City of Portsmouth, New Hampshire Trustees of Trust Funds, 15 Feb 2023

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2.15.2023 Trustees of Trust Funds

A

A

Let's begin with a review or approval of the minutes of the last meeting.

A

Do I hear a motion to approve so move in the acceptance of the revised meaning prior meaning.

A

Okay, so you're moving for both yes, okay yeah, second dana.

B

uh Second: okay: any uh comments. Corrections, changes on the january 19th meeting.

A

Hearing, none I'll call the question all in favor peter yes, dana yes and the chair vote. Yes,.

A

So uh if you've got something you want to talk to us about I'll, take you out of order on the.

A

Agenda, no, nothing specific. I just thought I would you know, try to make a few of your.

C

Meetings, so I can get caught up on what you guys are doing: okay, how you do it! What your process is.

C

I know bob's usually hanging around here and handling things for the trustees, but.

C

um I need to learn it as well, so all right well welcome. Thank you. uh Second item on.

A

The agenda is the receipt of additional funds from the state of william mortimer.

A

Did you have a chance to review the memorandum from kathleen dwyer? I did any questions about that.

B

Maybe you you can [ __ ] on where these funds are going. What goes to futures what goes to.

B

The trustees that wasn't clear to me yeah, it's all going both of those checks- are going into.

D

um Mr mortimer had two scholarships set up for the trustees it's to be divided equally into.

D

Those two trusts all the money's coming to the trustees of trust funds for the two scholarships.

E

It was dana, I agree, it was a little.

E

uh Misleading in the memorandum, because I wanted why I went to the school department.

E

Right there was a five thousand dollar payout to or payout uh contribution to, the futures.

D

um That went directly to the futures over at the school department, the rest of the funds, the 886.

D

000 and 25 000 the two checks: those are to go into mr mortimer's: two scholarships with the trustees.

C

Susan, would you like to see this yeah, jim and I'd move that uh we accept.

E

The information as provided uh uh and we request that a copy of the will be folded.

E

To complete our record okay, do you want to.

A

Well, let me ask: do I have a second to that.

B

No, I I mean I don't object, but I don't know why we need to will just as the backup dana just like we.

E

Did in the last one that we got um it came, became part of the record. um Otherwise we don't know.

E

If that was the correct amount, so is this have to be accepted by the city council? No, no.

A

So we only uh this: this is a donation into an existing fund, so it doesn't require any approval.

A

It probably should get a recognition at the city council level, but it doesn't.

A

Require a formal acceptance: it requires an acceptance by us.

B

Well I'll, second, the motion: we can have many other discussion or, if you have any anything.

B

To add to them, uh no, I will accept the second, so the only question is to what degree we want to.

A

uh Have additional due diligence to review that.

A

uh That will well, I just think, just to to clarify our files that we're getting.

E

A memorandum indicated it was going to the school department. I just want to see the backup that we.

E

We do of our things correctly, so I got you [music] um well, I mean I'm inclined to support the motion.

A

Separate from that comment about the memorandum, the only question I really have is.

A

uh The direction to split the two checks into the two existing.

A

Accounts equally, could I propose this to you. I would like to get these checks deposited to.

D

Deposit, both checks into the checking account come back in march with the proper documentation that.

D

You want and then at that time we can, we can agree or you can talk about making sure that we split it.

D

Into both, but let's get the two checks deposited, it's a lot of money yeah and I can hold it I'd.

E

Agree with that, okay, that's part of my motion. All right. Are you comfortable with that dana? I am. I.

B

One more question, though, was there an attorney who settled this estate? Yes, yes, there is yes.

B

Thank you, so maybe we need something direct from the intern yeah, that's what yeah I have.

D

His contact information, I'll reach right out to him shouldn't be a problem at all.

A

With the check right, he hand delivered it to me, so I've met him. I have his card, it's not a problem.

D

Right all right, good, okay! Well I'll! uh Would that uh caveat I'll call the question uh all in favor.

A

Aye, okay and the chair both eye and thank you, mr mortimer. Yes, all right, very substantial, generous.

