Trustees of Trust Funds - Minutes (Final)

Meeting date: 
Wednesday, January 20, 2016

FINAL Meeting Minutes

Trustees of the Trust Funds

January 20 2016

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

Meeting called to order at 5:34 pm

I. Herb made a motion to accept the minutes, seconded Sarah. Approved

II. Discussed letter from Attorney General and town attorney. It was determined that no action will be taken by the Trustees at this time.

III. Reviewed information for the Town Report. It was noted that the Capital Reserve Funds lost money this year whereas the Trust Funds did not. The Capital Reserves are invested in a way that allows the Trustees to quickly liquefy the money if requested by the agents to expend. Because the principal in the Trust Fund can never be expended, they are invested differently as required by law. Additionally, the market has been falling. The Trustees will relook at this again in 6 months.

IV. Herb made a motion to submit the summary report to the town for the Town Report. Seconded by Sarah. Approved.

V. Sarah made a motion to accept the current Trust Fund policy for 2016. Herb seconded. Approved.

VI. Sarah made a motion to accept the current Capital Reserve Fund policy for 2016. Herb seconded. Approved.

VII. Discussed the various Library Common Trust Funds. Sarah made a motion to disburse the interest as of December 31, 2015 in the amount $299.47 to the Library Trustees as directed in the Trustee Seminar. Herb seconded. Approved.

VIII. Next meeting scheduled for Wednesday, February 17th at 5:30 pm at the Epsom Library.

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

Meeting adjourned at 6:08 pm