Background on the Feoffees Funds

Upon his death in 1660, William Paine left 36 acres of oceanfront property known as Little Neck to a Trust put in place to benefit the Ipswich Schools. The management of this land was left to a group of Trustees known as “Feoffees” with the stipulation that the land be held in trust for “the benefit of the said school of Ipswich forever”. 

Over the years the land became a summer community with 167 individual houses leased by homeowners. Legal disputes over the amount of rent, desire for ownership by the tenants, and unpredictable annual payments to the Ipswich schools ultimately led to the property being sold to the tenants in 2012 for $29.1 million. The proceeds of this sale, minus expenses and debts owed on the property, were placed in a Trust under the oversight of seven “New Feoffees”. The New Feoffees are appointed by town boards  and each member has a term limit of 2 consecutive 3-year terms, with the exception of one member who is appointed by the original Feoffees and has a lifetime appointment.  They hold their quarterly meetings in public and are responsible for general oversight of the Trust assets. Their duties include hiring and reviewing investment managers, creating and monitoring both the investment and distribution policies, as well as keeping the public boards informed of the overall health and performance of the Trust assets. Details on the Feoffees can be found on the Ipswich town website.