Wayland Trust Fund Commission Certifies $1.7 Million Library Fund Under New State Law

Trust Fund Commission · Meeting of July 29, 2026

Wayland Trust Fund Commission certifies $1.7 million library endowment under new state law. The three-member commission voted 3-0 on July 29 to formally certify that all funds held by investment manager Bartholomew and Company in the Millennium Fund account — carrying an ending market value of $1,703,147.11 as of June 30, 2026 — were intended by donors to support the Town of Wayland Free Public Library, fulfilling a 30-day deadline set by Chapter 119 of the Acts of 2026. Town Counsel Michael D'Ortenzio of KP Law explained the special act retroactively resolves longstanding legal ambiguities created when bequests and small informal gifts — some as little as "$5 checks or cash" — were commingled in the fund over several decades without the written grant agreements required under state law.

Commission Chair Adam Garrett Gutbezahl criticized a Library Board of Trustees member for advancing the legislation at town meeting "without ever conferring with the trust fund commission," calling the resulting 30-day deadline "rather inconsiderate" given that Town Treasurer-Collector Lily Marasco had to compile fund documentation while simultaneously closing fiscal year 2025 and opening fiscal year 2026.

In the full story:

• Background on Chapter 119 of the Acts of 2026
• D'Ortenzio's Legal Briefing
• Gutbezahl's Criticism of the Legislative Process
• Treasurer-Collector's Report and the Balance Question
• The Certification Vote
• Minutes and Adjournment
• The complete report — 1,878 words

Source: the Trust Fund Commission meeting of July 29, 2026, reported from the official video recording and transcript.