Wayland Patch 4/5/11: Principal Discretionary Accounts Closed, No Fraud Alleged. At Monday night’s Wayland School Committee meeting, members addressed concerns and questions related to the Principal’s Discretionary Funds and brought to the forefront by the recent draft of the Abrahams Report. The funds in question, one at each of Wayland’s five schools, were pointed out as violations of Massachusetts General Law 71:47 on page 17 of the Abrahams Report. That law, according to the report, allows for individual schools to maintain "student activity bank accounts but no other bank accounts are allowed as all funds of any entity/department of the municipality must be in bank accounts under the custody of the Treasurer." All of these accounts have been closed on the recommendation of Wayland Town Counsel Mark Lanza, said School Business Administrator Geoff McDonald. School Committee Chair Louis Jurist explained to the committee and the members of the public in attendance that these accounts have been in place since the 1990s when they were permitted by Massachusetts law and were "pretty widespread in their use throughout Massachusetts."