Trustees of Trust Funds
The Trustees of Trust Funds are an elected body of three persons that is responsible for managing the Town’s trust funds in accordance with Massachusetts General Laws (i.e., Chapter 41/Sections 45-47 and Chapter 203C).
Currently the Trustees oversee about 30 trusts, having a total value of approximately $50,000. The trustees are responsible for executing a prudent investment policy and for distributing funds in accordance with the terms of each individual trust document.
The advisory investment policy of the Trustees continues to be preserving the principal value of the trusts and generating returns that equal or exceed the rate of inflation. Investments are made by the Town Treasurer, who serves as Custodian of all funds. Currently all funds are invested in CDs and approved Money Market Funds.
Most trust funds limit distribution to earned interest only. As of early 2010, available totals are approximately:
- $14,000 for TPS expenses, awards & scholarships.
- Several $000 for Tennis, the Library, and conservation.
- Several $000 for Hearts for Heat.
- $2,000 for those in need.
Without exception, these funds may only be used for the specific purpose established by the Trust.
At this point in time, funds to support residents who are facing financial stress have been almost fully expended. Fortunately, Hearts for Heat has been providing heating assistance to Princeton residents. Thus, the remaining trust funds can support other basic needs such as electricity, medical, dental and other expenses.
New Trust Funds
The Trustees request that you consider establishing a charitable trust fund for the purpose of supporting those in need. A trust may be established now, or it can be part of your estate. The process is quite straightforward and the Trustees can provide advice if needed.
The Princeton Community Trust
Town Meeting voters established a specific Trust Fund to be used for the benefit of Princeton residents in need of financial assistance. Known as The Princeton Community Trust, this Trust is to be funded by donations, gifts, fund raising events or from other non-public sources.
A small amount of “seed” money has been pledged to date. Although the donors have been generous, the Trustees are actively seeking contributions to increase the available funds. Donations to The Trust, be they a few dollars or a few thousand dollars, will make a difference for some of the folks in our community. We ask you help in this effort.
Application for Assistance
Citizens of the Town of Princeton should be aware that financial assistance is available to low income applicants for basic needs such as heating, electricity, medical and dental expenses. Other expenses may qualify.
The application form for assistance may be printed by clicking here. It is also available at the Town Hall. Completed applications should be mailed to Trustees of Trusts, 6 Town Hall Drive, Princeton, MA 01541.