TRUSTEES OF TRUST FUNDS minutes
(Draft) Minutes of Trustees of Trust Funds September 21, 2016 Meeting:
Attending: Linda Terry, Helene Matesky, Martha Benesh and Chris McAleer, Trustees
Guests: Frank Anderson from Bank of NH and Sarah Duffy and Roger Aubrey Trustees of the Jackson Library
Minutes
Linda opened the meeting at 10:32 AM. The minutes of the September 2, 2016 Trustee’s meeting were unanimously approved.
Bank of New Hampshire
The Trustees had asked that Frank Anderson, Relationship Manager of the Private Wealth Group at Bank of NH, meet with the Trustees to go over the reports Bank of NH will be providing for the Trustees on the accounts set up by the Bank per the Trustees direction. On August 1,2016 the transfer of funds from the New Hampshire Public Deposit Investment Pool (NHPDIP) to Bank of NH took place.
In Helene’s due diligence in reconciling the numbers between NHPDIP and Bank of NH it appeared there were some discrepancies. Helene worked with the Bank of NH to resolve these problems which was done to her satisfaction. According to Frank the numbers at times did not match as different dates for valuations at NHPDIP and at Bank of NH were initially used. Fluctuations in securities values on different dates caused the apparent discrepancies. In the end all values balanced out. A final corrected report will be sent to the Trustees. Frank called it ‘a smooth transition’ overall.
Frank had provided for the Trustees a handout that contained an overview of the markets called Investment Insights which is a periodic piece that Bank of NH puts out that outlines their current views on market trends.
This handout also had an outline of the securities in the Trust Funds and a second outline for the Capital Reserve and Expendable Trust Funds as these are two separate accounts with different investment objectives.
Frank walked us though several pie charts on each account showing percentage allocations between stocks, fixed income and cash. (There are no equities in the CRF’s/ Expendable Trust Funds account.)
Additional charts showed specific securities including ETF’s predominate in the Trust Funds and specific bonds in the CRF’s.
Frank spoke of bond ‘laddering’ meaning buying bonds of different maturities from one year or less to up to six years under their current model. This would mean always having liquidity to make expenditures or re-invest at more attractive interest rates. As far as expenditures from the CRF’s we should have a close approximation after warrant articles are passed at the March town meeting.
Roger asked questions of Frank as to the Bank’s role in the investment process. Frank explained that they set parameters with their clients but then have discretion within those guidelines but these can always be changed as well. Roger and Sarah seemed interested and Frank said he thought it possible to run a third but separate account for the Library Funds alongside the Trust and CRF’s accounts, all under the Town of Jackson, and would get back to them.
Library
Linda had some slight modifications to her letter to Terry Knowles at the NH State Attorney General’s Office seeking clarification on the use of some of the private funds the Trustees hold to benefit the Jackson Library. The Trustees are looking to confirm that these funds are properly employed. Copies of the letter will go to the Board of Selectmen and Library Trustees to keep them informed. A meeting with Terry was tabled until we get an answer in writing from Terry.
The meeting was adjourned at 11:39 am.
Draft submitted by Chris McAleer
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