The Philadelphia Bequest: Ben Franklin

Gift of MoneyGift of Money When Benjamin Franklin passed away on April 17, 1790, he left Boston and Philadelphia $2,000. He'd saved this money while he was Governor of Pennsylvania (1785 to 1788). The money was not to be distributed until 200 years after his death. In 1990, the bequest was worth $6.5 million and Philadelphia's portion of the trust was $2 million. There were several ideas about what should be done with the money: apply the money to government deficits, build low-income housing, gift the money to a university, or create scholarships for students who want to study a trade. After some debate, the money was shared between The Franklin Institute and several community foundations like the Williamsport-Lycoming Foundation that helps fund technical education scholarships. Although Benjamin Franklin left the decision of how to spend the money for the city, he suggested the money should "provide funds for young artificers". Are you interested in researching grants and foundations? The Ann Arbor District Library can help, just click here.

Comments

I cant believe how much the bequest ended up being worth thats crazy!!


that is an awesome trust


Seems that the 20 year delay worked out well!