City of Portsmouth, New Hampshire Trustees of Trust Funds, 22 Mar 2023

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From YouTube: 3.22.2023 Trustees of Trust Funds

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3.22.2023 Trustees of Trust Funds

A

There we go okay, we will call the meeting to order of the trustees of trust funds from march 15 2023.

A

And uh and your materials or the minutes.

A

Of our last meeting on february 15th, do I hear a motion to approve those minutes so we'll.

B

Yeah, uh I just just a small question at the end, when it says I had requested something.

C

More in depth from tv yeah- I don't know just so I don't. uh Maybe we could look at.

C

The wording of that something more consistent with the quarterly reporting that we receive.

A

D; okay, by that we have received, we've only received one of them right.

A

uh So they've been in visiting us twice right, yeah, so the first the first time it didn't have the.

C

They didn't have the account long enough to give us a quarterly before, if I recall right. Okay, that.

A

Could be that's fine, dana. I will accept that as a motion to uh amend to correct the minutes. Thank.

C

You would you second, that I will all right any other comments or changes. Dana nope, I'm fine I'll.

C

Move approval, so I think we have a second. So I vote yes, okay and peter. Yes in the chair vote. Yes,.

A

All right, so the mortimer trust. You recall the last time we were here we had received.

A

A memo from kathleen dwyer, together with two checks, totaling about nine hundred and.

A

Eleven thousand dollars and we needed some clarification on the funds we've received.

A

Those letters from the trust from mr mortimers trust attorney anthony hartnett, which I think.

A

Clarifies the issue so we accepted them subject to that documentation. I think we should formally.

A

Accept them at this point so move you're here second day I'll second, but can you.

C

Yeah I've read through that. Can you remind me again what our our issue was uh well.

B

It was an issue I brought up dinner to make sure that.

B

The mortar was intent was followed through and we really had nothing yeah. So the reason to ask for.

B

The attorney to lay it out and now in reviewing the trust tom and I were talking beforehand the.

B

um I'm going to volunteer to meet with susan, because the trust documents that are, in effect.

B

One of them, the most you could give out, uh is a thousand dollars and with a half a million dollars.

B

Now, in the trust it it does not following bill's wishes, so we got to see how we can.

B

What we can do to make sure, as long as we're splitting, that nine hundred thousand into.

B

Both trusts, what we do so that we're not limited to giving out a thousand dollars a year.

C

So to answer your question about last meeting, I my my own opinion is that I think we were sort of.

A

Conflating the situation we had with the tommy mccann scholarships where there were.

A

No trust documents, in which case we needed documentation from the estate attorney on.

A

What the actual we had to get a copy of his will to determine what his intent was, because.

A

You know, particularly with that one where he created this: it's not a scholarship fund as.

A

Much as it is a accessibility fund, once once I got copies of the trust documents and, together with.

A

The letters from kathleen's office that attorney hartnett had sent to her in december and february.

A

Clear to me that his intent was to give this money and divide it between the two.

A

Existing trust, the issue that peter brought up, which we discussed just.

A

Before the meeting started uh is really a it's a potential issue of trying to cure.

A

A provision in the 2006 trust, so I I don't think that has anything to do with accepting the money.

C

All right, okay, I get it, I get it so. The issue peter, is because there's a significant amount.

C

Of funds, if we want to give away more give, we want to see if that opportunity exists, how how we could.

B

Go about me being able to do that: yeah! Okay, all right! So I'm good! Thank you. Okay, then, uh we'll.

A

uh Call the question on the motion to accept the funds- uh peter yes, dana yes and a chair vote. Yes,.

A

Yeah, if you have a chance later dana, if you just compare the trust documents, I I think what.

A

Happened is when bill established the 2006 trust uh he probably wasn't envisioning. He was kind of.

A

Endowed with the kind of money that he did and I suspect that the reason he started.

A

The second one was to cure the issues with the first one, um but I don't think anybody thought.

