Trustees of the Trust Funds
PURPOSE AND GOALS:
The Trustees of the Trust Funds are charged with overseeing and managing two types of funds on behalf of the town. They are:
1. Non-expendable trust funds made up of legacies and trust gifts given to the town in which the principal is not spendable. The income from the funds may be spent but must be done in accordance with each trust's directions.
2. Capital Reserves made up of appropriated funds from the town for specified purposes. The fund principal and income are spendable in accordance with the objective of each appropriation.
The Trustees make investment decisions in order to produce both income and growth in the funds, and they oversee the disbursement of non-expendable fund income to the town as well as expendable fund principal and income to the town as requested.
The Trustees do not meet on a scheduled basis, but, rather, as needs arise (usually at least every three months). When called, meetings usually occur in the morning in the Community Room.
3 regular, elected for 3-year terms on a staggered basis
Criteria for Membership:
Members of the Trustees oversee the handling of and account for all funds transactions and balances, and ensure that all appropriations to the funds and expenditures from the funds are expeditiously handled and properly documented. They make all decisions regarding investments in accordance with the definition of the Prudent Man rule as delineated in RSA 31:25-b. They keep appropriate records of their activities, which are open to the people of the town, reported to the townspeople in the town's annual report; and audited at least annually by town officials. For administration purposes, the members may use professional banking assistance as specified in RSA 31:38-a.
Safety of principal is the foremost objective of each member of the Trustees in managing the trust funds. Members seek to minimize capital loss, whether from defaults or market value erosion, with a secondary objective to maximize the income from investments for the benefit of the recipients of the trust fund income.