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Town Government & |
Committees: Scholarship Fund Committee 2010 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 for the calendar year 2010 ended with a balance of $3,261,164 compared to year-end balance in 2009 of $2,971,412, an increase in total market value of approximately 9.75%. This includes investment returns plus capital additions and scholarship disbursements. If the distribution to scholarship recipients during the year were added to investment returns, present and future scholarship beneficiaries enjoyed approximately 14.57% return for the year. During 2010 market returns were positive for many asset classes: The Standard and Poor's 500 index was up 15.06%, The BarCap Aggregate Bond Index was higher by 6.54%. A simple weighted average of the two broad asset classes mentioned above in a 60/40 mix similar to Scholarship guidelines would imply a "balanced" portfolio return on the order of 11.65%. At the beginning of 2010, the portfolio was constructed with an asset mix of approximately 71% equities and 29% bonds and money market instruments. The committee feels that the perpetual nature of the fund combined with the low levels of yields in the bond market justifies the investment in stocks at the high end of Scholarship guidelines (65% to 75%). The current asset mix continues to reflect this view. Income from the fund provided scholarships to 173 students who graduated from Hingham High School in June 2010, totaling $144,000 (last year 173 students received awards totaling $124,000). The Town of Hingham authorized this program in 1975 and in the intervening years a total of over $1.9 million has been awarded to Hingham High graduates who successfully complete their first semester of higher learning. During 2010, the committee continued to implement the guidelines set forth in the Investment Policy Statement for the Scholarship Fund, formalized in 2005. The fund received new contributions from citizens and friends of the Town of Hingham during the year of $1,197. New contributions are always welcome to the fund in any amount, however a minimum of $2,500 is needed to establish a separately named scholarship. For contributions less than the minimum, the Hingham Scholarship Memorial Fund has been established. The members of the committee volunteer their time and are listed below. It must be noted that the committee could not function properly without the efforts of the professional employees of the Town of Hingham, specifically Nancy Leahy of the Treasurer's office who handles the many administrative details involved with donations and distributions during the year.
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