STATE TRUST FUNDS

RSA tit. I, ch. 11

in effect

RSA 11:1 Custody and Administration.

11:1. Custody and Administration. All trust funds left to and accepted by the state shall be kept separate from any other funds and shall be administered by the board of trustees or other governing body having control of the activities to be benefited by the trust in accordance with the terms of the instrument creating the same and under the direction and supervision of the governor and council. The funds shall be in the custody of the state treasurer. At the request of the attorney general, the state treasurer may accept custody of funds to be held in escrow for actions in which the state is a party at interest. Source. 1943, 210:8. 2008, 120:18, eff. Aug. 2, 2008.

RSA 11:2 Specific Funds.

11:2. Specific Funds. The trust funds for the benefit of the New Hampshire state hospital created by Catherine Fiske and Jacob Kimball shall be administered by the board of trustees of the New Hampshire state hospital. The Teachers Institute Trust Fund for the benefit of education shall be administered by the board of education. In each instance the trust funds shall be administered by the agencies designated, under the direction and supervision of the governor and council. The state treasurer shall have custody of the funds. Source. 1943, 210:4, eff. May 20, 1943.

RSA 11:3 Repeal.

11:3. Repeal. The provisions of any act relating to any of the trust funds for the benefit of the state hospital created by Catherine Fiske and by Jacob Kimball, and the Teachers Institute Trust Fund for the promotion of education, which are inconsistent with the provisions of this chapter are hereby repealed to the extent of such inconsistency. The provisions of section 10 of chapter 12 of the Laws of 1891, requiring that all money received from the sale of the assets of the Benjamin Thompson trust fund be used in paying and retiring outstanding indebtedness of the state, are hereby repealed. Source. 1943, 210:9, eff. May 20, 1943.

RSA 11:4 Accounts.

11:4. Accounts. The agencies designated to administer the Catherine Fiske Legacy for the benefit of the state hospital, the Jacob Kimball Legacy for the benefit of the state hospital, and the Teachers Institute Trust Fund for the promotion of education shall keep appropriate bookkeeping records, showing on an annual basis the amount of each trust fund and the profits and income allocable to each trust. A copy of such records shall be approved annually by the governor and council and filed with the state treasurer. Source. 1943, 210:7. 1951, 227:4, eff. Aug. 29, 1951.

RSA 11:5 Investment of State Trust Funds.

11:5. Investment of State Trust Funds. All trust funds in the custody of the state treasurer shall be invested and reinvested in legal investments allowable under RSA 6:8. All trust fund administrators shall notify the state treasurer, at least biennially, upon notice of a new administrator, or at the request of the administrator, of the investment objective of any funds under their control with reference to the following objectives: I. Maximum Capital Gain. The objective is to maximize capital appreciation through investment in financial instruments that possess greater than ordinary risk. A guaranteed stream of income is not sought nor is preservation of principal. II. Growth. The objective is primarily to seek long-term appreciation of capital. The investment vehicle is mainly common stocks with growth potential. There is a slight risk that principal may be eroded in the short run. III. Growth Income. The objective is primarily to obtain long-term appreciation of capital while at the same time providing for some current income. There is a slight risk that principal will be eroded over the short run, but current income is available. IV. Balanced. The objective is to minimize investment risk as much as is possible without sacrificing possibilities for both long-term growth in principal and current income. Investments include debt and equity instruments. V. Income. The objective is to maximize current income rather than seek growth of principal through capital appreciation. Preservation of principal is ensured by investment in high quality equity and debt instruments. VI. Money Market/Short-Term Liquidity. The objective is to maximize current income, guarantee preservation of capital, and keep assets highly liquid. Source. 1943, 210:5. 1951, 227:3. RSA 11:5. 1987, 153:1. 1997, 208:5, eff. Aug. 17, 1997.

RSA 11:5-a Rulemaking.

11:5-a. Rulemaking. The state treasurer may adopt rules, pursuant to RSA 541-A, relative to: I. Notification by administrators of investment objective for trust funds in accordance with RSA 11:5. II. Specific investment instruments contained in each category under RSA 11:5, I-VI. III. Duties as custodian of trust funds. Source. 1987, 153:2. 1997, 208:6, eff. Aug. 17, 1997.

RSA 11:5-b Reporting.

11:5-b. Reporting. I. The state treasurer shall report annually or more often as required by the trust fund administrators or the terms of the trust instrument to the administrator on the financial activities of the respective trust fund. II. The state treasurer shall keep appropriate bookkeeping records, showing on an annual basis the amount of each trust fund and the profits and income allocable to each trust. A copy of such records shall be approved annually by the governor and council and filed with the director of charitable trusts who serves under the supervision of the attorney general under RSA 7:20. III. Trust fund administrators shall report on the use of state trust funds and the income received thereon pursuant to the requirements of RSA 7:28 and provide a copy of such reports to the governor and council. Source. 1987, 153:2, eff. July 10, 1987.

RSA 11:7 Trust Fund Disbursements.

11:7. Trust Fund Disbursements. I. All disbursements made by state agencies and departments for trust fund purposes shall follow the laws, rules, and regulations applicable to said agencies and departments for normal operating and capital purposes. II. This section shall not apply to the trust funds held by the university system of New Hampshire, the New Hampshire retirement system, or the department of employment security. Source. 1995, 158:1, eff. July 1, 1995.

Source: New Hampshire General Court (gc.nh.gov)URL: https://gc.nh.gov/rsa/html/NHTOC/NHTOC-I-11.htmFetched: 10/20/2026