Trustees of Trust Funds - Minutes (Final)

Meeting date: 
Wednesday, February 10, 2016

FINAL Meeting Minutes

Trustees of the Trust Funds

February 10, 2016

Attending: Marylou Keane (Chairman), Sarah Bennett, Herb Johnson

Meeting called to order at 5:39 pm

I. Herb made a motion to accept the minutes of January 20, 2016, Sarah seconded. Approved.

II. Marylou reminded the Trustees about the upcoming audit.

III. Reviewed the MS-9, each Trustee signed the form.

IV. Reviewed the MS-10, each Trustee signed the form.

V. Reviewed recommended changes to the Capital Reserve Investment Policy.

a. Reference to RSA 387 was removed because the law was repealed in October, 2015. There are no changes to the actual investment strategy or asset allocation of the capital reserve fund portfolio.

b. An explicit description of the benchmark for the capital reserve fund portfolio was added to the policy.

c. Sarah made a motion to accept the Capital Reserve Investment Policy as amended, Herb seconded. Approved.

VI. Trustees signed the Capital Reserve Investment Policy.

VII. Trustees signed the Trust Fund Investment Policy.

VIII. Per discussion on email from MacKensen and Company

a. Direct debits from the trust and capital reserve fund accounts, these will be recorded in the accounting software as of the end of each billing quarter, rather than on the date they are actually deducted from the account. The actual fee deduction at National Advisors Trust takes place on the 5th of the month following the end of each billing quarter.

IX. Marylou emailed copies of the end of year balances to the Board of Selectman, Department Heads and the School District.

X. Next meeting is scheduled for Tuesday, March 29th at 5:30 at the Epsom Library.

XI. Herb made a motion to adjourn the meeting, Sarah seconded. Approved.

Meeting adjourned at 6:14 pm