Trustees of Trust Fund, November 18, 2014
Town Offices, 2 PM
Attending, Helene Matesky, treasurer; Joan Davies,chair; Martha Benesh, secretary
Old Business
1. Motion made for the approval of August 25, 2014 minutes and September 5, 2014 minutes. All in favor.
2. Withdrawals and Contribution status report-Discussion by Martha and Joan of withdrawals that occurred in the treasurers absence. No problems noted, we went through the procedure together to make sure we understood. Everything went well.
3. Investment Research update: As of July of 2014, after a vote at Town Meeting, the Trustees maybe authorized to compensate banks, brokerage firms and investment advisors from the income of these funds rather than the town budget, per a new NH RSA. We are researching what that means to Jackson. In July the Library CD’s will be up for renewal. We are looking at talking to an investment company which specializes in municipalities and can do the bookkeeping for segregated accounting and MS9. We are not intending to do anything at this time, but want to educate ourselves to make decisions in the future. We also noted that Cutwater who handles our Municipal funds has been bought by BNY-Mellon. They may have something new to offer in the future.
4. Cemetery Trust- the cemetery trustees informed us that the fence is now complete. It was on budget, see prior minutes for the cost. They thanked us for all our help with resolving the legal issues.
New Business
1. Motion to withdraw the amount of $1,335.00 from the Old Library Trust account 0069, to pay invoice from Civil Solutions for miscellaneous designs, services and application for septic system. No discussion. Invoice, letter from selectmen and minutes available. vote all in favor.
2. Helene Matesky, as treasurer reported the following.
a. Library: An email was sent to Roger Aubrey suggesting that he meet with Julie Atwell regarding a possible 2015 withdrawal request from one of the trusts for library improvements. Helene told Roger that according to the NH Attorney General’s office RSA 32:5 states that all expenditures regardless of the source must be included as part of the appropriations process and voted on at Town Meeting.
Helene has since been notified by Roger that they, the library will not be needing funds from the Trusts next year. other than interest income.
b. Contributions: RSA 35:12 states that all contributions must be received by the Trustees by December 15th of each year, and no later than June 15 of the school fiscal year.
c. Audit. Helene met with Dave Mason, town Auditor to review the trust fund files and procedures for 2013.
d. SAU9 Audit: A spread sheet for school fiscal year July 1,2013 to June 30, 2014 was sent to Becky Jefferson, SAU9 Financial Director, and to the firm which audits the school funds.
Meeting closed at 3:15
Respectfully submitted
Martha Benesh, secretary
notes approved December 4, 2014 meeting
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