TRUSTEES OF THE TRUST FUNDS
There are three Trustees of the Trust Funds. The responsibilities of the Trustees of the Rye Trust Funds are to:
- safeguard the money in the trust funds;
- comply with the provisions of the documents establishing the trusts;
- approve an investment policy for the trust funds annually;
- invest the funds according to the investment policy;
- pay out the income and the principal according to the trust documents; and
- prepare and submit annual reports to the Town and to the State of NH.
The three trustees retain custody of all trust funds held by the Town. The funds are invested in deposits in federally or state-chartered banks or associations authorized as to banking institutions in New Hampshire, in deposits in New Hampshire credit unions, in United States government bonds, notes or other obligations, or in state, county, town, city, school district, water and sewer district bonds and the notes of towns or cities in New Hampshire. They may also invest in stocks and bonds which are legal for investment by any bank or association chartered by New Hampshire to engage in a banking business. They may also invest in participation units in the public deposit investment pool established pursuant to RSA 383:22.
The Trustees of the Rye Trust Funds do retain investments of the town’s assets received from donors until maturity based upon a formal investment policy for all investments made by them for any trust funds held in their custody. The investment policy is reviewed and confirmed at least annually. The investment policy of the Rye Trustees of the Trust Funds, pursuant to RSA 31:25, addresses the issues of safety, income generation, and cash flow/liquidity. The Trustees of the Trust Funds have responsibility for more than three million dollars ($3,381,321.11 as of 12/31/11) consisting of common funds for the cemetery and library, various other funds donated for the benefit of the library and cemetery, as well as capital reserve and expendable trusts which represent funds put aside by the town, by the Water District, the Rye Beach Precinct, School Department, and Library for specific purposes.
The Trustees are also responsible for capital reserve funds as governed by RSA 35-9, which reads, “The moneys in each such fund shall be kept in a separate account and not intermingled with other funds of said municipality.” The monies in the capital reserve funds are used exclusively for the projects defined by each fund’s name. All of these accounts are detailed in the Annual Report of the Town published by the Selectmen in March of each year and available at Town Hall and available on the town website at www.town.rye.nh.us.
There are three Trustees of the Rye Trust Funds: Jeffrey Balboni (2014), Andrew Mahoney (2016), and Kerry Pope (2015). Each trustee is elected to a three-year term. The terms are staggered so that no more than one Trustee is up for re-election in any one year. The Trustees of the Trust Funds meet at least quarterly and more often as necessary. Meeting notices are posted at the Town Hall and the Rye Public Library. The meetings are open to the public.