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Trustees of Trust Funds

Trustee of Trust Funds

Elected Position

Duties of Position:    Trustees of Trust Funds are custodians of all municipal trust funds with limited exceptions. They have a duty to administer funds, meaning to manage, direct or superintend the affairs of the municipal trusts. They have a fiduciary duty to act in the best interest of municipal trusts and to exercise due care to manage the trusts in accordance with directives of the donor and the controlling statutes. Trustees must pay out trust funds to the agents designated in the trust or the officers designated by statute for the purpose of being expended for the objects of the trust. In some cases, where agents have not been appointed, the trustees themselves make expenditures. When the trustees have reason to believe that the funds will be used for an improper purpose, they are justified in withholding payment. Trustees are also charged with the custody of reserve funds created by action of the town and funded with appropriations.

Responsibilities:     Formally adopt an investment policy to guide all investments made by them or their agents with any trust funds in their custody. Prudently invest funds held in trust by the town. Prepare reports and audits concerning the trust funds in their custody. Fill necessary reports with the DRA and Charitable Trust Division.

Appointing Authority:   Elected by the local legislative body.

Term of Office:      Three (3) year term.

Time Commitment:    Attend meetings of the Board of Trustees, devote enough time to appropriately mange funds, which will depend largely on the number of funds held by the municipality. Prepare necessary documents for auditing and be available to administer funds when requested.

Qualifications:     Eligible candidates include adults over the age of 18 who are U.S. Citizens and who reside in the town and are registered voters. They should have an accounting, banking or finance background and prior interest in municipal operations.

Support Provided:    The town may pay for attendance at training programs provided by the New Hampshire Municipal Association and can reach out to the Charitable Trusts Unit of the NH Department of Justice.