Commissioners of Trust Funds
Minutes and Agendas
Listing files in 'Trust Fund Comm.'
|Members of the Commission
|David Stevens, Chairman
|Tyler Gray, Member
|Andrew Sammarco, Clerk
Town Contact : Steven Venuti, Town Treasurer 978-540-2450
The general Laws of the Commonwealth provide for three Commissioners to administer those funds that have been bequeathed or acquired by the Town for special purposes and which use primarily the annual income, as derived from the investment of such funds. Whereas the Treasurer has the full responsibility for all the funds of the Town, the Commissioners participate as advisors to the Treasurer for the investment of these funds in order that there is a steady income for the purposes intended. It is also the policy of the present Commissioners, that the invested funds should increase in value, as consistently as possible, as conditions allow. The funds therefore are pooled, or combined into one major fund, participating in the congregate investment in proportion to the basis of their individual value.
Fund balances increased as the stock market rose again in 2016. The total market value of the Trust Funds ended calendar year 2016 at a record high of $5,120,241 generating $173,213 in income. Total distributions from the funds in CY 2016 were $198,655 based on income generated in the previous calendar year. The funds currently have over $2.8 million in available expendable funds. The Commissioners have also authorized the disbursement of $137,033 during 2017 from the 2016 earnings. It is the policy of the Commissioners however to expend only the portion of the funds generated by interest and dividends. Capital gains are allowed to accumulate within the funds enabling additional income in future years.
The entities that will participate in the distribution of this money include:
- The Cemetery Perpetual Care Fund supports the operating budget of the Cemetery Department.
- The Rueben Hoar Library - several separate funds from separate bequests and fund raising efforts of the Library Trustees. A portion of fund these funds partially offsets the Library operating budget.
- The School Department - there are five contributing funds that benefit projects for the Town Schools.
- Scholarships - there are five scholarship funds. The Littleton Scholarship Trust administers three, the Commissioners administer two. See details regarding the F. M. Kimball Second Fund and the John C. and Eunice B. Morrison Scholarship Fund .
- Littleton Lyceum - 2 funds provide annual donations to the Littleton Lyceum for their operations.
The detailed accounting and distribution data for these funds appear every year in the Annual Town Report. The Commissioners are elected for a term of three years.