|
 |
|
|
The Foundation is formed and its assets grow.
|
 William G. Oppenheimer became Fire and Marine's general counsel and a board member, as well as Frederic's personal legal adviser, and a trustee of the foundation that would follow.
Oppenheimer noted Bigelow's interest in philanthropy and suggested creating a trust to support organizations that were important to the family.
The Bigelow Foundation was created with 1,500 shares of Fire and Marine stock. Bigelow named Oppenheimer; William W. Skinner, Fire and Marine's investment officer; his nephew, physician Carl B. Drake; and Philip L. Ray, chairman of First Trust Company as trustees.
The Foundation was incorporated in 1938, the year Frederic stepped down as Fire and Marine's president. Frederic served as the Foundation's chairman until his death on September 8, 1946 at age 76.
Due to tax laws, the original Foundation had to be spun off into a separate entity that solely provided for Bigelow's family and personal bequests listed in his will. A new charitable corporation, the F. R. Bigelow Foundation, was created on December 17, 1946.
|
The first annual meeting of the F. R. Bigelow Foundation was held in 1947. The Foundation's principle asset was 55,000 shares of Fire and Marine stock; its cash balance was $24,641.51.
The first recorded grant was to the YMCA. Five months later, a second grant of $5,000 was made to the Greater Saint Paul Community Chest.
|
The Foundation's principle account grew to $1,255,846 in 1951 with bequests totaling $47,955. By the end of 1962, the principle account had nearly doubled to $2,485,208 with $143,200 distributed in 63 grants.
In 1964, the Foundation developed its first written grantmaking policy:
- Grants to be generally restricted to the state of Minnesota, except where unusual conditions exist or where the charity might have been of particular interest to Mr. Bigelow;
- Grants should be made to institutions only, with no specific grants to individuals;
- Strong recognition should be given to those chairities of particular interest to Mr. Bigelow;
- There should be an attempt to restrict the size of the particular grants to larger worthwhile amounts.
|
|
|
|
|
|
