The funds are modeled after two created by Benjamin Franklin shortly before his death in 1790 for the cities of Boston and Philadelphia. Franklin specified that the funds were to be used for public works and invested and untouched for 200 years before being accessed. Through compound interest the funds grew to $5,000,000 for Boston and $2,500,000 for Philadelphia and grants from the funds continue be made today.
The funds created by The Indianapolis Foundation include a $100 donor fund and $1,000 donor fund. The $100 donor fund will be capped at 1,000 donors for a total of $100,000 and the $1,000 fund will be capped at 100 donors, also for a total of $100,000. Each will be invested via Central Indiana Community Foundation’s endowment investment pool and will not be accessed until 2116. Each will be valued at an estimated $100 million in 2116 and will also be used for the public good, with an estimated $5 million annually granted from each to effective Indianapolis not-for-profits.
The Indianapolis Foundation and CICF are also supporting and coordinating 100 “community dinners” exclusively for donors from both funds to share their dreams and vision for the future of Indianapolis. For complete information about the two funds, including how to contribute online and more details about the dinners, visit https://www.bein2016.org/bff/ or contact Mali Jeffers, Ben Franklin Fund Creative Producer, at Mali@cicf.org.
The Indianapolis Foundation, an affiliate of Central Indiana Community Foundation (CICF) has created two $100,000 “Ben Franklin” funds in celebration of its 100th anniversary.