Trust Fund Trustees Minutes

TRUSTEE OF TRUST FUNDS  Meeting

Attending: Vicki Norris, Linda Nickerson, Adele Hale, Brian Sanford, Marcie MacKenzie.

1/7/2020

Semi-annual meeting with our investment manager at Charter Trust.  Investments were reviewed. Because of a stable market, Common Funds yielded 19.95% for 2019. Capital Reserve funds yielded 6.98% in the same year.

Investment strategies were reviewed and the only change will be to decrease the amount of monies in our Money Market account to bring it back in line with our goal of having 25-34% of our investments in that fund.

We will check with Aaron Patt to see if any large expenditures are expected from the Common Funds in 2020. Then we will update Charter Trust so they can strategize which funds to use. Linda will contact Aaron.

Our Investment Policy was updated, but not signed. It will be signed at the next pubic meeting which will be held 1/13/2020 at 4:30.

Also discussed was the fee for Charter Trust to prepare the MS 9 and 10 for us. Vicki and Ken had been doing this for a number of years, and it is time consuming and cumbersome. If we decided to have them prepare it, the cost would be $1,000. A decision will be made at a later date.

Adele joined the meeting as an observer and has decided to become a member. Vicki is doing the paper work to have Adele appointed. Adele will fill the vacancy left by Ken Paulsen who moved to VA. Linda reminded the group that she was not planning to seek re-election this year due to many family obligations.

Next meeting with Charter Trust is scheduled for 7/14/20 at 4:30 at the Town Office building.