C

Donation having um having served with him as uh when I was on the police, commission and.

E

Also serving with him on the futures board, uh he very much had a soft spot in his high.

E

For the city of portsmouth and its students, yeah, obviously yeah, okay, tremendous gift, I'm.

B

I wish it was some way for us to recognize him. Well, I can talk to karen kanai, um the city manager.

D

And she might want to bring it forth and you know just have it recognized by the city council. I'm.

E

Sure and maybe through the attorney that you're going to be talking to. But I know if there's any.

E

Survivors, I believe I know his wife passed away. Yeah there might be a niece or a nephew.

A

Or something so: okay, if I don't know what the process would be, but if the council needs a letter.

A

Or something, then we could okay, I can do a letter to them saying just bringing to your attention.

A

Etc, so that would end up at least being in the city council. Yes, what would is that was that I.

C

Think that would be great okay, yeah all right yep. The mayor can read it into the record. Yeah.

A

All right item three on the agenda is the scholarship donor letter.

A

Nice job to and we'll uh we'll we'll stand corrected on the number of schools in the.

A

System well, but but tom, I think if you're going to have a number in there, we should include st pat's.

A

Okay, well, then, then, you got the portsmouth christian academy as well. Well, you said elementary.

E

I don't know: portsmouth christian academy also says publicly funded though yeah yeah, but we.

E

Want to make sure, though, uh dana, that we're trying to get people to contribute to this.

E

Who's whose kids may not go to any of the public funded schools so.

E

I I think we want to make it as widespread as possible.

A

Copy system see what you're doing.

A

The draft of some language which will go on the trustees website and include a pdf.

A

Sort of a how to what your options are, if you want to contribute to scholarship funds.

A

So lawyers and others can simply download it and use it as a guide for their clients. Instructions.

E

um John, where did you get the 20 percent the ranked in uh so that that paragraph actually.

A

Came from stephanie and really and there's a link there that I think that comes from a.

A

Okay, a review that's done annually in the state of new hampshire. I thought I thought we ranked.

E

Top 10, when there's over 200 school districts, the high school jobs, yeah.

E

I don't know right well this this was meant to be generic. It's this, presumably, is not going to.

A

Be revised every year, so yeah, um so uh the first suggestion you made dana would be to.

A

Eliminate the first paragraph of the language to go on the website.

B

B

A

Well, I think it was just meant to be an introductory yeah.

A

I I don't see the harm in it, but if you're offended by it I'm happy to no no and.

B

It's just the whole uh whole document started to get a little long.

B

A

Okay and then we'll we'll.

A

I guess to your point: peter.

A

You could we either have to take out the publicly fund. Well you it could also.

E

A robust public funded school system and then take out that encompasses.

E

Middle school, high school and elementary alternative, you know.

E

Originally, through a robust.

E

Funded, I don't know, I don't know that you need to say pre-k school five uh k-5 elementary. I think.

E

That's a little superfluous okay! um I can. How do you feel about that? Dana? That's fine!.

D

So so you're gonna remove that. So I I will remove the language, so it simply says a.

A

Robust publicly funded school system uh that uh ranks among the top 20 in the state, yeah, okay,.

E

And I would just ever reject and make sure it's with that. 20 make sure that we're okay and then.

A

The last comment is in the pdf document itself and I agree with you dana that we.

A

Ought to include a statement that says that if you pay by check note which scholarship fund.

A

Either, on the memo section of the check or in a any accompanying document,.

A

uh So I'm what that's on page two at the bottom yeah, but I'm on page one: okay,.

E

um Recipients of community scholarships are not limited to graduate supports. My.

E

High school, they may also be awarded to any portsmouth resident. Who is a graduated of.

E

An accredited secondary school: why does it have to be new hampshire? We get kids.

E

Going to berwick academy uh from portsmouth, where you got kids going to governance.

A

Number one.

A

Oh okay, we're in the pdf; okay, oh okay, after the intro yeah.

A

Okay, what are we doing? Yeah? That's a good point.

A

All right well, there's there's a problem, because when we drafted that to the community scholarship.

