Trust Funds


Charitable trust funds are established by private citizens for specific purposes.  There are approximately eighty-six trust and capital reserve funds managed by the Trustees.  The town selectmen must review and accept the terms of the trusts prior to the trustees establishing the trust.  The town report provides details of each trust and distributions made.  Distributions are based on income from prior year.  There are two basic types of trusts:
 
  • Charitable trusts that expend a portion, or all, interest accrued annually to specific purposes as defined by the trust instrument.  The principal is invested and only the annual income is disbursed each January according to the terms of the trust.  There are currently 68 charitable trusts.  The oldest being established in 1891 and the most recent established in 2005.  Cemetery trusts are usually for purposes of care of specific lots.   There is approximately $300,000 invested in charitable trusts.
  • Expendable trusts are funded by private donations and can be expended in full or in part for the purposes defined by the trust fund.  Expenditures can occur at any time during the year and are based on requests from the agent to expend.  There was nearly $20,000 invested in expendable trusts at the end of 2012.  The current expendable trusts are:
  • Cemetery Maintenance, established in 1998 and funded by the sale of cemetery lots and expended as directed by the cemetery trustees
  • Veterans Memorial Park, established in 2003.
  • Fuel Assistance, established in 2008 for providing fuel assistance to the needy.
  • Trail Fund, established in 2011 for providing maps and trail maintenance.