Trustees of the Trust Funds Meeting Minutes
6-21-12
Attendees:
Cara Marston
Harry Vogt
Opening:
The meeting of the Trustees of Trust Funds was called to order at 8:00AM, June 21, 2012 in the Pittsfield Town Hall by Harry Vogt, Meeting Chair.
New Business:
1. The Trustees opened the meeting to public input. Warren Mackensen, member of Hampton NH’s Trustees of the Trust Funds, distributed copies of a Request for Proposals Hampton used in 2011 when looking for a financial planner. Mr. Mackensen addressed miscellaneous questions raised by the Board regarding the RFP process used by Hampton and offered to address any additional questions the board may have in the future.
2. T.J Shaughnessy of the Shaughnessy Financial Group provided the Trustees with a financial update on the trust fund’s investments. Mr. Shaughnessy reviewed the investment approach he is taking with each of the different accounts. Mr. Shaughnessy did not recommend any adjustments to the current investment approach. In an effort to increase overall returns, the Board asked Mr. Shaughnessy to review the fees his firm is charging to see if they can be lowered.
3. Elsie Morse’s letter of resignation was read and accepted with regret by the Trustees. Cara will send a letter to the Board of Selectman notifying them that Elsie has resigned and ask that the Selectman appoint an individual to serve the remainder of Elsie’s term.
Old Business:
1. Investment advisor discussion: The Board decided to put discussions on possible changes in investment advisors on hold pending the appointment of an individual to fill the remainder of Elsie’s term.
2. Sonia Robison Scholarship fund: Cara verified that the fund’s principal remains intact. The scholarship recently awarded used only income derived from the fund’s principal.
Approval of Minutes: Minutes of the April 26th and June 8th meetings were approved.
Approval of Treasurer’s Report: The treasurer’s report was unanimously approved as distributed.
Next Meeting: The next meeting is scheduled for July 20, 2012 at 8:00AM at the Town Hall.
Adjournment: The meeting was adjourned at 9:40 AM
Minutes submitted by: Harry Vogt