Category Archives: Feoffees Financials & Meetings

Feoffees Minutes

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Other – Feoffees – 19940512 – Annual Meeting Minutes

The most interesting thing to note here was that in 1994 the assessed value of the land was $22,400,000.  So the net proceeds from the sale of Little Neck in 2012 would be slightly less than the assessed value 18 years ago.

Put another way, using the Case-Shiller real estate index for the Boston area, the adjusted value of the land today would be a bit over $50M.

Feoffees Minutes

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The date on this meeting is not very clear, nor is the handwriting.  It is notable, however, for the fact that it shows that somebody was thinking about how low the rate of return was on the asset over 20 years ago.  “…the value of the land should be used as guide for how much rents should be i.e., $10M at 5% = $500,000.”

Other – Feoffees – 19900000 – Annual Meeting Minutes

Feoffees Minutes

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These minutes are notable because Mr. Whiston “notes” that the sales prices of summer cottages are now over $125,000 but doesn’t seem to make any connection between this and the absurdly low rental rates.

History – 19860226 – Feoffees Minutes

Financial Statement

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This is the oldest statement of finances I have seen.

History – 18850301 – Financials

In 1885 Little Neck represents only 18% of the assets of the Grammar School Trust.  Since it is the only asset left, that means that the other 82% of the assets vanished.  Consider this when considering the wisdom in converting Little Neck into cash.

Also of note is the fact that in order for that $2000 to become on the order of $30M over the course of 125 years, it would have to increase and average of 8% per year, every year.  To put that into perspective, the S&P 500, a pure equity index with all the associated risks, had an average annualized return of about 6% over the last 50 years.