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Hillsborough trustees install officers, approve $99,416.91 in reimbursements and set scholarship disbursements
Summary
At their April 18 meeting, Hillsborough's Trustees of the Trust Funds confirmed officer assignments, approved scholarship distributions and reimbursements totaling $99,416.91, and asked Town Counsel to review whether cemetery funds qualify as perpetual care for MS-9 reporting.
HILLSBOROUGH, N.H. — The Trustees of the Trust Funds on April 18 confirmed their 2026 officer slate, approved scholarship distributions and reimbursements totaling $99,416.91, and directed staff to seek legal guidance on how dozens of cemetery funds should be reported on state trust filings.
Riché Colcombe was approved to continue serving as Trustee Chair after a nomination from Trustee Judy Ann Thibault and a second from Trustee Laurie Jutzi. Jutzi was nominated and accepted the role of Trustee Secretary, and Thibault will remain the trustees' primary investments contact. Judy Thibault also volunteered to represent the trustees on the Manahan Scholarship Committee.
The trustees unanimously approved the 2026 scholarship distributions and agreed to notify Hillsboro-Deering School of awards and distribution procedures. The board specifically agreed to notify the school that $1,560 is available for the Richard Withington Award, to be distributed at graduation.
During the meeting the trustees voted 3–0 to authorize reimbursements requested by Finance Administrator Lauralee LoMonaco: $64,830.08 from Municipal Buildings Maintenance (CR152); $16,287.41 from Fire Department Equipment (CR156); $7,232.83 from Parks Maintenance and Repairs (CR162); and $11,066.59 from the Manahan Park Trust Fund (TF102), for a combined total of $99,416.91.
Trustees discussed 2025 investment performance with average returns of 2.95% and agreed to meet with Bank of New Hampshire Wealth Management in June to review portfolio decisions and performance.
Colcombe also updated the trustees on MS-9 and MS-10 reporting efforts with the New Hampshire Charitable Trust Unit and Bank of New Hampshire Wealth Management. She said the Charitable Trust Unit advised that the town must list more than 450 cemetery funds individually on the MS-9 rather than as a lump sum and recommended reviewing deed language. After examining several deeds with Cemetery Trustee Chair Iris Campbell, the trustees found those deeds do not explicitly designate the parcels as "perpetual care," and they asked Town Counsel to review the records and advise how to proceed.
The trustees noted another review is underway for the Hillsborough Medical Services Trust, which lists five purposes, and that Town Counsel is reviewing scholarship trust records to clarify whether funds that name a "Hillsborough graduate" are available to graduates outside Hillsboro-Deering High School, including home-school or private academy students.
Administratively, trustees and Treasurer Bill Shee must visit the Bank of New Hampshire in Hillsborough within one to two weeks to update signature cards to add Trustee Jutzi as a signatory so checks can be issued. Bill Shee will prepare scholarship and reimbursement checks and notify trustees when they are ready for signature.
The trustees scheduled a follow-up meeting for June; the exact date will be coordinated by Trustee Thibault. The meeting adjourned at 12:45 PM.
