The Commissioners of Trust Funds, consisting of three elected persons, have the management of all trust funds given or bequeathed for the benefit of the Town or the inhabitants thereof, unless the donor making the gift or bequest shall otherwise provide. Members are elected in the same manner as other town officers. The Treasurer/Collector develops investment philosophy and strategy for the investment of securities held in the Town’s various trust funds in consultation with the Commissioners of Trust Funds as needed.
Specifically, the Commission:
- Manages and controls all trust funds given or bequeathed for the benefit of the Town or its residents.
- Distributes the income from trusts in accordance with the terms of each.
- Keeps a record of its doings, and at the close of each financial year, makes a report showing the total amount of the funds and their investments, receipts, and disbursements, setting forth in detail the sources of the receipts and the purposes of the expenditures.