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Needham commissioners ask Rockland Trust and town counsel to review handling of returned donations and scholarship accounts
Summary
Commissioners asked Rockland Trust and town counsel to clarify procedures after a small Greenleaf balance was returned to a donor and staff raised concerns that checks were being written from a scholarship account managed outside Rockland Trust.
Needham Trust Funds commissioners on Tuesday agreed to invite Rockland Trust relationship manager David Schiller and town counsel to explain trust-account operations after discussing several procedural concerns, including the return of a small donor balance and apparent check-writing from a scholarship account.
The matter arose during a treasury update, when commissioners were told a Greenleaf balance that had dwindled was returned to the donor following advice from town counsel and prior approvals by the school and the commissioners. Commissioners expressed concern about the practice of returning donated funds after donors claim a tax deduction and asked for town…
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