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Duties and Responsibilities of the Trustees of Trust Funds
Overview of Duties: • Invest funds prudently • ‘Watchdog’ ins and outs of funds • Adopt Investment Policy annually • Annual fund reporting to the State
The basic duties of the Trustees of Trust Funds (the “Trustees”) involve the collection, management and investment of trust and capital reserve assets, and the accumulation and distribution of income and principal amounts according to the trust/gift instrument or the Town/School District Meeting authority.
The authority to administer Town trust funds is vested solely with the Trustees and the income from such funds cannot be remitted to the Selectmen for purposes contrary to the judgment of the Trustees.
Trust funds include private gifts/bequests that have been accepted by the Selectmen, capital reserve funds, and trust funds that have been created at Town Meeting.
Trust funds do not include the general working capital of the Town or bond proceeds; the Town Treasurer is responsible for cash management and investment of these assets.
Although the Trustees of Trust Funds oversee the perpetual trust funds created for ongoing cemetery maintenance, the Trustees are not responsible for the planning, development, care and maintenance of the Town’s cemeteries.
|Condict Billings||Trustee (2021)|
|Peter Zavas||Trustee (2020)|
|Angela Rizzitano||Trustee (2022)|