Trustee of the Trust Funds Meeting Notes
4-26-12
Attendees:
? Elsie Morse, Chair
? Cara Marston, Treasurer
? Harry Vogt
Approval of Minutes : Minutes of the January19th meeting were approved as distributed.
Approval of Treasurer’s Report: The treasurer’s report was unanimously approved as distributed.
New Business :
? Richard & Lois Foss were present for this portion of the meeting. Mr. Foss expressed concern that funds associated with the Foss Scholarship Trust have not recovered full value from their 2008 low. Mr. Foss questioned 1.25% fee that our investment advisor charges. Richard suggested a .75% fee would be more reasonable and suggested we speak with his advisor:
J Daniel Davidson, CPA, CFE
Two Capital Plaza , Third Floor
Concord, NH 03301
603-223-0037
ddavidson@ds-cpa.com
(Wells Fargo subsidiary)
Follow up: Cara to arrange meeting with T.J. on June 21. Once that meeting is set, meeting with D Davidson and Foss will be setup. See if fee can be negotiated down.
? Cara noted that the Trustees have changed investment classification to Prudent Investor versus Prudent Man Rule. Capital Reserve funds are invested under Prudent Man Rule. A policy for investing under the Prudent Investor classification has been setup and is on file with the State.
? Election of Officers:
Elsie Morse nominated Harry Vogt as Chair. Cara Marston seconded. Motion passed.
Elsie Morse nominated Cara Marston as Treasurer. Harry Vogt seconded motion. Motion passed.
3. Meeting Schedule: The following annual meeting schedule was discussed:
Meet minimum of four times per year.
October- March: Work on budget
December: Sanderson Fund requests are reviewed.
January: Sanderson Fund awards are made
February: Review State reports
March: State reports are due.
April: Organizational meeting
May/June: Foss Scholarship reviewed
July: Foss checks sent out.
Typically meet with investment advisor four times per year.
Minutes submitted by: Harry Vogt