January 20, 2015
The mission of the Commission of Trust Funds is to safeguard the Town’s Trust Funds, invest the funds, and distribute the funds, in accordance with the following conditions:
- Funds are to be managed as specified by the donor at the time of a gift or bequeath or, in the absence of such specifications or other legal directives, at the discretion of the Commission.
- All actions taken by the Commission shall be consistent with all laws and regulations of the Commonwealth of Massachusetts and Town of Wayland. Trust funds shall be invested pursuant to the Massachusetts General Law 203C (The Massachusetts Prudent Investor Act.)
- The primary investment objective is to preserve capital and provide long-term total returns consistent with appropriate broad market indexes through full market cycles.
- Distributions from trust funds will be in accordance with trust restrictions, and at the discretion of the Commission.
- No Commissioner or town employee or official shall financially benefit from management of the trust funds and shall disclose any personal interest that might compromise the person’s ability to act objectively and then abstain from voting on any matter involving those interests.
- The Commission may engage expert investment management firms to assist in the responsibilities and duties of the Commission.