Trustees of Trust Fund Minutes
July 22, 2015
Town Offices
9:30 AM
Attending: Helene Matesky, Joan Davies and Martha Benesh
Visitor, David Matesky
1. Training Updates
Martha reviewed her training session in Concord with Joan who had not been at the prior meeting. NHPDIP has changed hands again. We are still entering deposits and withdrawals through the email and by phone. No one has explained why they have changed hands three times and have gone off line. This is a program endorsed by the state under the Commissioner of Banking. However, we are concerned about the system being offline for almost a year and disappointed in the interest earned on the funds.
2. Investments
David Matesky joined in the discussion. He had previously been the Treasurer of the TOTF, before Helene. In summary, Treasury instruments provide a low return and we are not sure that the income would be available annually for the Cemetery or Library Trustees. CD’s have been a problem because they are not insured over $250,000 FDIC limit per bank. Local rates have been very low to the point that a new investor is offered more than a continuing investor, making for some irritation. One CD is coming due in the next year. We are looking into ICS which is a number of CD’s all under the FDIC insured limit, sold by different banks but purchased through one bank. This would offer flexibility and insurance as they can be structured in on, two to five years, depending on how the money is needed by the town.
We discussed mutual funds that are organized to produce interest, but we need more research into them. It was agreed that if any of the private funds were to be invested in the stock market, we would need investment advisers and that would be in the future.
Right now, NHPDIP is paying so little and recently have not been easy to deal with, so we feel that we should begin looking elsewhere.The biggest issue is the book keeping, pooling funds means separating town funds from trusts given to the town, interest accumulation, distributions and the different school fiscal year (July 1 - June 30th) to name a few.
We will continue looking at ICS and other options and look at accounting issues.
3. Minutes from July 6, 2015, were reviewed. Helene made the motion to accept, Joan second, all in favor.
4. Motion made to withdraw the sum of $524.90 from the town Office Equipment Maintenance Expendable Trust Fund (0047) for the purpose of technical services to upgrade the Town Offices.
Letter from the Select Office, invoice reviewed. Check will be realized with the published minutes.
No discussion. Helene motioned to accept, Joan Second, All approve.
5. Other business. On July 31, NHPDIP has new management company called PemAsset Management LLC (PFM). We have to be trained in their new system in order to make online deposits and withdrawals and to produce the many reports required throughout the year.
Meeting adjourned at 10:45
Respectfully submitted
Martha Benesh, Secretary
| 
