Trust Fund Commission approves FY23 report, seeks joint meeting on Millennium Fund

WAYLAND — July 17, 2023 — Wayland Trust Fund Commission approves FY23 report and seeks joint meeting on Millennium Fund. The three-member commission voted 3-0 on July 17 to file an annual report that keeps the disputed Millennium Fund inside its $4,746,544.53 portfolio, with a footnote flagging the open question of whether the fund is a trust or a gift account. Investment advisor Brian Rose of Bartholomew and Company reported the 70/30 portfolio gained just under 10 percent over the fiscal year and 5.85 percent annualized since 2013, net of fees. Commissioner Adam Garrett Gutbezahl, citing a town counsel opinion that the commission would "cease to have a role" if the fund is deemed a gift, urged a joint session with the Select Board and Library Trustees, saying the boards needed to "get everybody in the same room." Chair Barry Rothschild agreed to request a Select Board agenda slot, likely in September.