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McLean County board authorizes trustee to sell trust-owned farmland and reinvest proceeds
Summary
The Finance Committee approved a resolution May 7 allowing the county trustee to sell a parcel of farmland held in trust since the 1950s and to invest the proceeds after court filings, following a request from beneficiaries.
The McLean County Finance Committee voted May 7 to authorize the county board chair to permit a trustee to sell a parcel of farmland held in trust and to reinvest the proceeds.
Administrator Taylor said the trust dates to the 1950s (identified in the meeting as the Emily Baker trust) and that over time proceeds from leased farmland have been inconsistent. County counsel and the trustee worked with beneficiaries, including a request from the American Cancer Society in 2023, and recommended selling a Livingston County parcel and investing the proceeds to generate more reliable income. Taylor said the trustee did not recommend dissolving the trust.
Don Rood, who worked with the trustee, answered a committee question about recent distributions, saying he recalled a recent distribution of roughly $19,000 but that payments have been sporadic because the trust has had difficulty meeting certain IRS obligations as a private foundation. "The trustee agreed that it would be in the best interest of the beneficiaries to sell the land and then reinvest the proceeds," Taylor said, describing the recommended path forward.
Member Fagan commented that converting land to invested proceeds could preserve the long-term value of the gift. The committee approved the resolution, and Taylor said the trustee will file the necessary court paperwork to effect the sale and reinvestment under trust terms.
