1991-02-28February 28, 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 and Mrs. Remare.
The minutes of the last meeting were read and accepted.
On the Quarterly report dated December 31, 1990 it was noted that the Principal
amount of the Trust Funds was $1,749,302.79 and the Income account was $241,497.14.
The Principal amount consists of the following: 72.1% invested in Fixed Ix.come,
U.S. Government Securities and Agencies, 24.4% invested in Equities, 3.5% invested
in Cash and Equivalents.
A thank you note from the Beverly Female Charitable Society, signed by Ruth
Prichard was received for the donation given last fall.
An account '"Special School Funds" was set up as of July 1, 1990 in the amount of
$17,500.00 but tg was noted that the actual amount in the account said $16,056.18.
Shawmug Bank will be asked to explain difference.
Jim Dawson inquired about the fee schedule in the original proposal from Shawmug.
It was noted that the charge is 1.00% of the first million dollars and .75% of the
next million. The cost for Fiscal Year 1989-90 was $17,746.00 which was correct for
the amount of our Trust Funds. We were in agreement that the charges are rather
excessive mainly because they are a large Boston bank. A local bank would have
considerably lower fees. At a later date, we will ask for new proposals anD, if
necessary, put it out go bid according to the New Procurement Law.
The annual report for Fiscal Year 1989-90 was signed by Lawrence M. Smith, ,lames
Dawson and Alice M. Remare. A call go Michael Nardella to request his stgn.{ture
will be made.
A request to have quarterly reports which contain "Account Summary" mailed to
each commissioner will be made of Shawmut as some have not been receiving them
each quarter.
Because our account will be turned over go the Shawmug office in Worcester, we
will have a new Administrative Officer, Joyce Daley instead of Mark Bergin.
Therefore, we are requesting a meeting within the month go discuss changes :ln the
setup of our Trust Funds with Joyce and Mark. We will ask them to prepare
recommendations for a restructuring of our accounts, perhaps separate accounts
for the three largest funds namely, Cemetery, David Lynch and Nancy Millegg and
the smaller accounts grouped together. It was suggested that Shawmug could give
examples of other Municipalities of our size who have their Trust Fund accounts
handled by them.
There being no further business, the meeting adjourned at 9:45
Respectfully submitted,
Alice M. Reinare
Clerk, Commissioners of Trust Funds
City of Beverly