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Trust Funds
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The Trusts
Grave of Ichabod Crane |
There are
approximately one hundred trusts and capital reserve
funds managed by the Trustees of the Trust Funds. The oldest trust dates
back to 1890.
The total money in the trust funds
was $495,462 at the end of 2012.
Download the report
for 2012
here.
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The Trustees
The original funding for a number of Surry's trust funds were
donated by well-respected citizens for specific purposes. The
Trustees of the Trust Funds are volunteer citizens who serve in
a fiduciary capacity on behalf of the citizens of the Town to
manage the money entrusted to them. This web page is dedicated
to all of the past trustees who have served with integrity in
carrying out their role in Surry's history.
Trustees Responsibilities
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Safeguard the money in the
trust funds.
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Comply with the provisions of
the documents establishing the trusts.
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Approve an investment policy
for the trust funds annually.
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Invest the funds according to
the investment policy.
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Pay out the income and the
principal according to the trust documents.
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Prepare and submit annual reports to the Town and to the
State of NH.
Trustees Activity 2008
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It has been a busy and productive year for
the Trustees of the Trust Funds.
We have:
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Attended seminars given by the
Department of the Attorney General, Charitable Trusts Unit
on Administration and Statutory Filing Requirements.
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Developed and submitted to the
State of New Hampshire an Investment Policy. A PDF download
is available
here.
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Developed an Internal Controls
Policy. A PDF download is available
here.
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Invest the funds according to
the investment policy.
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Pay out the income and the
principal according to the trust documents.
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Scanned for digital archive the original trust fund
documents and the “Village Cemetery” by Leslie Carlson. A
PDF download is available
here.
Legislative Activity 2008
Senate Bill
SB377 Relative to the Application of the Prudent Investor Rule to Town
Trust Funds was signed by Governor Lynch on June 26, 2008 and became
effective on August 25, 2008. This new law provides Trustees of Trust
Funds and, in some cases, Library Trustees with greatly expanded choices
for the investment of the privately donated trust funds held in their
custody.
SB 377 changes laws that have been in effect for many
years. Under this law no category or type of investment is deemed
inherently imprudent. Instead suitability to the overall portfolio’s
goals and objectives is considered to be the determining factor.
Your
trustees decided in July, before the recent financial market upheaval,
to keep all funds in the current guaranteed investments and
not to
invest any funds in higher risk securities as allowed by the new law. |
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