Trustees of Trust Fund Minutes
December 4, 2014
Town Offices
Attending: Helene Matesky, Joan Davies and Martha Benesh
1. Old business
Review minutes from Nov 18, 2014 meeting. Accepted, all voted in favor as written.
2014 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 15th of school fiscal year.
We are expecting the last contribution from the town by December 15th. There is still an out standing contribution for $140,000 dollars. The school has until June 15th, 2015 and as of today we have not received any contributions for this year.
No further withdrawals are expected this year.
2. New Business:
Investment Policy Update and vote
We review the investment policy and updated it to reflect the changes in the RSA that gives us the ability to ask the town for permission to pay advisors. The Trustees of the Trust Fund Policy is attached to this document.
Election of Officers for 2015
Officers will stay the same this year. We voted Joan Davies, chair , Helene Matesky, treasurer, Martha Benesh, secretary.
Cemetery Trust Investment Proposal
We discussed the fact that we are receiving a very low interest rate from the NHDIP advisors, much lower than a standard CD rate. Most of the funds in the cemetery account (other than the March funds) can never be spent. We are looking at buying CD’s for the present. The horizon will have to be flexible enough not to tie up the funds if rates change for the better.
The library is also in the same situation with CD’s coming due this summer. We will be making an appointment with MacKensen and Co. They attend all of our training sessions with the state and we want to learn more about our options. No decisions are being made at this time.
Cemetery Fence. We received a note from the Cemetery Trustees. The fence looks wonderful and was done on budget, neighbors pleased, and they want to thank us for sorting out the legal issues.
Miscellaneous Year-end business
Distribute annual earned income - Helene will review all the year end income received by the trust and send it to the appropriate groups,cemetery and library.
File Investment Policy with state
As noted above, the Investment Policy was review and revised. (enclosed below), Helene will send a copy to the state, as required
Complete MS9 report for Town Meeting and file with state by March 1, 2015. Helene, as treasurer will close out the books and prepare the MS 9. f
No other Business
Meeting ended at 11 AM
Respectfully submitted
M Benesh
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