Selectboard authorizes chair to sign trust-fund consolidation documents
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
The board unanimously authorized the chair to sign nonjudicial settlement documents that combine several small legacy trust funds into consolidated accounts for easier administration, following a presentation from the Trustees of the Trust Fund.
The Selectboard approved a motion authorizing Chair Bill to sign settlement documents that consolidate several small legacy accounts held by the Trustees of the Trust Fund. Steve Biddle presented the request on behalf of the trustees and read the names of the accounts proposed for consolidation, including the Edward Bovier Carpenter Home Fund, George E. Woodcomb Junior Carpenter Home Fund, the Charles E. Carlin East Swansea Community House Fund and others.
Biddle said the trustees recommended combining the small accounts because the administrative cost of managing multiple tiny funds exceeded investment returns and created an unnecessary workload. Board members voted by voice to authorize the chair to sign the settlement paperwork; the motion carried with an "aye" vote.
The consolidation is administrative; no new spending was authorized by the motion. Finance staff will complete the paperwork and report back to the board when the consolidation is finalized.