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|William Doody||2022||Trustee and Chair|
The Town of Wilmot has three elected Trustees of the Trust Funds, each serving a three-year term. The Trustees of the Trust Funds are charged, by State Statute, with the responsibility to manage the Trust Funds entrusted to them using prudent investment strategies. Funds managed by the Trustees fall into two categories: Non-expendable and Expendable. Non-expendable funds are those for which only the earned income can be expended. Expendable funds are those for which principal and earned income can be expended. Capital Reserve Funds are one type of expendable fund. Trust funds are created at Town Meetings when a Warrant Article is passed that establishes the fund. The Trustees themselves have no power to authorize expenditures from the trust funds. Monies in Trust Funds can only be withdrawn by authorization of a Warrant Article passed at a subsequent Town Meeting or by the “agent(s) to expend,” if one is designated in a prior Warrant Article. In the latter case, no further action at subsequent Town Meetings is required to expend monies from the fund. Disbursement of monies from any fund managed by the Trustees is dependent upon the terms of the fund when it was created and any subsequent amendments. The Trustees of the Trust Funds are required to comply with the annual Town audit and to submit annual reports for all funds held in the trust to the State and the Town.
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