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    Julius Rosenwald Fund 1917-1936
    Julius Rosenwald Fund 1917-1936
    Julius Rosenwald Fund 1917-1936
    Ebook87 pages47 minutes

    Julius Rosenwald Fund 1917-1936

    By Edwin R. Embree

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    About this ebook

    A history of one of the most successful charities in American history, set up by millionaire Julius Rosenwald to help educate African-Americans in the southern states.
    LanguageEnglish
    PublisherRead Books Ltd.
    Release dateMay 31, 2013
    ISBN9781473383210
    Julius Rosenwald Fund 1917-1936

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      Julius Rosenwald Fund 1917-1936 - Edwin R. Embree

      activities.

      TWO DECADES

      OF THE

      JULIUS ROSENWALD FUND

      THE life of the Fund has covered two distinct periods of approximately a decade each. During the first period, from its creation in 1917 through the year 1927, the Fund was devoted to a special program of helping to build schoolhouses for Negroes in the southern states and was administered directly by its founder, Julius Rosenwald. During the second period, the Fund was enlarged into a general foundation under the control of an active and responsible Board of Trustees and under the direction of a group of officers who gave their full time to the work. In this period the activities of the Fund were expanded to include various aspects of Negro education and welfare and also programs in medical economics, library service, general education, social studies, race relations, and, more recently, a special effort in rural education.

      In order that our activities over the entire period might be reviewed, the officers prepared and presented to a recent meeting of the trustees of the Fund detailed reports of expenditures and services since the establishment of the trust on October 30, 1917. It seems appropriate to take advantage of the material assembled for the trustees to give also a public accounting of our stewardship.

      The table on the opposite page gives a list of the expenditures by the Fund for all of its philanthropic activities from its incorporation to the close of the past fiscal year, June 30, 1936. Of the total payments of approximately thirteen and a quarter million dollars ($13,236,083) slightly less than one third ($4,039,051) was expended during the first period (1917 to 1927), almost exclusively on the school building program, while more than two thirds ($9,197,032) was expended during the eight years of the second period (July 1, 1928, to June 30, 1936) on its enlarged activities. On pages 22 to 49 are given detailed reports, consisting of financial tables and verbal statements, of the expenditures and services under the various programs which the Fund has undertaken.

      CHARTER AND ORGANIZATION

      The Julius Rosenwald Fund was incorporated on October 30, 1917, under the laws of the State of Illinois as a corporation not for profit. It was authorized to receive and disburse funds for philanthropic causes, the purpose as stated in the charter being, for the well-being of mankind. The corporation was established at the initiative of Julius Rosenwald, Chicago merchant and philanthropist, who furnished the original endowment and from time to time contributed additional large sums. While Mr. Rosenwald was the founder and chief patron, gifts have from time to time been received from other donors, for example, from the estate of Theodore Max Troy of Jacksonville, Florida, $20,195; from the Rosenwald Family Association, $69,119; and from the Carnegie Corporation for support of the program of library extension, $200,000. Small gifts have also been received from individuals who were interested in one or another of the activities of the Fund.

      The gifts from Mr. Rosenwald were chiefly in the form of shares of the capital stock of Sears, Roebuck and Co. These gifts of stock, together with stock dividends upon them, reached a total of 227,874 shares, which at one time in the autumn of 1928 had a market value of slightly more than forty million dollars.

      The management of the Fund has from the beginning been vested in a Board of Trustees. This board at the outset consisted of four persons: Mr. Rosenwald and three members of his immediate family. At the reorganization of the Fund in 1928, the board was enlarged and now consists of eleven members chosen from the nation at large. The board is an autonomous body with full responsibility, within the laws of the State of Illinois, for the management of the corporation, including the election of succeeding trustees. (A list of present and past trustees of the Fund is given on page 52.)

      In organizing the Fund, Mr. Rosenwald incorporated a provision which is unusual in such a trust: namely, that the endowment should not be treated as a perpetuity but might be expended at any

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