Letters to the Editor

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LAKEWOOD: Fallen officers’ trust tunds are safe

Letter by Helen McGovern, Lakewood on Feb. 10, 2012 at 12:41 pm | 6 Comments »
February 10, 2012 12:52 pm

As the facts unfold about the unconscionable actions of one member of the Lakewood Police Guild, the trustees of the Lakewood Fallen Officers’ Trust Fund want there to be clarity in understanding the handling of the funds so lovingly donated.

The outreach from the public was so swift and generous that the funds were deposited into the Lakewood Police Guild’s charitable account. Immediately work began to establish the trust. That required trustees to be chosen; lawyers writing the documents, accountants and financial advisers being interviewed and selected; and the funds transferred to the established trust.

All the monies that were deposited into the charitable account were deposited into the trust, $3.2 million. Those funds have been conservatively invested to provide for the care and well-being of all nine children into their adult lives. The youngest was 3, so the fund has a life of at least 25 years to cover anticipated expenses including four years of college or more for each child.

To date the trust has paid for college expenses, private elementary school, counseling, dental, computers and tutors, to name a few expenditures. At regular meetings when expenditures are made, each check requires the signatures of three trustees. Legal documents require the signatures of all five trustees.

We want the community to know their intent is being honored and appreciated by those who were meant to benefit by their generosity.

(McGovern wrote this on behalf of the Fallen Officers’ Fund trustees, which besides herself include Lakewood Police Chief Bret Farrar, Charles Porche, Larry Saunders and Dale Thomas.)

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