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Scholarship Fund Committee

Committees: Scholarship Fund Committee

2007 Annual Report

The Scholarship Committee is charged to invest the assets of Hingham’s scholarship fund. Scholarship fund assets for the year ending 2007 totaled $3,416,686 compared to $3,297,746 at year-end 2006, an overall increase of 3.6%, which represents investment returns plus capital additions and withdrawals. During 2007 markets were positive: The Standard and Poor’s 500 index was up 5.54% for the year, The Lehman Brothers Aggregate Bond index was up 6.97%, and three month U.S. Treasury Bills returned an average 4.74%.

Income from the fund provided scholarships to 184 students who graduated from Hingham High School in June 2007, totaling $160,000 (In 2006, 161 students received awards totaling $151,000). The Town of Hingham authorized this program in 1975 and in the intervening years a total of over $1.6 million has been awarded to college bound Hingham High School students.

At the beginning of 2007, the fund was structured with about 74% of its assets in equity securities and about 26% in bonds and money market instruments. The fund’s current asset mix is: 69% equity / 31% bonds and money market. The committee feels that a large proportional exposure to stocks is justified given the perpetual nature of the fund.

During 2007, the committee continued to implement the guidelines set forth in The Investment Policy Statement for The Scholarship Fund, which was formalized in 2005. New investments included a rebalance of 10% portfolio into international equities, intended to diversify risk.

The fund received new contributions from citizens and friends of the Town of Hingham during the year of $23,312. Two new scholarships were established during 2007: the Samantha Hooper Memorial and the Cynthia Steven Scholarship. The Committee welcomes continued contributions to the fund in whatever amounts, 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 properly function without the efforts of the professional employees of the Town of Hingham; in particular Nancy Leahy of the Treasurer’s office who handles the many administrative details involved with donations and distributions throughout the year.