A

It says that the qualifying senior is one that is a graduate of portsmouth high school.

A

Or a portsmouth resident that is a graduate of an accredited new hampshire, secondary school.

E

Well, we were wrong in doing that, in my opinion. Well, I think I think you're right.

A

Yeah, so I think we we may want to go back and look at that, but keep in mind that we.

E

That's why policies are made to be amended yeah, but we'd have to go back to the city council.

A

We might have to go back to the ag's office or the non-judicial. You want to see what.

A

We're talking about or I have she has yeah, I don't know you have to go to church the actual.

A

So, just for background back in 2019, we set up five community scholarship funds and we funded.

A

Them through uh consolidation of a lot of very small uh individual scholarships that were so.

A

Small, they weren't generating scholarships, and then they had certain substantive areas such.

A

As study in the arts or in stem or or education generally, and at that point we we created these.

A

Trust community scholarship funds in trust, and we included that reference to either being it didn't.

A

Have to be at portsmouth high school, but you had to be graduate, but you had to be a graduate of a.

A

Of a accredited new hampshire school high school, if we wanted to go back and change that provision.

A

Do you think we would have to.

A

Presumably we'd have to get the city council to approve it because they signed off on. This is.

C

Their policy right do you think we'd also have to get the uh no. I don't know what the rules.

C

Are for the charitable trust, but I can try to find out. I mean you're, not changing your trust.

C

It documents just the policy, no no see the problem is that that's in the uh we'll tell you what.

C

It's in there we can't change it now for purposes of this document, but if we want to look at that.

A

Which it sounds like we do yeah then, but I you know, I just want.

E

To be careful before we put something else on the website that we feel may not be correct.

A

But what do you mean by not not correct because it's inconsistent with the with well? No no yeah.

E

Let's find out what we need to do before we go ahead and and make the changes to the website.

A

A

C

Do you have the original trust I can send them to you? Okay, yeah. There are five different.

A

Trust documents are all the same identical though yeah and they and they think that.

C

They reference new hampshire, secondary school in the trust document yeah. So you probably do.

C

Be my guess, educated guess when you make a change like that, but.

C

I don't know how difficult it is. Yeah just a process might take some time. I I don't think it's.

A

Going to be difficult, the question is whether we have to go through certain steps. It's.

C

And I would think you'd hearst changing the language of the.

C

Trust before you ask the city council to change your policy.

A

Well, no, I think the problem is that I don't think we can change the language of the trust without.

A

Getting the charitable trust unit of the ag's office to sign off on that change, and it could.

A

Be done as a as a non-judicial change, I think. um Well, if, if we go that route, that's going to take.

A

A number of months: well, I'm happy to make the call to the ag's office.

A

Yeah they're going to want you to submit documents that it really should be done by. I.

D

Said I'll get you copies of the documents I'll get you the contact that we have there and yeah.

D

Well, tom donovan has left right, tom's laughed who took over. I can't remember off the top of my head.

D

I have spoken with her once um but um remember her name yeah, but I do have the I do have her.

C

Contact info, we can get the process started but, as you all know, ag time runs slow yeah. That's my.

A

Contract yeah, so so part of it is that it wasn't that the city simply set up these uh community.

A

Funds, scholarship funds and then funded them. It's that we took other monies of monies from smaller.

A

Existing scholarship funds that- and we had to go through that process with the ag's office.

A

To get authority to consolidate those into the community fund, so um I suspect they'll give it.

A

Us the okay, but I the question we have is whether we really have to go through that at this point.

A

And and I'm guessing this may be an issue in the future because, as community scholarships.

A

They probably will be need to adjust with the time so to speak in terms of changes in educational.

A

Opportunities things of that nature, but um so I think I think we should do that.

A

Process but I guess I'd like to talk about whether it's necessary to put this off or.

A

A few months I wouldn't want, I would not feel comfortable putting something just if we made.

E

A mistake before by multiplying it by doing it again, uh uh if we take out, I don't know, I.

E

I could you just remove that piece for now and add it in later. I'm just asking the question.

