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Milk/Copeland fund nearly $900,000; auditors flag century-old covenant for clarification
Summary
Auditors identified the Milk/Copeland trust as holding roughly $892,000 and raised questions about the 1927 covenants (including an original $6,000 cap and condition #8). They recommended legal review and that trustees and the select board be included in revising distribution rules.
Auditors reviewing the town's trust funds singled out the Milk/Copeland fund as the most pressing issue because of its large balance. One committee member observed various account records and said the number appeared to be around $892,000; another summarized it as "almost almost $900,000."
The group discussed historical documents from 1927 and a 1976 copy, noting an original cap of $6,000. Participants estimated that $6,000 in 1927 equates to roughly $100,000–$115,000 in today's dollars and flagged ambiguous or possibly erroneous covenant language, particularly condition number 8 about distribution of excess income.
Because the covenant language affects who qualifies for distributions and how excess income is used, auditors recommended consulting a lawyer to clarify the conditions of distribution and the trustees' authority. Auditors said legal advice should be accompanied by consultation with trustees, the select board and the public before final decisions are made.
To begin that process, auditors agreed to forward minutes and notes to the Milk fund trustees and schedule follow-up meetings to clarify the covenant's intent and the mechanics of distribution.
