Trust Fund Commission to study authority over Levitt charity transfer

WAYLAND -- February 6, 2023, Wayland Trust Fund Commission weighs releasing Levitt charity fund to new nonprofit. Wayland Community Fund Chair Lynn Dowd and former trust commissioner Mike Patterson asked the panel Monday to transfer the Suzanne Levitt Charitable Trust, a 1997 bequest of $149,000 that has paid out roughly $550,000 to about 90 residents, into a forming 501(c)(3) after the town treasurer told the all-volunteer group it could no longer hold a town-linked account. Commissioner Adam Gutbezahl, who also sits on the Select Board, said he would check whether town counsel or Town Meeting approval is required, warning the commission must ensure funds go "to a place where it's going to be used for the right purpose." Kathleen Glowakiev of Bartholomew & Co. reported the commission's portfolio at more than $4.6 million, up 5.75 percent annualized since inception and 6.35 percent fiscal year-to-date. The Community Fund holds about $30,000 in donations at Village Bank.