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Board approves analysis of Milford Winter endowment; funds reclassified as private endowment
Summary
The board authorized Truman Heartland Community Foundation LLC to analyze Milford Winter endowment investments after City Attorney advised funds are private endowment funds. The funds were moved from Wells Fargo Advisors to First State Community Bank money market account.
The Board heard that Milford Winter endowment funds were wired from Wells Fargo Advisors to First State Community Bank and placed in a Money Market account designated the Winter Endowment Fund. City officials said the City Attorney advised the monies are properly classified as private endowment funds rather than public funds, which the administrator said allows a broader set of investment options.
Truman Heartland Community Foundation LLC will perform a final analysis and present recommended investments and prospective earnings to the Board. Alderman Cathy Lahmeyer moved to authorize the analysis and presentation; Alderman Denise Bohl seconded. The motion carried without dissent.
