Trustees Of Trust Funds
Under NH state law every municipality with trust funds must have these funds kept separate from other town funds and in the custody of "Trustees of Trust Funds". In Portsmouth there are three Trustees of Trust Funds, each appointed by the mayor and confirmed by the City Council for a three-year term. The terms are staggered so that each year a trustee position comes up for appointment. Trustees may serve more than one term. The main job of the trustees is to (1) be the fiduciary custodian of all the separate trust funds, (2) to provide for the safe-keeping and preservation of the trust fund assets, (3) to invest and manage these funds with "due diligence" and a plan for long-term growth and (4) to provide for the proper disbursement of the trust fund income as per the funds' stipulations. There are currently 76 individual trust funds managed by the trustees. These include park funds, scholarship funds, school funds, worthy poor funds, memorial funds, commemoration funds, library funds and housing funds. In addition the their fiduciary duties the trustees also serve as the operational supervisors of Prescott Park and the municipal docking facility on site. The trust funds are considered assets to the City of Portsmouth and are included in the annual financial statements of the city. The trustees meet twice each month at open business meetings with the public invited. These meetings are held typically on the first and third Thursdays of each month at 7:30AM at City Hall.
Currently serving as Trustees of Trusts Funds are:
Thomas R. Watson
Peter G. Weeks
Financial Support - Trust Funds
All the financial support of Prescott Park comes from the trust funds dedicated to the care and upkeep of Prescott Park. There are five such trust funds that have direct impact on Prescott Park. All the trust funds listed are in the custody of the Trustees of Trust Funds for the City of Portsmouth. The assets of these trust funds are invested for low risk growth and to preserve their ability to provide income above inflation over time. Anyone wishing to make a donation to any of these funds may make application to the Trustees.
The main supporting trust fund for Prescott Park is the Josie F. Prescott Trust Fund.
Josie F. Prescott Trust-All funds to be used for the acquisition, improvements, capital projects and the care and maintenance of all aspects of Prescott Park. The approximate value (4/1/06) of the Prescott Trust is 4.2 million dollars and has an approximate annual contribution (based on total return) for operations of $175k.
There are several smaller trust funds that support specific functions within Prescott Park.
Maggie Bishop Flower Trust Fund-All funds to be used for the purchase of flowers and planting in Prescott Park. The approximate value (4/1/06) of the Bishop Trust is 3 thousand dollars and has an annual income for operations of $100.
Norman Freedman Bench Trust Fund-All funds to be used for the purchase of park benches at Prescott Park. The approximate value (4/1/06) of the Freedman Trust is 8.5 thousand dollars and has an annual income for operations of $275.
Prescott Park Memorial Maintenance Trust Fund-All funds to be used to assistance in the general maintenance of Prescott Park. The approximate value (4/1/06) of the Maintenance Trust is 1.5 thousand dollars and has an annual income for operations of $50.
Emerson Hovey Memorial Fountain Trust Fund - All funds to be used for the care and maintenance of the Hovey Fountain located in the center of the north section of Prescott Park. The approximate value (4/1/06) of the Hovey Trust is 5.7 thousand dollars and has an annual income for operations of $150.