Trustees of the Trust Funds
TRUSTEES OF TRUST FUNDS MEETING
MINUTES 08/27/2020
Members: Michael Connolly, Sarah Edwards, TBD
1: Accept Meeting Minutes from 8/16/2019 Meeting.
Minutes were accepted all open items were addressed.
2: Review RBC Buy Sell 2020 Results
Meeting held on 6/5/2020 Review Portfolio YTD Status
Sold Royal Dutch Shell 585 $20,860.63
Sold HSBC Holdings 420 $11,327.14
Sold Cbre Clarion Global 358 $2241.03
Meeting held on 6/11/2020 Review Asset Allocation
Bought Vanguard Money Market to have 10% cash $57,732.00.
Meeting held on 8/12/2020 Review Portfolio YTD Status
Reduce overweight sectors in Energy, Real Estate, Utilities
Increase underweight sectors in Health Care, Technology, Industrials
Sold BP 232 $5440.29
Sold Annaly Capital 687 $5126.89
Sold Alps ETF trust 232 $5760.66
Sold Ventas 250 $9911.03
Bought Spdr ETF Industrial 110 $8483.56
Bought Spdr ETF Health 47 $5021.95
Bought Spdr ETF Technical 44 $5009.40
Bought Spdr ETF Consumer 133 $8527.30
3: Review Investment Policy Concerning Cash Percentage
Will adjust target for cash from 10% to 5% due to decrease in interest rate percentage.
4: Discuss Scholarship Results
A total of 15 Antrim students/residents received awards for 2020, including:
Eight scholarships from the Jameson Fund totaling $12,725.00.
2020 awards from the Alice R. Thompson Fund
Two scholarships given in 2020 to continuing students (upperclassmen)
Grant total for the year: $5,888
Aidan Alusic-Bingham $2,888
Massachusetts Maritime Academy
Leah Stone
Fitchburg State University $3,000
2020 awards from the Guy D. Tibbetts Scholarship Fund
One scholarship given in 2020 to a student in a medically-related field of study
Grant total for the year: $1,000
Haley Davis
NHTI Concord’s Community College $1,000
2020 awards from the Joan L. Dunlap Scholarship Fund
Two scholarships given in 2020 to students attending Keene State College
Grant total for the year: $4,500
Ashlie Chandler $2,500
Keene State College
Odessa Vassar $2,000
Keene State College
2020 awards from the Antrim Wind Energy
Two scholarships given in 2020 to entering freshman students.
Grant total for the year: $5,000
Haiden Burnside
NHTI Concord’s Community College $1,500
Angus Kirkpatrick
University of New Hampshire $3,500
5: Discuss Search for Replacement Trustee
Email sent from Lauren Kirkpatrick on April 6th 2020 to Trustees.
I hope you are both safe and healthy during this unprecedented time. I am writing to inform you that I will have to recuse myself from the scholarship committee this year because my son will be applying. I also feel this is an appropriate time to resign as a Trustee as well. Please let me know what I need to do to make it official and thank you for all that you do.
Per Article 31:22 Trustees – Vacancies shall be filled by the selectmen for the remainder of the term.
6: Discuss Ben Tenney Scholarship
The Benjamin W. Tenney Scholarship was established to help students from Antrim, NH who have chosen to pursue a career as a tradesman in a recognized, licensed field. The recipient may choose to obtain a license through a two-year accredited college program, or through a state recognized apprenticeship program such as the Electricians Apprenticeship program which Benjamin, himself, went through. To date have collected $4610.00.
7: Review NHPDIP Status
Interest rates are declining per month by month. January average was 1.62 % average for August is now.15%.
8: Review Requests for Funds from CRF
Antrim Schools Trust Fund – January 16.2020
In accordance with the Trustees of Trust Funds minutes from a meeting held on August 16, 2019 concerning gym floor , I respectfully request the authorized payment of: $$6,520.00 from AES funds and $4,076.00 from the GBS funds for a total of $10,595.00. Check number 1017
Fire Department Breathing Apparatus – May 19, 2020In accordance with Warrant Article 3 as approved at the annual Town Meeting of the Town of Antrim, duly warranted and noticed held on March 10, 2020, on behalf of the Board of Selectmen, I respectfully request the authorized withdrawal of $62,000.00.
Check number 1019
9: Schedule Next Meeting
Will be scheduled after quarterly financial meeting with RBC.