A

That that money would add up to close to half million dollars, so it would be interesting.

A

You know the city in the school board may want to take that on to cure that, but that would have to.

A

Go through a non-judicial uh agreement that type of thing: okay, uh african berry: you want to sign.

D

The letters oh yeah, okay, no there's actually going to do one, the one that has the cc to the daughter.

A

Okay, the reason I wanted you to do too is because I was trying to get his daughters.

D

Somebody do that is that, okay or that's still, okay with you, dana yeah. Yes, that's fine.

C

Quite a gift: yes, exactly and that's why I I really appreciate you going out writing that letter.

C

To the council, uh you know it is kind of odd that you, you know you watch.

A

City council meetings and you see where they accept donations of you know. You know fifty.

A

Dollars for for some park or something and then meanwhile we're bringing in these significant.

A

Estate money that uh never never see the light of day all right.

A

Anything else on that one judy nope, that's it all right, so the african imperial ground would getting.

A

Some more money, some of that money back some of the money back. um They had initially requested.

D

um I believe it was around ten thousand. According to the po 10 450, they had requested from the trust.

D

The um african burial ground committee um and the city had requested that money. The trustees had.

D

Agreed to that and had given them the money and it was for the dna testing sequencing, they only.

D

Ended up spending uh 2946 of it, so they would like to give it back to the trust so before I.

D

Didn't want to deposit it without getting your approval on accepting that money back.

A

A

Second, dana so I'll second question: what's our debt, what's the balance in.

C

That trust, once this comes back, give or take uh around probably around.

D

I want to say around 60, but okay, yeah.

C

Be used for paint, heads or those types of issues with the part correct right right.

A

uh All in favor peter aye, dana yes and the chair vote. Yes,.

A

Okay, cute all right so in your materials, was the or is the final version of a policy statement.

A

You'll recall this is on scholarships that when we were here last time uh you had requested.

A

Some changes, I don't have my redline version, but.

A

I believe that we took out the language relating to the number of schools and the portland school.

A

System right we took out the language discussing it being limited to new hampshire, post-secondary.

A

Schools that still exists in the in the the community trust documents. Community scholarship.

A

Documents which that's! Why we're asking susan morale to address that? What for purposes of this.

A

It didn't need to be in there so and then there were a couple grammatical issues so.

A

This is now posted on the city's website and do you have any questions about it or okay.

A

I don't think we need to vote it again. So all right td.

D

Can you caucus him anything peter? Do you need copies of anything? Are you all set.

B

um I don't think so: okay.

B

You have this one on the larger paper, so yes, I do.

D

Have that as well peter, are you good? Oh, I guess I'll take a larger paper too.

A

You know thank you.

D

It's just the history today.

B

Yeah you get it to come out larger prints than my foreign.

C

Yep I sent it to you. It was in the email with all the other docs.

D

Last week,.

A

Oh yeah, I got it, I got it. Thank you. Yep.

B

But we confirmed with them for next month.

A

Well, I just so dana um you're not going to be here in april. Is that correct, correct all right so.

A

So, let's talk about whether you want them to be here when you're here in may, or you want to.

A

Go forward in april: well, I'm fine either way, I think that's whatever works for the two of you.

C

I mean I, I think I I would prefer to be there myself personally, but.

C

I don't I don't want to. uh I hate to change, disrupt the schedule. Yeah.

A

Yeah, because we right now, we have them coming in april and that's in october, so.

C

uh The issue of april I'm the timing of the meeting, has to be such that you get the first.

C

Quarter complete and I'm not sure they'll have it done depends when the meeting is. uh The meeting is.

D

Well, the meeting is on the night time in april, unless we have a full story review the 19th.

A

Yeah they get their reports out by then or yeah. I have no idea. Well, we always get them.

B

Before that yeah, um if that's the case, do it on the 26th? If, if that's a problem.

A

Well, um uh how much flexibility do you have? What I'm going to suggest is that we keep the meeting.

