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 6^th 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

In 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.