Wednesday, March 22, 2017

The Key Responsibilities of a Trustee

As co-CEO and trustee of Otto Bremer Trust, Daniel Reardon is responsible for making sure the organization works toward the goals put in place by Otto Bremer, who founded the trust in 1944. Daniel Reardon is tasked with ensuring the organization’s investments and grant making are in keeping with both the trust instrument and all relevant legal requirements.

Trustees are expected to assume a number of responsibilities, including investment of assets with the aim of securing them for both existing and potential beneficiaries. Further, they are expected to maintain communication with fellow trustees and beneficiaries, particularly in regards to financial matters and the direction the trust will take.

Trustees also need to develop an understanding of the unique terms put in place by the trust, which often define the ethical commitments of the trust and its duty to beneficiaries. Additionally, these terms must be followed in accordance with state and federal law, meaning trustees must also be familiar with legal matters and how they apply to the trust.

Monday, March 13, 2017

The Creation of Augusta National and the Masters Tournament

Daniel Reardon’s responsibilities at Otto Bremer Trust in St. Paul, Minnesota, include helping manage the Trust’s operations as a grant-making foundation. Otto Bremer Trust supported the Junior Achievement Company Program for the third year in a row in 2016 with a $1 million grant. Among other activities, Daniel Reardon enjoys playing golf.

The Master’s tournament is one of golf’s Grand Slam events on the PGA tour, and it takes place at one of the premier golf courses in the world, Augusta National. The course was built during the Great Depression, when many of the nation’s golf courses were going bankrupt. 

The Augusta National Golf Club was the result of the vision of golfing legend Robert T. ("Bobby") Jones Jr. and his friend Clifford Roberts. They wanted to create a private club with an annual tournament to celebrate the great golfers of the time. 

Jones had retired from competitive golf at the age of 28 after winning the Grand Slam in 1930, and by 1931, he and Clifford had selected the Fruitland Nurseries in Augusta as the site for what would become a national treasure. 

Augusta National hosted the first Master’s tournament in 1934, and despite being the fan favorite, Jones finished the tournament tied for 13th place.

The Otto Bremer Trust’s Twin Cities Focus

With responsibilities including the oversight of investments and management of the trust as per its trust instrument, Daniel Reardon serv...