A

On the 19th, if they tell us they can't have the materials, then we can shift to the 26th.

A

But can we do that? You know a week ahead or is that no, I can't is that. Okay with you dana.

C

uh Hold on I can also when I go, I usually confirm with them a month out so I'll confirm.

D

They already they've already slated to come. I can confirm with them that we'll need the.

D

Quarterly, I think they know that when they come in that they need the quarterly stuff.

D

Can you just put a hold in your calendar for that morning and, let's, let's assume.

A

We're going to go forward on the 19th, okay, okay and then I'll check. Okay,.

A

um You know you might even want to give them a sort of a heads up that we're going to want.

A

Call at least quarterly reports, not not something that's based on end of year, yeah.

A

Okay, so, while we're on this data, your email had suggested that what.

A

We should be asking them is for reports consistent with.

A

um Their quarterly presentation reports that they make when they come in twice a year.

C

Yeah I the monthly report that they've given us, is really nothing more than you know what.

C

We're getting from judy, so my interest was in performance quarter today, year to date, comparison.

C

To benchmark any report we get from them should, in my view, should include that information.

A

Okay, so I I was looking at that and uh the report they gave us back in april.

A

And you had mentioned page four, so I so page four is deals with the scholarship funds. But if it's.

A

Page 411, 18 and 25 that covers each of the of the pepper sponge and okay, and so that essentially.

A

That gives us a comparison to the benchmarks.

A

But it's not giving you a year-to-date figure, which I thought you wanted. Okay, that's true, but.

C

That that that's true, maybe that's something they can add to it. I I don't know how flexible there.

D

It doesn't sound, I don't know how about they're reporting, so they don't realize we're the client.

A

I think they, I think, what they they did. Last time is, uh or have been doing for the last couple of.

A

Months is essentially, it gets somebody to do what you normally do got one report that monthly.

D

Dashboard that I forwarded to you, yes, is exactly I mean it is my report. It looks exactly yeah.

A

um Which is fine and that report my issue with that report is good, but it just gives us.

C

The total dollar you know, beginning balance and ending balance, understood.

D

Yep and it doesn't give us what the investment performance was yep.

C

So, at the end of the day, at the end of the day, that's that's what.

C

Is either quarter? Maybe we just have to.

C

uh Accept we're only going to get it quarterly on investment performance, and maybe that's okay,.

C

I guess we would have to make sure it's okay with everyone with, with the two of you.

A

A

Right now we're on we're only getting it twice a year right.

D

Correct when they come in, I would think we're going to get it.

C

Or we can certainly request it because we've given it to us at least once yeah, yeah well, but they've.

A

Only given it to us when they've come in, so we all right. So what we just to make sure that I might.

A

Call suzanne on this just to walk them through this exercise again, um what we would like is.

A

Month to date, if we can get it and and year to date with the whole numbers plus the performance.

A

And the uh comparison to the benchmark correct is that yeah anything else that you'd want to see.

A

Okay, all right, I will uh tom the only thing I I would say a little a little twist to what you said.

C

You said month to date year to date right it it month to date, is I mean they're going to do it at.

C

The end of a given month, so it's not necessarily month to date. No, that's right! I'm sorry! Yeah yeah.

B

And the other day, yeah yeah- we definitely want to hear today, but but we.

A

We want the month to month, numbers as well right right a month. Date is the wrong terminology, but I.

A

Think we won the monthly performance and then the at least the annual performance. If we can.

A

Get the quarter, there is fine, but I I and and we need to have a comparison to the benchmark, so we.

A

Yeah we're we're.

E

A

I will uh I'll call suzanne.

A

uh If you could reach um judy, if you could reach out to john just to tell him, you know.

A

We we're we're still on for the 19th. We just want to make sure we're going to have the.

A

First quarter numbers: yes, that's! Okay, and I I don't. I don't want to uh be the dead horse.

