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Town Government & |
Committees: Scholarship Fund Committee 2011 Annual Report The Scholarship Committee is charged with the investing of assets on behalf of current and future recipients of the Hingham Scholarship Fund. Scholarship Fund assets at the end of 2011 were $3,148,481 compared to $3,261,164 at the end of 2010. These figures include investment returns, deposits of $14,337 and disbursements for scholarships and administrative fees of $156,300. If net disbursements are included with investment returns, present and future beneficiaries enjoyed a return on investments of +0.9% in 2011. Market returns were disparate across asset classes in 2011. The BarCap Aggregate, a broad investment grade bond index returned +7.8%. The S&P 500, an index comprised of the 500 largest US public companies according to market capitalization, returned +2.1%. The Russell 2000 Index, an equity index that includes a broad array of medium sized US companies suffered a -4.2% reversal in 2011. The MSCI EAFA Index, which measures large company equity performance domiciled in Europe, Australasia and the Far East had a -12.1% return last year. The asset mix, approximately 70% equities and 30% bonds and money market equivalents has been a consistent strategic target of the fund for the past two years. Given the perpetual nature of the fund’s beneficiary interests and the low level of interest rates, the committee feels this mix to be most prudent. In 2011 the fund benefited from positions in US equities and fixed income, while the approximate 10% exposure to international equities detracted from performance. The committee voted to provide $155,000 in scholarship awards in 2011. This compares to $144,000 in 2010 and $124,000 in 2009. The Town of Hingham authorized this program in 1975. In the subsequent years over $2 million has been awarded to Hingham High School graduates who successfully complete their first semester of higher learning. The members of the committee volunteer their time and are listed below. We continue to rely heavily upon the skills and professional acumen of members of the Treasurer’s Office, specifically Nancy Leahy, for trade implementation and accurate processing of donations and disbursements. Appointees
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