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Harwich Affordable Housing Trust adopts minimum-balance policy to guide use of funds
Summary
The Trust voted 5–0 to adopt a minimum-balance (reserve) policy that sets criteria for drawing down funds, including supermajority safeguards and recovery windows; trustees debated the wording ("reserve" vs. "minimum balance") before approving.
The Harwich Affordable Housing Trust approved a minimum-balance policy intended to preserve a floor of funds for opportunities and unexpected needs. Trustees debated whether to call it a "reserve" or a "minimum balance," clarified the policy’s safeguards for dipping into the fund (supermajority and documentation requirements) and then voted to adopt the policy as presented.
Jeff said he favored clear language about what a reserve means in practice — "A reserve fund to me is…a pot of money set aside for unexpected things," — and trustees agreed to the title change and to return final language for the packet; the motion to adopt passed 5–0.
