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Trustees probe Futures scholarship records after $136,000 check rejected by bank
Summary
Staff told trustees a $136,000 check made out to the Futures program could not be deposited because the bank required payee wording matching 'City of Portsmouth'; trustees asked staff to reconstruct account history, coordinate with the school superintendent and seek reissuance so scholarships and administrative costs are paid.
During the May 20 meeting, trustees discussed unresolved records for the Futures scholarship fund and a practical deposit problem affecting an annual scholarship payment. Staff said they held a $136,000 check intended for the Futures program that Citizens Bank would not accept because the payee name on the check did not match the bank’s required naming convention (the bank required "City of Portsmouth" on deposit documents). The check was described in the meeting as made out to "Portsmouth Futures" or a similar variation and could not be deposited as presented.
Trustee Peter and staff discussed investigations into how the Futures fund had been established and noted the possibility that two earlier Futures accounts were merged in the past. Staff said some funds are in TD investments and about $20,000 remained in a checking account; trustees asked staff to retrieve ledgers and account histories and to work with the school superintendent’s office, which maintains some original records.
Staff said they would try to have the check reissued or otherwise resolve the bank’s naming issue so scholarships and the fund’s administrative costs can be paid on schedule. The trustees did not take formal action beyond directing staff to research records and coordinate with the bank and the high school contact.
