The Indianapolis Foundation is following in the footsteps of one of the country’s founding fathers to celebrate its 100th anniversary. The organization has created two $100,000 "Ben Franklin" funds, which will be invested for 100 years.
The funds are modeled after two created by Benjamin Franklin before his death in 1790. Franklin gave 1,000 British pounds to the cities of Boston and Philadelphia and specified that the money was to be invested and not touched for 200 years. The funds grew to $5 million for Boston and $2.5 million for Philadelphia through compound interest and grants from the funds continue to be made.
The Indianapolis Foundation has created a $100 donor fund and a $1,000 donor fund. The $100 donor fund will be capped at 1,000 donors, totaling $100,000. the $1,000 donor fund will be capped at 100 donors, totaling the same amount.
Each fund will be invested through the Central Indiana Community Foundation’s endowment investment pool and will not be touched until 2116, at which point each fund will be valued at around $100 million. The Indianapolis Foundation says the money will be used for "the public good" and an estimate $5 million will be granted from each fund annually to Indianapolis nonprofits.
Click here to learn more about the "Ben Franklin" funds. You can also view the video below: