1993-09-16September 16, 1993
The Eighty-Second Annual Meeting of the Commissioners of Trust
Funds for the City of Beverly was held at the Beverly National
Bank at 8:00A.M. In attendance were James Dawson, Lawrence
Smith, and Judith Mulligan as well as James Rich arid Steven
Curran of the bank's Trust Department.
The Annual Report for the fiscal year ending June 30, 1993 was
reviewed and accepted. Subsequent to year end, the assets were
allocated into the following five groups as requested: Cemetery,
David Lynch, Nancy Millett, Library and All Others. Mr. Rich and
Mr. Curran explained the method used to distribute the assets ard
income among the five groups. The Commissioners approved the
adjustment of Book Value to equal the fair market value of each
asset as of June 30, 1993 which was the valuation date for
separating the funds. Tax costs will remain the same.
Requests for funds were reviewed and it was voted to make the
following contributions from the Nancy Millett fund: the Beverly
Regional YMCA - $2500 and Mc Pherson Youth Center - $2500. A
request'from the United Way dated February 19, 1993 was tabled.
It was decided to request a new letter from them seeking funds
for the 1993-94 fiscal year.
A letter will be sent to the Trustees of the David Lynch,
Cemetery and Library Funds asking for their input and advisement
as to each fund's income requirements. Based on their response
the CommisSioners will determine the appropriate investment mix
of equities, bonds, and cash or cash equivalents for each fund.
The meeting was adjourned at 9:45 A.M.
Respectfully submitted,
Judith A. Mulligan, Clerk
Commissioners of Trust Funds for the City of Beverly