Ford Foundation is born
On January 15, 1936, Edsel Ford, the son of auto industry pioneer Henry Ford, forms a philanthropic organization called the Ford Foundation with a donation of $25,000. The foundation, which was established in part as a legal way for the Ford family to avoid the hefty inheritance taxes that President Franklin D. Roosevelt’s administration imposed on large estates, grew into a multi-billion dollar institution that today supports programs in the U.S. and over 50 other countries around the globe for the purpose of the “advancement of human welfare.”...