C

You'd have to go back to city council to amend the policy. No, I meant on just on the website. Just.

D

Remove that remove that paragraph, until until it's determined and be able to that would be the best.

D

I mean tom, I mean it's a way to get get it up.

D

On on the site, without you know, how do you feel about that dana.

D

B

No, no! I'm! Okay! That's fine! So I just removed the second sentence in that paragraph.

B

That's what I would do. I've left the first one: okay, okay, right.

A

And let's uh but let's still have yeah yes, and so what I'd ask each of you to do is in the next.

A

Week or so, if you can look at that one of those and and would you send around another copy so.

A

We're gonna have to dig through files. Do you want all five or do you want just just one, because.

A

And the question, if you see anything else in there, let's do it now, instead of once you're a good idea.

A

Okay, all right and the other uh comments or changes peter, no anything other thoughts, dana.

A

Okay, all right, so uh I.

A

Subject to the amendments and changes we just made I'll call the question uh all in favor, bye.

B

Okay and the chair bush, yes,.

A

All right finally got that done.

A

All right judy, you want to take us through the prescott park and.

F

See what we're talking about surprise visit here.

A

Which one we looking at, we are looking at the five-year rolling average.

D

So this one peter, do you need a copy? Would you like.

A

Yes, I thought I'd printed. It out.

D

Okay, so, as you know, every year um the prescott park, trust contributes a certain amount of money.

D

Voted on by the trustees towards the maintenance of the prescott park, which now the city oversees.

D

Originally, the trustees had been overseeing the whole process, but a few years back that was.

D

Transferred over to the city, but the prescott park, trust does contribute funds every year towards.

D

That ongoing maintenance and the trustees have used traditionally the five-year rolling average.

D

Based on the investment in the investment fund, um if you look in the middle of the page, okay.

D

There are your that's the total, fair market value of your um prescott park trust, so the five-year.

D

Rolling average for this year is 5 million six hundred and twenty seven dollars. Eight.

D

Oh five million six hundred and twenty seven thousand eight hundred and thirty six dollars.

D

um Last year it was five hundred uh five, oh god, five million five hundred and eighty five.

D

Thousand so you know your rolling average has increased because overall we had some bigger years.

D

um That have gone into um you know. It changes me a year based on your last five years,.

D

So down on the bottom of the page, looking at the projected interests we've been running.

D

um Around three three percent so far um for this fiscal year.

D

Based on that um that we, I have given you several scenarios for you to look at last.

D

Year, you approved at a 3.65 rolling average rate and the total amount of the funds that the.

D

Trustees contributed from prescott park was 203 900 dollars. um I am recommending this year to try.

D

To keep it pretty close to what we did last year because of how how the market has been performing.

D

So I have recommended at a 3.625 which brings us to 204 000 for a contribution this year.

D

um I'll talk about the marine maintenance trust in a minute, but I have given you other scenarios as.

D

Well, if you, you can see the previous year at the 3.65 percent, using the current numbers, it's two.

D

Hundred and five thousand, if you did the original target used to be four when the um trustees were.

D

Overseeing it, that's a lot higher at 225. um I also did one on the far right at 3.5 just to see what.

D

It looked like, but my recommendation is at the 3.625 for 204 000 contribution for fiscal year. 24.

A

Questions about that. No, I.

E

You think they might have been because of costs growing up. They might have been expecting more.

D

um I don't I mean, I think that you know peter knows that you use the rolling average.

D

I think that they're planning accordingly, I think that they, they at least we're hoping to.

D

Receive what they have gotten in the past year and kind of build off that.

D

um I did increase if you look at down at the bottom. The line for the marine maintenance.

D

Trust you've always voted for the last several years. At twenty two thousand, the docs are making.

D

Enough money that we could actually contribute to 23 and I'm recommending 23, because I do know that.

D

The costs of bringing in for the um part-time salaries for the doc that they won't would like.

D

To increase those to be able to get the help at the docks, so I'm recommending just to jump.

D

Up by a thousand dollars from 22 to 23 on the contribution from the marie maintenance trust.

