On July 8, 2024, the SLA Board of Directors unanimously approved three actions:  

1. created the Invasive Species Remediation Account (ISRA), 
2. agreed to the transfer of monies to the ISRA., and 
3. broadened the terms and conditions of the Lake Preservation Fund (LPF).
   

In 2020, the SLA Board of Directors proudly established the Lake Preservation Fund for the purpose of earmarking monies for the possible remediation of an infestation of aquatic invasive species.

By 2024, the Board deemed that the threats to Spofford Lake were more expansive than invasive aquatic species and yet the funds in the LPF could not be disbursed to meet these new threats due the Governing Provisions.  

After discussions with an expert, it was determined that the best path forward would be to place into a separate account all individual donations made to LPF (from inception through July 8, 2024) plus accrued interest.  The use of these funds would continue to be governed by the April 10, 2021 Governing Provisions.  

The balance remaining in the LPF, i.e., monies transferred from the SLA’s operating account over a period of years, would remain in the LPF and be ready for use against a broader range of threats.  Their use will be directed by the Terms & Conditions approved by the BoD on July 8, 2024, see sidebar.

Withdrawals from the LPF can be made only with the recommendation of the SLA President or Treasurer and with the approval of two-thirds of the directors.

Keeping Spofford Lake free of invasive species remains a top priority of the SLA and the Town of Chesterfield.   We are pleased and grateful that the Town which has created the 'Spofford Lake Control and Remediation of Invasive Species Expendable Trust Fund' and that the Town's voters have contributed $50,000 to the fund as of March 2024. 

The Spofford Lake Association (SLA) is an all-volunteer, non-profit, 501(c)(3) organization.  As such your contribution to the Lake Preservation Fund is tax-deductible.  Please consult your tax adviser as to your specific situation. 

Page Updated July 30, 2024