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State treasurer discusses college savings revenue transfers and Ben Thompson trust review with finance committee
Summary
State Treasurer Monica Mazzopelli told the Senate Finance Committee that about $18–19 million a year flows from the college savings program for trust and scholarship purposes and described plans to seek court approval to transfer the Ben Thompson trust to UNH Foundation management.
State Treasurer Monica Mazzopelli briefed the Senate Finance Committee on several trust, scholarship and revenue transfer matters, including the flow of funds from college savings programs, plans involving the Ben Thompson trust fund, and debt-service assumptions embedded in the state budget.
Mazzopelli told senators the treasury oversees trust and restricted funds including the college savings program and the NH ABLE plan. She said the treasury currently receives between $18 million and $19 million annually tied to the college savings program and that amount is relatively stable, though market movements can cause fluctuation.
Why it matters: Transfers from trust and college‑savings receipts affect university scholarship programs and how the Legislature decides to allocate endowment earnings or trust assets for university support.
Key points
- College savings receipts: The treasury estimated roughly $18–19 million flows annually from the college savings program to cover certain trust expenses and scholarship needs. The figure is used in budget planning but can fluctuate with market conditions.
- Transfer to university system: House budget language redirects $15 million per year from the Excellence in Higher Education Endowment Trust Fund into the university system for FY26–27. Mazzopelli said shifting $15 million of expected receipts will reduce funds available for existing scholarship programs and could require reducing scholarships in later years unless other sources are found.
- Ben Thompson trust: The treasurer asked the committee for authority to repeal statutes governing the Ben Thompson trust and begin court proceedings to transfer custody and management to the University of New Hampshire Foundation. She said the trust historically paid a specific annual amount to the University of New Hampshire and that a court process would be needed to align payments with current intent and to place management with the UNH Foundation.
- Other items: Mazzopelli outlined assumptions used for debt‑service planning, including expected new bond issuance and school and community college debt service; she also described the college tuition savings program accounting arrangements and the intention to separate trust accounting after an accounting system upgrade.
Quotes from the record
- “We have about 27,000,000,000 in the actual 5 to 9 plan, so from that we get a portion of that. So we receive between 18 and 19,000,000 a year,” Mazzopelli said when asked about stability of receipts from college savings.
What the treasurer asked the committee to consider
Mazzopelli requested the committee consider the implications of repurposing trust receipts for university funding and asked support to pursue court actions and statutory changes necessary to transfer the Ben Thompson trust’s management to the UNH Foundation, subject to Department of Justice review and court approval.