E

So I would move two hundred and four thousand from the park. Investment and 23.

E

000 from the marine maintenance trust, slash, docs, yeah, totally 227 000.. Do we hear a second.

A

No thanks. Okay. Can I ask a question first, of course, but.

B

Judy, where did the 147 37. from projected annual income.

D

I'm sorry, I don't understand second group of far far left column.

D

The 197 no 147 237. it's under section c. It's uh if you look up at the.

D

D

Dividend return at three percent.

B

D

Hold on percent of the fair market value.

D

No fair market value not cost. I did the fair market value.

D

Because that's what we get interest based.

E

The rolling average the five-year rolling average correct it's a five-year, rolling average.

B

I just don't understand the math, because when I take three percent of 5 million 358, I get 160 742.

D

D

I mean I've run it a couple of times.

B

Yeah 147., let me do it a different way: 147 237.

B

5 million 358, oh.

B

Man, yeah that comes out something's, not adding up.

D

Okay, you're taking the 125 266 times 3.6 and bringing it across for four or five.

B

I'm sorry, if you, if you I didn't, do each individual line. I just went to the total.

A

Well, but maybe I'm I think the 147 comes from.

A

It's an estimate income. It's an estimate of our investments with a 3.1 percent.

A

uh Expectation, but that doesn't mean we were limited to that in terms of how much we draw.

A

Out because we're doing it on the four-year average five-year average. Well, it also also it.

E

This that doesn't allow for any increase in the in the book. The the investment that's.

A

True yeah well, but just are you following the susan you're way beyond my math capability.

E

E

Is our annual return from interest and dividends right, yeah and the reason we.

E

Get higher than that is we base our contribution on the fair market value.

E

Because and that's how you would get I I understand all that I'll double to oh.

B

Yeah I'll go back in and look at the spreadsheet, dana and double check it.

B

It really doesn't matter because all you're doing is to come up with 0.5, 400 or 225. Your.

B

Adjusting line is what you take from endowment right, because I understand that right, correct.

B

Okay, but so I just want to make sure just like peter on on the website, you want to make sure.

B

It's accurate and you know I want to make sure our numbers are presented right and just one other.

B

Comment, you know we have that um as judy pointed out at four percent, we label it target, which was.

B

From years and years ago, when the trustees had a managed to park and with our own funds,.

B

I'm not sure in today's world target's an appropriate heading for that. Okay, I.

D

Can change that I didn't want someone to think that's what we're shooting for or that's what.

B

Our goal is I'm happy to change that to another term. What would you like yeah any suggestions.

D

I could do scenario, one scenario two: how about how about, if you did how.

E

About where it says, target you just put the ampersand at four percent three point: six, five.

A

You know just just to be clear, so the four percent was like an industry standard 10 years ago, right.

A

Right whenever you had these roles and it had to do with what what had been set up when the.

D

Trustees were obviously managing itself, paying all the salaries doing all of that. So well, no that, yes,.

A

So my memory was that you may recall as well dana that the four percent is what we were advised was.

A

A not to exceed cap unless, unless there was a financial expediency- and we consistently were.

A

Running 4.2 4.3 even up to 4.5, because we, the cost of the park, was going out. So this was again.

A

10 years ago, so that's what it what that target is, is the it's a number not to exceed it. Isn't a.

A

Goal: yeah, in fact, that that's the good heading tom right there not to exceed okay, not to exceed okay.

D

A

So you just do quell any concerns. Would you just run the numbers again on that? But yes.

A

um But the motion was to pay the 204.

A

000 and 23 000. 104, plus the 23. yeah and just just and just to be clear in the record on the 23.

A

That isn't uh contribute toward the cost of operating the docks that was to pay down.

A

What the pay down of the loan is, after the cost of the operations of the docks, always.

D

Has been it used to stand alone when, when the trustees were managing it themselves, it cost.

D

About twenty two thousand dollars to run the docs and then in addition, you would make the.

D

Payback of the loan, which this past year was 45, 000 or whatever it was dollars, so that money's.

