take care of the street trees and sidewalks.      He also gave to many other charitable organizations in the State.     He gave $25,000 to the Boston Athenaeum at the same time and with proper care it is now $7,000,000 plus.    What about the money given to the City?   It is a miserable $100,000.    Worse, much of the Trusts’ interests were dumped into the general fund.   And, many organizations and city departments are cut off from access.  For example the Moseley Woods Commission has no access to the Moseley Woods Trust Fund!      Some 47 trust funds, many languishing and abused sat for years neglected.       

Gertrude O’Brien, Treasurer in the 1990’s took action to begin an interest-bearing program with these funds but the whole arrangement was still in violation of the M.G.L.    It hasn’t been until Mayor Holaday in this century decided that it was time to finally ‘fix’ the problem.”

Well, now we have things under control but the city is supposed to be able to use these funds for much needed revenue.         It will be the challenge of the newly reconstituted Trust Fund Commission to get these funds on the right track:   Generating interest income to pump them up; and determining a percentage available to aide the city.

Big tasks!

So, I thought it would be great to list for everyone, this ancient city’s list of bequethed funds and the original intended desire of the bequester! (Some obviously can’t be fully observed in today’s society)(Mixed in are specific funds that are maintained by the city (not inherited) but are still carefully monitored by the Trust Fund Commission)

The Library:
EMMA ANDREWS SO END READING ROOM
J.M. BRADBURY GENERAL USE OF LIBRARY
C.W. BRADSTREET GENERAL USE OF LIBRARY
W.O. COFFIN BOOKS FOR LIBRARY
LUCY B. COLBY REPLACEMENT OF OLD BOOKS
CHARLOTTE COLE SUPT. OF READING ROOM
JOHN J. CURRIER NBPT. & NBY BOOKS
JOHN N. CUSHING PUBLIC LIBRARY PURCHASE
A.E. CUTTER GENERAL USE OF LIBRARY
NATHAN D. DODGE BOOKS FOR LIBRARY
W.H.P. DODGE BOOKS & PAPERS FOR LIB
SUSAN DONNELL GENERAL USE OF LIBRARY
DANIEL FOSTER BOOKS FOR LIBRARY
J.A. FROTHINGHAM BOOKS FOR LIBRARY
SARAH GREEN BOOKS FOR LIBRARY
GEORGE HASKELL BOOKS FOR LIBRARY
LAURENCE HAYWARD CHRISTMAS GIFTS LIB. EMPL.
CHARLES HALL LIBRARY TRAVEL
DR.THOMAS HEALEY MEDICAL BOOKS
S.W. MARSTON GENERAL USE OF LIBRARY
GRACE C. MOODY PUBLIC LIBRARY
E.S. MOSELEY GENERAL USE OF LIBRARY
W.O. MOSELEY GENERAL USE OF LIBRARY
ALICE MOULTON AS TREAS.OF LIB.DIRECTS
HARLAN NOYES LIBRARY
ETHEL PARTON CHILDRENS BOOKS
PAUL PATHE PUBLIC LIBRARY
GEO.PETTINGELL 1/2 TO SO.END R.ROOM
GEO.PETTINGELL 1/2 TO PUBLIC LIBRARY
GRACE PETTINGELL SO.END READING ROOM
MATTHEW SAWYER BOOKS FOR LIBRARY
MARGARET SAVAGE LIBRARY
SO.END READ. ROOM BRANCH LIBRARY
SO.END READ. ROOM BRANCH LIBRARY
J.R. SPRING BOOKS FOR LIBRARY
E.H. STICKNEY GENERAL USE OF LIBRARY
EBEN STONE GENERAL USE OF LIBRARY
BENJAMIN SWEETSER GENERAL USE OF LIBRARY
WILLIAM TODD READING ROOM
ANNIE WIGHTMAN PUB.LIBRARY READ.ROOM
A.WILLIAM BOOKS FOR LIBRARY
PAUL S.& ANNA WALCOTT LIBRARY ENDOWMENT
PAUL S. & ANNA WALCOTT LIBRARY ENDOWMENT
PAUL S. & ANNA WALCOTT LIBRARY ENDOWMENT
PAUL S. & ANNA WALCOTT LIBRARY ENDOWMENT
RUTH SIROIS&P.WALCOTT GENERAL USE OF LIBRARY
CLARA COLLIS LIBRARY*
LEBMAN FUND LIBRARY
Charity:
L.M. FOLLANSBEE POOR
MARGARET ATWOOD POOR & RELIGIOUS
ANNIE D. DAVIS AGED LADIES
TIMOTHY DEXTER POOR
WILLIAM HORTON AGED & NEEDY OF NBPT
Sidewalk & Trees:
JOHN BROMFIELD SIDEWALK & TREES
CITY OF NEWBURYPORT MAINTENANCE SIDEWALKS
Parks:
BALCH FUND BARTLETT MALL
CITY OF NEWBURYPORT MAINTENANCE PARKS
A.M. GORWAIZ ATKINSON COMMON
CHARLES KNIGHT ATKINSON COMMON
CHAS. W. MOSELEY MOSELEY PINES
HERMAN ROY BEAUTIFY WATERFRONT*
Cemetaries:
HIGHLAND CEMETARY CEMETARY
VARIOUS CEMETARY FDS CEMETARIES
Schools:
MOSES BROWN SCHOOLS
CALEB CUSHING BOOKS FOR NHS SENIOR
EDITH KENDALL  SCHOOL-SCIENCE
EDITH KENDALL SCHOOL-MEDICAL
PAUL A. MERRILL SCHOOL PRIZE
DONALD SAFFORD SCHOLARSHIPS
R.H. TOPPAN SCHOOL PRIZE
Miscellaneous:
M.H. SIMPSON SPRINKLING STREETS
A.G. CUTTER BEAUTIFYING CITY
MUNICIPAL BLDGS REPLACE LOSS BY FIRE*

As the years progress over the responsible oversight of the commission and the city’s treasurer; we may yet see a healthy income from these funds!

-P. Preservationist
http://www.ppreservationist.com

* Interest income added to principle.

 

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This entry was posted in Economics, Education, finances, History, Infrastructure, News and politics, Organizations, Parks. Bookmark the permalink.

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