Mary Hawley’s Trust May Grow—

Managers Consider Swapping Trustees For Higher Return

By Kendra Bobowick

The legal advice was a pleasant surprise.

“You’re kidding,” was Edmond Town Hall Board of Managers member Sandy Motyka’s response to a recent letter from Cohen and Wolf PC Attorneys at Law. The correspondence dated May 23 indicated that the managers are not bound to the current trustees — Bank of America — of a trust fund arranged more than 70 years ago by benefactress Mary Elizabeth Hawley.

“This gives us a very big stick,” Ms Motyka said. The managers feel that financially they could do better than the roughly $40,000 a year they receive from a fund that has grown from $250,000 to roughly $1 million, and members now see a chance for improvement.

“We could throw darts at a dart board and do better,” Ms Motyka said at a recent managers’ meeting, and wondered aloud why the current trustees also could not do better. Cohen and Wolf replied to the managers’ recent inquiry stating, “The Board of Managers can change Trustees without cause. The procedure is simply to write to the current trustee and request a change.” The response continues, “If there is resistance, the board can petition the Newtown Probate Court.”

The reasons for seeking a split are financial. As heating and electric costs increase, several capital projects loom. On the agenda are plans for redoing the kitchen adjoining the Alexandria Room, and replacing the gymnasium floor.

Chairman Jay Gill said, “I want to put on a lot of pressure or get a new [trustee]. We know we are going to pay a fee, but the structure could be looked at. There are options out there and we want to explore them.” The board has been approached by one resident and advisor with another firm, who piqued their interest.

“We could pursue other trustees; right now we’re going to talk to [the advisor] and we’ll make a decision once we have all the facts and figures,” Mr Gill said.

With heating bills during the winter of 2006 that at times reached more than $6,000, Mr Gill said the trust dividends don’t go far. Mr Gill noted that the trust’s approximate $40,000 annually, “is nothing.”

“We need to get the trust to generate more money,” he said. “We’re struggling and things could be easier with the trust.” Thinking again of the capital projects as the Edmond Town Hall moves into the future, Mr Gill stressed, “We’re going to start firming up on a lot of things — it’s a nationally recognized building, a historic site, a beautiful building. I want the kitchen running, the gym fixed, I want [the building] utilized as much as possible for the people of Newtown as intended by Mary Hawley.” The benefactress’s will stressed that funds were set aside essentially to maintain the buildings she bequeathed to the town. The will states, “[Trust funds] are for the purpose of maintaining, equipping, and keeping in repair,” buildings including the library and town hall.

Replacing the current trustees with other representation was also acknowledged in the communication with Cohen and Wolf.

Ms Hawley’s generosity to her town is evident in the buildings she left behind — the C.H. Booth Library, Edmond Town Hall, and Hawley School. Funding from her substantial will also accompanied the buildings into the decades after her death. “She got in the habit of setting aside trust funds…it became her pattern,” he said.

The benefactress’s gift, town budget funds, income from the theater and concession sales, and room rentals all contribute to maintaining the Edmond Town Hall. Members have considered inviting current trustees to an upcoming Board of Managers meeting. “We’ll invite them to talk,” Mr Gill said.