C

Down but let's just so you'll know what I'm trying to get at. If you look at judy's report.

C

uh On the first page, she has month-to-month performance and, at the very at the bottom,.

C

Of the first chart she says february, to february average percent increase decrease.

C

Minus 8.87 correct, okay, so that's a good number good to know, but that isn't the.

C

Investment performance, if you look dana, if you look at the other sheet that I sent.

D

The month-to-month performance td wells since inception.

E

Yeah the inception, um that's 8.54! So that's what you're looking at for for them. I think.

D

If I'm understanding correctly you're looking at the overall performance since inception,.

D

Date as well as the month to month is obviously important as well. Well, I guess what I'm getting.

C

At is just the beginning balance and ending balance. Okay, it doesn't and calculating the.

C

Difference isn't performance because it doesn't take into account an additions.

C

uh You know withdrawals and what I want to know is the underlying investments.

C

That they have our our funds in what is the performance understood, yeah,.

A

Yeah because otherwise it's going to look like we did real well with the.

A

Mortimer money coming in yeah, yeah right wow, that's a better way of saying it.

E

B

Okay, that's why judy did the column on the right? Editions of subtractions are important too.

D

So that you know what's good, that's not growth, correct.

E

A

All right, you know the the inception. The date.

A

Doesn't mean that much to me until we come around, for you know doing a new rfp, in which case it's.

A

Going to make all the difference in a while, but I'm I'm more interested in seeing where.

A

The trends are in the in the year understood: okay, any other comments, questions on judy's.

A

All right so do we have any checks to sign. We have one one scholarship check.

D

D

We also received a donation in for five hundred dollars um to the futures, account.

D

So if it, if it's okay with everyone I'll go ahead and accept that.

D

Money, so this is a donation to the administrative teacher's account or and or is it going into the.

A

It must be going well, there's only one account, so we only have one account right. It was sent by.

D

Sent by the superintendent asking us to deposit it, so um I just wanted to make you aware that.

D

We received 500 that will be going into that fund. Okay and where did it come from judy? Well.

D

um Janelle and michael fabian p-a-b-I-a-n.

C

School department, the check comes from a morgan stanley account, so I'm assuming it comes from them.

D

And and I'm sorry it's in honor of liz nickerson, so I don't know if that's a student or or a.

A

Well, I I just questioned whether we're supposed to be the intended recipient. Yes, because it sounds.

A

Like there, they wanted to go into the actual scholarships and that's the money. That's managed.

A

Wish scholarships out of our fund as well? They said that's the one that I've been I've.

B

Been there trying to figure out, okay, all right- that's suffered from this one that.

A

The board has, I don't know if there's an administrative fund, that's the one. I'm talking.

B

About that you that goes to pay the uh director right. Yes, okay! So that's not! For that fun! No.

A

Yes, okay! Well, we'll take it if yeah it's intended to be for us, okay and that's all. I have.

A

All right any uh new business judy. This is a an automobile.

D

School divided it up so, okay yeah, they usually didn't even knows yes, they are, but for some.

D

Reason, the community scholarships they divided them up that way. Okay,.

D

The student got it on that particular scholarship. All right, it is weird.

A

um Any new business, any public comment: well, I'm gonna get the public house.

A

There may be somebody behind me, I can't see, because I'm facing dana.

C

All right remind me again how much about we're giving away. We agreed on the scholarships 200.

C

Something thousand yeah, I I want to say it's around 220, but I I yeah okay, that's what I.

D

Thought yeah forget we get that on the on the record tom, just to remind people from.

C

Significant the scholarships are that are given out in the community. Well, that's the end of next.

B

Year, that'll change next year because of the nine hundred thousand uh that just came in.

C

Yes, yeah at least for half of it, yeah.

A

All right: okay, no uh nobody from a public here. So uh unless somebody has some new business, iowa.

A

Entertain a motion to adjourn so move. Okay. Second dan. Thank you did you want to your tennis court.