1991-06-20June 20, 1991
A meeting of the Commissioners of Trust Funds was held at 8:30 a.m. at the
Beverly National Bank. Present were Messrs. Smith, Dawson, Copelas and
Mrs. Remare.
A discussion was held regarding the allocation of funds, should we remain
with "pooled asset allocation" or change to "fund asset allocation". Joyce
Daley from Shawmut Bank sent a report with all the gains from various funds
credited to the trust fund from which the gain was made. We noted that the
interest income for the Nancy Millerr fund changed from an estimated
$13,500.00 to less than $7,500.00 by changing the allocagion from "pooled
asset" to "'fund asset" allocation. Therefore, the Commissioners voted to
keep the allocation system as it is presently done through June 30, 1991,
then it will be reviewed again.
The Commissioners voted to seek proposals of an investment management account.
A specification list will be produced and sent to various local banks and
to each of the Commissioners. After the proposals are in, we will meet with
the representatives of each bank on an individual basis at the Beverly National
Bank. Peter' Copelas and Alice M. Remare will make the decision as to the
winning bank as Messrs. Smith and Dawson should avoid a conflict of interest.
A request was received from the Beverly Regional YMCA asking for a donation
in the amount of 97,500.00 to help in their "summer camp program". The
Commissioners voted this one-time donation, with a note that future donations
will return to subsequent levels, but any request will be considered.
The meeting adjourned at 9:25 a.m.
Respect fully submit ted,
Alice M. Remare, Clerk
Commissioners of Trust Funds
City of Beverly