The Housing Board of Trustees shall set standards, policies, and goals for the trust fund, consistent with the purposes and policies set forth in this chapter, including without limitation criteria for eligible projects, number and type of units funded, and scoring of applications for funding.

The Board of Trustees shall establish bylaws for the conduct of business in accordance with the Town Ordinances.

The Housing Board of Trustees shall annually review trust fund awards to ensure that trust fund resources are expended in a manner that conforms with this chapter and with Housing Board of Trustees' directives, and shall revise trust fund policies as needed to ensure this conformity.

By February 1 of each year, the Housing Board of Trustees shall issue an annual report on the activities and accomplishments of the trust fund in the previous calendar year. This report shall:
o Provide total numbers of housing units produced, homes preserved, and
households prevented from becoming homeless with trust fund support.
o List projects funded through the trust fund.
o Report on funds expended and dollars leveraged by trust fund funds.
o Report in aggregate form the number of households benefiting from the
trust fund by income level, geographic distribution, family size, and other
criteria as selected by the Housing Board of Trustees.
o Report on modifications, which will be made to policies of the Board of
Trustees designed to reflect the changing needs of the Town.
o Establish goals and objectives for the upcoming year.

The fund shall, for financial reporting purposes, be a governmental fund of the Town of Barrington and, as such, shall be included in the Town's comprehensive annual financial report and will be audited in accordance with governmental auditing standards.

The Board of Trustees shall follow all Town policies, including, but not limited to, the Town's purchasing policy, and as such is subject to all state purchasing guidelines. All monies received by the Housing Board of Trustees shall be paid to the Finance Director of the Town of Barrington, who shall hold the same in a special fund and shall pay and distribute the same only on the written order of the Housing Board of Trustees and/or Town Council.