Trustees of Trust Funds

Meeting date: 
Friday, August 16, 2019

TRUSTEES OF TRUST FUNDS
Meeting Minutes 08/16/2019

Members:  Michael Connolly, Sarah Edwards, Lauren Kirkpatrick

Visitors present:  Bob Edwards, Donna Hanson   

1: Accept Meeting Minutes from 4/19/2019 Meeting
     Minutes were accepted all open items were addressed.

2: Review RBC Buy Sell 2019 Results

We reduced the Annaly Capital position from 5,506 shares to 2750 shares and eliminating the following volatile or lower dividend paying positions:

                LSC Communications
                Centurylink
                Pfizer
                FirstEnergy

We purchased and added to the following Fixed Income positions:

                First Trust Preferred ETF
                Nuveen Preferred Securities Fund
                Pimco Investment Grade Bond Fund
                Pimco Income Fund

This reduced the account’s equity exposure from 84% to 70% while giving up $1,727 of annual income. 

3: Discuss the use of the Antrim school trust funds for the gym floor refinishing.       

          We review the August 12th letter from Bob Edwards sent to
          James Elder, Principal Great Brook Middle School      
          Stephanie Syre-Hager, Principal Antrim Elementary School 
          Michael Connolly, Chair Trustees of Trust Funds Town of Antrim,NH
          Mrs. Donna Hanson, Town Administrator Town of Antrim, NH

The trustees voted to approve the funds per proposed disbursement noted in the breakout below:

School             Present Fund Balance           Proposed Disbursement           Ending 2019
AES                                $8,185.57                    $6,520.00                                $1,665.57
GBS                               $4,858.38                     $4,075.00                                $   783.38
Town                                      N/A                       $5,705.00                                $    N/A
                                                                            16,300.00

4: Rewrite Investment Policy Using RBC Draft and Trustees Standards

We reviewed the investment policy, we updated changes to follow Trustees Standards and removed RBC replacing with financial planner. Michael will send an updated “draft” to fellow trustees for final review before signing.

5:  Discuss Scholarship Results

2019 awards from the Alice R. Thompson Fund
Three scholarships given in 2019 to continuing students (upperclassmen)
Grant total: $6,305

2019 awards from the Guy D. Tibbetts Scholarship Fund
One scholarship given in 2019 to a student in a medically-related field of study
Grant total for year: $1,195

2019 awards from the Joan L. Dunlap Scholarship Fund
Two scholarships given in 2019 to students attending Keene State College
Grant total for the year: $7,500

The students who won scholarships:

Aidan Alusic-Bingham
Mackenzie Burnside
Hannah Fitzgerald
Marion Winchester
Riley Young
Sarah Dauphinais
Hunter Anderson

6:  Next meeting:

Will be scheduled after our next quarterly RBC financial review meeting.