Trustees of Trust Funds minutes
Minutes of Wednesday, October 28th 2015 Meeting of Trustees of Trust Funds for Jackson, NH
Attending: Helene Matesky, Martha Benesh, Linda Terry, Trustees; alternate Chris McAleer
Visitor, former Trustee David Matesky
Representing Mackensen and Company: David Mayes and Steven Stokes
Meeting began at 10:30 am
The purpose of the meeting was to consider employing Mackensen and Co. as investment advisors and record keepers for the Trust Funds of Jackson under the direction of the Trustees. This proposed action was in response to lackluster investment performance in the past and an attempt to secure better returns on the funds while still minimizing risk. David Mayes outlined both the investment side and data record keeping functions including preparing forms required to be filed with the state. Mackensen supplied each participant with a proposal brochure describing Mackensen’s approach and included recent past performance data.
A fee only investment advisor, Mackensen charges one half of one percent (50 bps) inclusive of both money management and record keeping. They would do the record keeping as well on investments not held with them as part of the fee on investments they oversaw.
It was noted that the fees for public/taxpayer funds (charged quarterly) could come out of the funds, pursuant to HB 297 but to do this goes before a vote of the town as a warrant article. The consensus was that net higher returns would cover the fee. It was noted that fees for private funds are permitted and do not require voter approval.
David said that they use National Advisors Trust as a trading platform and custodian and trades are cleared through National Financial a Fidelity Investment company. David mentioned that he felt the system would be very difficult for hackers to penetrate.
A distinction was made between ‘public’ monies versus ‘private’ whereby the former would have a more conservative bent.
Other subjects brought up included the need to identify carried over income or money not spent; what would happen if there was not enough money available for a fire truck, as an example in that there is no slush fund to turn to make up the difference; the need to have a ‘paper’ trail for deposits and withdrawals if made from Mackensen; and that if Mackensen came on board before year end they could prepare MS 9 forms but might have to go back to previous years to be sure numbers are correct.
Meeting adjourned at approximately noon.
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