This is one of many versions of the Trust Administration document that was worked on over the years. This one of notable because it shows that earlier versions did hew more to the grant funding model and would have given the Feoffees much more control over the distribution of funds than versions currently under discussion.
Category Archives: History
Town Committee on the Feoffees
Here is the reference report from the Town Committee on the Feoffees that was established by Town Meeting in 2001.
History – 20020327 – Town Committee on the Feoffees Established Findings
Letter from the AG on the Feoffees
A letter from then Assistant Attorney General Deirdre Rosenberg detailing the behavior of the Feoffees and concluding with the statement “the Attorney General has not decided whether the current Feoffees can continue to serve as Trustees of Little Neck. However, I strongly suspect that the answer will be in the negative.”
History – 20011217 – AG letter
How times have changed. Now the current Assistant Attorney General Johanna Soris is fully supportive of the same Feoffees.
According to Ed Traverso, Ms. Rosenberg encouraged the School Committee at the time to seek reparations, but leadership of the School Committee was not interested. The rest is history.
Feoffees Minutes
This meeting marked the beginning of the Bob Weatherall, Sr. era of public scrutiny.
Feoffees Minutes
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.
Act to Authorize Sale
Here the Feoffees get permission to sell some land, provided they invest the proceeds. Note that none of these properties had the prohibition against sale that Little Neck has.
Act to Authorize Sale
Here the Feoffees get permission to sell some land, provided they invest the proceeds. Note that none of these properties had the prohibition against sale that Little Neck has.
Financial Statement
Financial Statement
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.
Ipswich Citizens for Public Trust 