Pelham
Trustees of the Trust Funds Participation at State Sponsored Seminar
Wednesday
9 June 2010
Concord,
NH
Discussion
Minutes
Approved
June 16, 2010
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PELHAM
ATTENDEES: &nbs=
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nbsp; Mary
Gleason, John Kachmor, Cindy Ronning &=
nbsp; Trustees
ALSO IN ATTENDAN=
CE:
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nbsp; Susan
Martore-Baker =
Sr.
VP Citizens Bank
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Meeting Summary
This
NH State Department of Justice Seminar was conducted for the benefit of all
Trustees of the Trust Funds within the state and covered an Advanced Sessio=
n on
Investment.
At
the conclusion of the formal presentations, the following discussion took
place.
Resulting Strategy
Based
upon the findings of the Trustees at this session relative to the
Trustees’ desire to convert from the “Prudent Man” to the
“Prudent Investor” investment plan, the Trustees decided to pur=
sue
the following recommended approach:
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p; The
Chairlady will convene a formal meeting mid next week to review the entire =
portfolio
and determine a specific course of action
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John Kachmor will review the current Citizens Monthly Financial report
and verify the correct classification of all accounts using the fund origin
documentation.
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All CRF and ETF (public funds) will be identified as candidates for
retention in the Citizens Concentration Account and all “private
trusts” will be identified as candidates for the Prudent Investor
portfolio to be administered by Citizens Financial Management Group.
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Upon verification of classification, private trusts will be transferr=
ed
to Citizens Financial for investment per the new Prudent Investor Policy and
the Trustees will undertake take the following course of action for CRFs and
ETFs:
o
Analyze all accounts for investment opportunities
o
Meet with town and SAU officials, as well as, Library Trustees to
determine liquidity requirements for each account under their jurisdiction.=
o
Retain short term liquidity accounts as Concentration Account funds
o
Investigate investment strategy for those accounts which have either =
no
or a long term liquidity requirements. Look into CD’s, Government Bon=
ds,
T-Bills, etc to ascertain the best method to assure adequate, safe growth.
Since the intent is to maintain the Concentration Account, no service or
investment fees should be anticipated.
o
Plan to revisit the Concentration Accounts at least quarterly to
re-evaluate the investments.
The
Trustees will post the scheduled meeting at least 24 hours in advance.
Selectman’s
Liaison
Acting
Secretary.