The Morgan Horse Registry Indentured Trust was established in 1971 to provide a "safety net" to ensure the operation, preservation and continuation of the AMHA Registry. Trust funds are invested with the Vermont Community Foundation , who acts as Trustee to hold and manage the securities, cash or other properties.
Three-quarters of the full AMHA Board of Directors must agree in order to make decisions regarding the Trust. This super-majority of the Board may at its discretion use income from the Trust to pay expenses of operation, preservation and continuation of the Registry or to restore to the AMHA funds used to pay such expenses. Any unused Trust income is added to the principal at the end of the year. If the AMHA were ever to face a situation in which no other funds were available for operation or preservation of the Registry, a super-majority of the Board is authorized to draw from the principal as necessary for those purposes.
The market value of the Trust is provided at each quarterly Finance Committee meeting and at each quarterly Board of Directors meeting. All uses of Trust funds are reviewed and approved in advance by the Board, and must also be approved by the institutional Trustee as consistent with the Trust charter and board motions. Minutes of the Board and committee meetings at which these matters are discussed may be found on the Member Extranet.