D

Taken out first, and then whatever's left over is what the loan repayment is minus.

D

The five thousand dollars it stays as a per the requirements of buffer um in case for any added.

D

Expenditures, okay, but so so by taking that extra thousand dollars and what we're doing is reducing.

A

What we're going to pay but but we are now the fee committee- is going to look at upping the rates so.

D

um I think that it will balance itself out. um It's not going to. It will lower your payback.

D

By a thousand dollars, but if they're having a problem funding the docs for the salaries, I think.

D

You know I mean I know that they want to bump their guys up because they're having a hard time.

D

You know people don't want to make 14 an hour or whatever, when they can go down the street to.

D

Hannaford's and make 16, or something too so I know that tim has has been a bit of a struggle.

D

um So the thousand dollars would help with that. So that's why I requested that.

E

That thousand may make us money. It may make us be able to take in more money if we are able to make.

D

They are, they are looking at increasing the you know. Oh shoot hang on one second,.

D

I'm waiting for dana.

D

Usually I see the countdown I didn't see it today.

C

You have to keep refreshing it. Well, it's zoom, so free zoom is limited to.

D

The 40 minutes, and so I know that um pat and it is looking to his dinner.

D

um We're looking at other we're going to start using teams. Yes with teams, 65, yeah, sorry, dana.

D

Oops audio yeah, I'm here; okay, yeah! Sorry about that! That's, okay! We both lost track.

D

So yes, so that is why you know the additional thousand dollars and the fee committee is like.

D

I said it is up to review that as well, so I don't think that it will be a significant impact if an.

D

Impact at all on the repayment of the loan- that's what I was trying to get at. Okay, all right, any.

A

Further discussion on peter's motion hearing, none I'll call the question uh peter yes, dana.

B

Yes from the chair vote. Yes, thank you. Okay, john john, just.

B

Raise a good point: you know it's a little bit of semantics, but the fact is the contribution.

B

Is the 204 23 is: is repayment of the loan? No? No! No! No! No! The the the 204.

D

000 is contribution the 23 000 of the contribution from the marine maintenance, trust and marine.

D

Maintenance trust earns every year about seventy thousand dollars. First per the trust it covers the.

D

Operation costs of the dock and then the remaining monies of the repayment of the loan. So this twenty.

D

Three thousand dollars is my estimate of what it's going to cost to help fund the running those docs.

A

Okay, so the trust doesn't earn the money. That's the money that comes in correct.

D

So correct they trust holds it yeah, the docs, the docs. You know through their fees.

D

You know people come in and go to the a play: pay. The four dollar a docking fee. We've got.

D

The 12 slips that we a lot use the lottery out, though, that income is used to re. Do the repayment.

D

Of a loan and help fund the operations, so do you understand the nuance? Can it.

B

See so just so, I understand this judy. Yes, those fees that we collect. Yes, plus this twenty three.

B

Thousand dollars operates everything the 70, the 70 000 that we get in a calendar year for that doc.

D

Twenty three thousand dollars goes through fees through through the um 12 12 doc.

D

Summer, rentals, um the fees for people coming up all of the fees that that money that we collect.

D

Are the total revenues are between 65 and seventy thousand dollars every year? 23 of that is what it.

D

Costs to maintain operations of the dock- the remainder is a repayment of the loan to the.

D

City, but holding back an additional 5 000 in the checking account. So all those revenues that are.

D

Generated all summer long at the docks that those monies go into the trust. So any money that comes.

D

Into the marine maintenance, trust is based off of all those fees. The revenues off of the the doc.

D

Rentals, that's you know electricity. We do charge for electricity. You still have a question dana.

A

Yeah, okay, all right! Let me let me let me just forget using the term trust, because that that.

A

Creates the impression there's a corpus there that is earning money, so just think of it as the marine.

A

Maintenance function generates about seventy thousand dollars a year in income right back when.

A

We were running the park, the cost of operating the docks was about twenty two thousand dollars.

A

And so uh from the money that would come in from the rental of the docks and that type of thing.

A

We would pay that twenty two thousand dollars and then at the end of the year we would disperse all.

