We all know Ben Franklin as one of the Founding Fathers of the United States of America. You may also know that he was a scientist, inventor and philosopher. But did you know that he was also a philanthropist, and when he died, he left a very interesting legacy for his two favorite American cities…
Upon his death in 1790, Franklin left $2,000 to the city of Philadelphia and another $2,000 to the city of Boston.
The money was to be handled in a very particular way. He directed both governments to invest the funds and forego drawing them for 100 years and distributing them for 200 years.
The funds were invested, and after the first 100 years, and as Franklin directed, the cities began making personal loans to young tradesmen starting out in business.
When the cities received their balances after 200 years, the combined bequest had grown to $6.5 million!
In his wisdom, Franklin had much to teach us. And, did you know that if you chose to start your own endowed fund or make a gift to one of the existing endowed funds at BC Interior Community Foundation – 100% of your donation is invested?
The principal value of your gift is never spent, while the investment earnings are distributed to charitable causes and projects. throughout our region. Your contribution, large or small, lives on in perpetuity to support the changing needs of your community.