1995-01-26
January 26, 1995
The Eighty-ThirdAnnual Meeting of the Commissioners of Trust Funds
for the City of Beverly was held at the Beverly National Bank at
8:00 A.M. In attendance were James Dawson, Lawrence Smith and
Judith Mulligan.
The Annual Report for fiscal year ending June 30, 1994 was
discussed. Powers and Sullivan, the auditors for the City
Beverly, have recommended that the Annual Report be restated to
show all assets at the lower of cost or market and that all gains
and losses be redetermined using this value. The Commissioners have
requested Beverly National Bank to comply with these
recommendations. The Annual Report will be reviewed for acceptance
after these changes have been completed.
Lawrence Smith was elected chairman for fiscal year 1995. It was
suggested that an additional member be added to the Commissioners
of Trust Funds. Mayor Scanlon will be contacted to consider this.
Requests for funds were reviewed and it was voted to make the
following contributions from the Nancy Millett fund: United Way-
,5000,Beverly School for the Deaf- $2500, and Beverly Little
League- $1000. The Commissioners ratified the donations discussed
at the October 6, 1994 meeting.
A motion was made by Lawrence Smith to set the date for the Annual
Meeting as the third wednesday in September of each year. The
motion was seconded by James Dawson.
The Commissioners discussed a notification of rights offering by
Beverly National Bank in October 1994. It was voted to decline the
offering with Lawrence Smith abstaining.
Respectfully submitted,
Commissioners of Trust Funds for the City of Beverly