A

But five thousand dollars of the rest of it as a pay down on the loan that we took from the city to.

A

Build the docks! Yes, I get that okay, so so, what's what's essentially we're really just doing this.

A

Exercise because the city wants to continue to treat that loan as if it's on the book somewhere.

A

um Even though it has taken over the functions and so uh what, where we're continuing the.

A

Tradition of taking the first 22 and now 23 000 out of this revenue and allocating.

A

That as a contribution to operating expense and then the balance less, the 5000 hold back.

A

Continues to pay down that loan correct! Okay! That's the way! I sorry. If I confused you.

B

So so it is a contribution to operate operations. Yes, yes, well, it is, but it's.

E

It it's generated from the fees. That's right, that's why I say we're really. This is a fiction.

A

That we're doing good yeah the city wants to carry that yeah; okay, okay, all right so that passed! Okay.

D

Thank you, um the td reports I had forwarded on the new dashboard from td, which was that one page.

D

For myself I am continuing on with the other two pages, so I'm just going to continue to.

D

Give you copies of those, because I think you might like to see them it's something that I.

D

I use so I just as soon continue to share those with you. If that's all right.

F

D

I'm going to talk about this one peter, that's for you. I did that one for you.

E

Would you send that one to uh td as well? I believe I sent them all. Three I'd have to go.

D

Back and look at the email, but oh no, I did not. No, I did not so the first one with the bar graph.

D

Is your january january comparison of all four of your investment funds total um just like to.

D

See how it compared from this pat this january, compared to last january and kind of what the.

D

Trek is looks like it's regained a little bit um as of you know this january, but you know the last.

D

Few months have been kind of very up and down, as we all know so, um but it's the same report it I.

D

Haven't changed anything to this report? It's the same report that I've been giving you every month.

D

Second report used to be across a big graph sheet of paper, with very tiny writing and basically.

D

That is tracking of the investment funds since the inception with td bank, and I changed it around and.

D

Made it bigger font and put it down so that it was easier for everybody to see, and I think you can.

D

Still follow but the inception date is the date at the top, and then it goes each month down and you.

D

Can see the you know, ups and downs, you know how much has increased or decreased percentages and.

D

Then, in the far column is always that column just making a notation of what we draw out for you know.

D

You know what we just voted on like the prescott park or to re. You know make sure that the.

D

Scholarships have their money and that sort of thing, but it's just kind of a revamp to make it.

D

A little bit easier to read for peter's request that just makes it better easier to follow. Okay,.

D

So but it's just something I'm continuing on and I still want to go back and try to.

D

Do that grouping from inception the very beginning of investments dana? But it's.

D

Just going to take me some time to to get that reconstructed, but I know how much you do like.

D

That one and I want to I want to get back to getting that one out quarterly, as well.

E

When do we meet with tv again, that was a question that I I was going to ask you.

D

I mean we need to set up our april meeting. We traditionally have had them coming in in april.

D

So I don't know if, if that's what you wanted to do, but I was going to bring that up. Yeah yeah.

E

Yeah I want to have them, explain how they think they've done.

E

Nobody did well last year, yes, um but before we do that yeah so.

A

um The report that you're talking about since inception inception with td or inception no.

D

Inception from the very beginning of when the trustees were doing investments, it went back to.

D

I mean what year did you guys start with that? Well, I was in 2004 or something like that. Those or even.

D

Like 1998 or something like it went way back, I think it was uh 2007. We were your first east dana.

A

In 2007., no, I don't think so. Okay, it was from the very beginning, the very first you know when they.

D

Decided to put this out to an investment firm and and before that, the trustees are actually managing.

A

The money yeah, um so the report that you've traditionally given us, which is not a month.

A

To month summary, but a year after year, summary, is that what you're talking about or is that.

A

um No, it was actually done quarterly, it was it had the quarters and then the total year, um peter tory.

D

Had developed it and then when we switched and everything I just got behind and and and creating.

D

That I'll bring uh yeah, I'm gonna put it on the forefront and try to bring that in so that you.

