FROM $10,140,619 in 2020, the fund balance of Marianas Public Land Trust’s American Memorial Park Fund increased to $12,826,449 this year, according to a comparative performance analysis report prepared by Raymond James Financial Inc.
The MPLT Park Fund is part of the overall trust fund but is separately managed and accounted for due to its funding source and different beneficiary. Its annual returns for 2020 and 2019 were 5.9% and 5.1%, respectively, according to an independent audit report prepared by Burger Comer Magliari Certified Public Accountants.
The Park Fund received its initial principal funding from the lease proceeds of a portion of Tinian, Tanapag Harbor and Farallon de Medinilla which were leased by the federal government.
The $2 million lease payment for the Tanapag Harbor on Saipan was dedicated to the formation of American Memorial Park. The income on this principal contribution can only be used for the maintenance and development of the park.
This initial principal contribution has been prudently managed since 1983 and has grown to $10,140,619, according to the Burger Comer Magliari independent audit report .
On Monday, Variety obtained a copy of MPLT’s American Memorial Park Fund comparative performance analysis report dated October 31, 2021, prepared by Raymond James Financia Inc. The report indicates a steady growth in Park Fund investment portfolio. The net investment on the beginning market value of $10,290,150 has increased by $2,544,136 in one year, the performance report stated.
It added that performance results “are annualized for time periods greater than one year and include all cash and cash equivalents, realized and unrealized capital gains and losses, and dividends, interest and income. The investment results depicted herein represent historical performance.”
