Trustees of Trust Funds

Town of Princeton, Mass –Trustees of Trust Funds

Town Hall Annex Meeting Minutes, Tuesday, March 19, 2024        6:00PM

Present: Janelle Tanenbaum, Chair; Bryan Acuto and Bill Holder, as Trustees.

6:08PM Call to order

Review of Minutes of February 21, 2024, meeting: Minutes unanimously approved without any revisions.

Trust Accounting and Administration: It was discovered that there were discrepancies between the Town accounting records for seven trusts and the balances for those trusts in the investment account at Bartholomew. These are being investigated and corrections are likely to be made by March 31, 2024.

Investment Review: The investment statement for the month ended February 29, 2024,was reviewed. It was noted that a zero coupon maturity was maturing on March 19, 2024, and that instructions had been given to Bartholomew to rollover the funds into a highly liquid money market fund.

Investment Policy Review: A revised investment policy was adopted unanimously. It is attached as a reference document.

Draft of new Audit Request to Selectboard: A new request that the Selectboard hire an independent third party to audit the accounting records and investment statements under the aegis of the Trustees of Trust funds was drawn up and approved unanimously. This request spelled out the scope of the work, timing, the type of report requested and the reasons for this action item request.

Review of Trustee notebooks and procedures: This was passed over until the next meeting.

Meeting Adjourned: 7:06PM.