D

Could see because, okay, um one of the things that I always liked was that sort of year-end statement.

A

um That showed the amount under management at the end of every year and it went back to 2007.. That's.

D

The one I'm referring to, but it had quarters on it as well. I don't remember the quarters.

A

Yes, but yes, the year to year, that's the one I'm referring to tom and that's the one I would like.

D

To get caught up and with the tv numbers and yes, it gives you a long-term picture. Yes, sometimes.

A

When you look at particular months like in this year, you you don't even want to look you like.

A

You yeah you like to say: well, let's go back a few years, but it's that long. Let's tell a story. Yeah.

A

Okay, any uh any questions of judy about these reports.

E

uh Judy in this one here, yeah the last one where it's january, 23. yeah and it's in red.

A

But it should be in black. Oh that's! That's probably just an ink thing.

D

So I will I'll look at that peter yeah. We don't want it to be in red if it should be.

D

In black well yeah, but I think it should be in black all right I'll. Take a look at that.

D

That was just probably a font thing when I was changing things over, so I apologize no problem.

B

Foreign when I first got the td report.

B

And you know, I sent a quick email with a comment, and it applies to your recap too, which is which is.

B

Which is excellent to see, and the good news is at at least for december and 22, which is you are.

B

5.13 matches what td's dashboard reports, but what my problem is all the time on all these reports.

B

Ever see a at least a quarter today and a year to date, investment performance. What.

B

We see is the change in value of the fund and it's.

B

It it just doesn't tell us what tv is performing as an investment manager.

B

So what I'm trying to say is when the change in any particular fund is reflected in your report.

B

Tds report- that's good, but if we're adding or subtracting distributions.

B

That impacts the value of the fund and the change month to month. That doesn't tell us what the acid.

B

Allocation performance has been on the investment all right. Well, let me take another stab at that.

D

Let me see, I don't think you're going to be able to do it. Okay, because that that is a software td.

B

Thing and they actually have given us that when they have come in and given up the um their.

B

Their quarterly or semi-annually update, we have gotten there, but we never get it on the internet.

D

So maybe that's a question that we want to ask them when they come in.

D

If they could get that monthly or at least quarter okay, quarterly is fine.

F

I mean what that dashboard did literally. Is some regurgitation yeah exactly.

A

Looks pretty with the colors, though? That's even my graph.

D

Okay, so um that being said, um if we could pick a date for april which we have not set.

D

Up and if you do want td, I will reach out to them. Okay, um if that's okay, I.

D

Don't have any checks to sign by the way, really yeah that for adapts, no value to us.

E

And the true value yeah dana. Could you.

A

Give a little one paragraph summary of what you'd like them to do to pass on to judy, so that she can.

A

Send that to them, and so there's no communications issues yeah. Yes, please! I I'll see if I can dig.

B

Out when we were first doing this, I sent some sample reports I'll. Do it again? Okay, thank you.

A

Okay, all right, so um nothing else on the td reports other than setting a tampon okay, we.

A

Have no checks to design or anything correct, uh you're, the only member of the public, no.

C

Thank you, okay, all right! So, let's, let's look at our calendars for uh april may and june.

A

So we're scheduled uh march 15th in the next meeting. I am not going to be here on april.

D

12Th just to let you know so right, you want to do the following week: the 19th april 19th.

A

It's good all right.

A

And uh peter is that, okay with you, 19. 18th of april, is right.

D

Okay, all right and how about may 17th or the 24th.

E

What how about you peter, I like the 17. all right: seven, how about you dana.

A

That's good, okay, all right and then june and.

A

June, I'm away on the 14th on the 14th I'll be gone the week of the 14th. So how about the 21st.

A

21St, dana good okay, uh when when do you get back, do you think.

B

uh Around me, first may, 1st, okay, so you'll be present for the may and june meetings. Yeah.

A

All right do you want to just leave that or go further out on the dates yeah? Let's leave.

B

It because I'm in the middle of planning, some tricks- okay, all right great, any other new business.

A

Movie adjourned, okay, through here a second all in favor, all right, all right, bye, great.