Ben Franklin Trust FundsSubmitted by donvino on Wed, 08/17/2011 - 02:34
What a man and American !!
I had no idea he made such arrangements. Of course some of it went to mortgage loans today ;)
Three Cheers for Ben !!!
At his death, Franklin bequeathed £1000 (about $4,400 at the time) each to the cities of Boston and Philadelphia, in trust for 200 years. The trust began after Charles-Joseph Mathon de la Cour, a Frenchman, wrote a parody of Franklin's Poor Richard's Almanack called Fortunate Richard. The Frenchman wrote a piece about Fortunate Richard willing a sum of money to be used only after it collected interest for 500 years. The 79-year-old Franklin wrote back to the Frenchman, thanking him for a great idea, and telling him that he was leaving a bequest of 1,000 pounds each to Boston and Philadelphia. However, the period would be 200 years. In 1990, over $2,000,000 had accumulated in Franklin's Philadelphia trust. During the lifetime of the trust, Philadelphia used it for a variety of loan programs to local residents. From 1940 to 1990, the money was used mostly for mortgage loans. When the trust came due, Philadelphia decided to spend it on scholarships for local high school students. Franklin's Boston trust fund accumulated almost $5,000,000 during that same time, and eventually was used to establish a trade school that, over time, became the Franklin Institute of Boston. (Source: Clark De Leon, Philadelphia Inquirer)