New Hampshire § 292-23 - Section 292:23 Public and Charitable Trust Funds.

§ 292-23. Section 292:23 Public and Charitable Trust Funds.

I. Public Common Trust Funds. The New Hampshire Charitable Foundation is authorized to establish one or more public common trust funds and to accept funds for investment in such public common trust funds from public trustees including municipal trustees, provided however, that any investment in such public common trust fund may be withdrawn at such times and upon such notice as rules and regulations promulgated by the New Hampshire Charitable Foundation with the approval of the bank commissioner shall provide. The New Hampshire Charitable Foundation shall have full power to invest and reinvest such public common trust fund or funds, only (a) in obligations and securities permitted for investment by depository banks under RSA 383-B:3-303(c) and RSA 383-B:3-303(d)(1), (2), (3), and (6); (b) obligations of the United States; and (c) obligations of the state of New Hampshire and its subdivisions, providing however, that not more than 10 percent of any fund shall be invested in the obligations of any one corporation or organization, excepting deposits in a bank as defined in RSA 383-A:2-201(a)(3) which accepts deposits, and, obligations of the United States and of the state of New Hampshire and its subdivisions. II. Charitable Common Trust Funds. The New Hampshire Charitable Foundation is authorized to establish one or more charitable common trust funds and to accept funds for investment in such charitable common trust funds from the trustees or managers of tax exempt organizations under the provisions of the Internal Revenue Service of the United States, provided however, that any investment in such charitable common trust fund may be withdrawn at such times and upon such notice as rules and regulations promulgated by the New Hampshire Charitable Foundation shall provide. The New Hampshire Charitable Foundation shall have full power to invest and reinvest such charitable common trust funds, subject to the terms, conditions, limitations and restrictions imposed by the laws of the state of New Hampshire upon trustees of estates in making investments providing, however that not more than 10 percent of any fund shall be invested in the obligations of any one corporation or organization, except deposits in savings banks, obligations of the United States, and of the state of New Hampshire and its subdivisions. III. Securities. Investment securities forming a part of any such common trust fund shall be maintained in a custodian account in a state chartered or national bank doing business in New Hampshire. Any officer or employee of the New Hampshire Charitable Foundation having access to investment securities, bank accounts or cash belonging to any such common trust fund shall be bonded. IV. Audited Report. At least annually the New Hampshire Charitable Foundation shall prepare a report, audited by an independent certified public accountant, which shall include for each common trust fund: (a) Balance sheet showing assets and liabilities together with statements showing: (1) All investments at the beginning and end of each fiscal year stated at both book and market values, (2) Changes in investments, (3) Realized capital gains and losses, (4) Expenses, including fees, charged to principal, (5) Capital distributions, (6) Net asset value of participation units at the beginning and end of the year and at any intermediate valuation date, and (7) Participation unit capital distributions with the dates thereof. (b) Income statement showing: (1) Income received, (2) Expenses, including fees, charged to income, (3) Income distributions, and (4) Participation unit income distributions with the dates thereof. (c) List of all investors showing each investor's participation units at the beginning and end of each fiscal year together with additions and withdrawals. Such audited reports shall be a public document and copies shall be submitted to the director of charitable trusts, bank commissioner, and department of revenue administration-municipal and property division. V. Value of Investments and Withdrawals. Investments in and withdrawals from the common trust fund or funds shall be at net asset values determined on the basis of market values. VI. Rules and Regulations. The New Hampshire Charitable Foundation is authorized to issue reasonable rules and regulations with respect to the administration of the fund or funds and such rules and regulations pertaining to public common trust funds shall be subject to the prior approval of the bank commissioner.