I was walking down the street, minding by own business, when the 2009 Trexler Trust annual financial report suddenly fell out of the sky and hit me on the head. If decided to upload it on the Internet and share it with everyone. You can review it here.The report reveals that, in just a year, this residuary fund has shrunk from $117 million to $81 million. Yet the five trustees award themselves the same compensation, approximately $146 thousand. And professional services also remain constant at another $49 thousand.
Disgusting...who are the board members ?
ReplyDeleteThe trustees are Mal Gross, Kathryn Stephanoff, Barnet Fraenkel, Father Daniel Gambet & Robert C Wood. They have last year's annual report posted on th web. http://trexlertrust.org/
ReplyDeleteRon Angle is probably one of them.
ReplyDeleteAnd I ask again, why is Mayor Ed Pawlowski milking the Trust at the worst time possible. Forget that it is an election year and do the right thing. Defer spending money on the "Raiders of Trust" theme park until the market rebounds. While other municipalities postpone non-essential projects, Allentown is quick to spend other people’s money. Shame on Pawlowski and his City Council for Raiding this fund at the worst time possible. If you are going to spend money on the park, wait until the market rebounds and the Trexler Trust is in a healthier state.
ReplyDeleteare you alleging some kind of mismanagement? foundations everywhere are taking a wack. shame that the trustees didn't defer revenue back to the trust for distribution. Professional management expenses are actually quite low for a foundation of this size. foundations have more stringent reporting standards than do other non-profits.
ReplyDeleteAnon 7:37 is correct.
ReplyDeleteHow are they supposed to pay for their individual health insurance? They need all that money.
ReplyDeleteanon 5:57 I think you have your "who"s backwards. It is the Trexler Trust who approaches the city and tells them to spend certain amounts of $.
ReplyDeleteI have to say that I do find it pretty distasteful that the trustees are paid as much as they are, considering that they are mostly pretty wealthy themselves, but my feeling is that they are all also quite philanthropical, and I don't doubt that it was on Trexler's instruction that his executors and trustees be paid.
I am always amazed that people feel that they have some sort of right to judge somethinglike this when they have absolutley no knowledge or background.
ReplyDeleteThe management of the Trexler Trust none of your damn business
Lower Mack, When a trust is established for benevolent and charitable purposes, its management is very much the public's business. It's why that '09 financial report will eventually find its way online. When the assets depreciate, as they have here, the compensation paid to trustees should go down as well.
ReplyDeleteBernie: The entrenched powers in Allentown are going to hate you for this, but yet again you've broken a very relevent and newsworthy story here. I'm intrigued. Let the hate mail flow, it will confrim the relevency of this story.
ReplyDeleteWith the possible exception of Fraenkel, trustees Mal Gross, Kathryn Stephanoff, Father Daniel Gambet & Robert C Wood are all big time Pawlowski donors. I'd like to know who appoints these trustees and why are they giving campaign donations to Pawlowski?
ReplyDeleteNow this should be the Call's headline. Imagine the gaul of these trustees losing 27 Million dollars and STILL giving themselves a salary. We all know folks who would do this honor for free. These people continue to only cause harm. Disgusting.
ReplyDeleteShame on them.
Under Stephanoff's guidance, the city's public library Southside branch is now closed due to budget cuts. Why didn't she spend hours finding a grant to underwrite that facility to prevent its closing. This branch is the only source of book lending for hundreds of city children. Is she really an appropriatly suitable financial custodian to manage Trexler funds? Is there no shame?
ReplyDeletePutting numbers aside, that's 30+% less then the year before. If those percentages should remain the same over two years, that would pretty much exhaust the trust.
ReplyDeleteWhat then?
None of these five needs another cent to survive. They are all independently wealthy. Yet, they took Trexler money anyway.
ReplyDeleteLVCI said...
ReplyDeletePutting numbers aside, that's 30+% less then the year before. If those percentages should remain the same over two years, that would pretty much exhaust the trust.
What then?
9:38 AM
well said. keep us informed.
Bernie-
ReplyDeleteIf this is true, I have two things to say.
1- Where the hell is the Morning Call?
2- A trust like this is a wonderful thing. Imagine having an endowment, designed to maintain a beautiful and extensive park system in perpetuity. The only thing that could really foul this up is greedy people. Ooops. Looks like that's what is happening. God help Allentown.
VOR
The library's southside branch was not closed due to Mrs. Stephanoff's management. She went on medical leave several months ago and will be retiring soon. The branch closing was due more to the fact that our illustrious state legislators can't pass a budget thus leaving libraries, school districts, colleges, etc. in limbo. Also, Trexler trustees are appointed by one of the Lehigh County judges. Mayor Pawlowski has nothing to do with the appointments.
ReplyDeleteWhile we are sorry to learn of
ReplyDeleteMrs. Stephanoff health amd
wish her a speedy recovery, the question must be asked, If she is on medical leave for months as a prior poster says, why didn't she resign from trustee guardianship and allow a fresh face to bring new perspective?