Pennsylvania Act 1990-173 — FRANKLIN INSTITUTE AND COMMONWEALTH FOUNDATIONS - TRAINING

Act text

FRANKLIN INSTITUTE AND COMMONWEALTH FOUNDATIONS - TRAINING
                 Act of Dec. 17, 1990, P.L. 697, No. 173              Cl. 84
                                  AN ACT

     Appropriating funds bequeathed to the Commonwealth by Benjamin
        Franklin and John Scott to the Franklin Institute of
        Philadelphia to support educational and employment training
        programs and to Commonwealth Community Foundations (PA) to
        finance recognized community foundations.

        WHEREAS, Pursuant to the Will of Benjamin Franklin dated July
     17, 1788, and the codicil thereto dated June 23, 1789, the
     Commonwealth of Pennsylvania and the City of Philadelphia were
     bequeathed the remainder of certain trust funds, to be
     distributed 200 years after his death, which occurred on April
     17, 1790; and
        WHEREAS, While Benjamin Franklin had wide and varied
     interests in science, literature, government, journalism and
     business, one of his greatest interests, as expressed in his
     Will, was to assist young artisans in learning trades and to
     encourage young people to advance themselves in life by
     furthering their education; and
        WHEREAS, Benjamin Franklin expressed his everlasting
     gratitude to those who gave him a start in life by making funds
     for training and education available; and
        WHEREAS, It would be appropriate and in keeping with Benjamin
     Franklin's beliefs and wishes to use the money which he
     bequeathed to the Commonwealth for the Franklin Institute of
     Philadelphia and for recognized community foundations as
     additions to their capital funds; and
        WHEREAS, Pursuant to the Will of John Scott, a chemist from
     Edinburgh, Scotland, and the Power of Attorney to carry out
     Certain Provisions in the Will of John Scott dated April 2,
     1816, the Commonwealth of Pennsylvania and the City of
     Philadelphia were bequeathed the remainder of certain trust
     funds, to be distributed in the same manner as in the Franklin
     legacy.

        The General Assembly of the Commonwealth of Pennsylvania
     hereby enacts as follows:

     Section 1.  Appropriation of bequest.
        The sum of money which the Commonwealth receives as a bequest
     from the Will of Benjamin Franklin and the Will of John Scott is
     hereby appropriated one-half to the Franklin Institute of
     Philadelphia to support educational and employment training
     programs and one-half to Commonwealth Community Foundations (PA)
     for use in behalf of all of the Commonwealth's community
     foundations.
     Section 2.  Program for redistribution of moneys.
        Commonwealth Community Foundations (PA) shall establish a
     program to redistribute the moneys appropriated in section 1 as
     permanent endowments for the Commonwealth's community
     foundations. Funds granted by Commonwealth Community Foundations
     (PA) shall be used to establish perpetual trust funds within
     individual community foundations and the income of which shall
     be used according to the purposes of such community foundations.
     Section 3.  Elements of the program.
        At a minimum, the program established by Commonwealth
     Community Foundations (PA) to establish local trust funds shall
     include the following elements:
            (1)  All community foundations within this Commonwealth
        are eligible for a portion of the endowment.
            (2)  Areas not served by a community foundation shall be
        assigned to an existing community foundation, so that they
        may also have access to the benefits of the trust funds being
        established. Community foundations which are requested to
        expand their normal jurisdictional areas will be expected to
        take all necessary steps to inform these areas of the
        existence of the funds and the procedures to be followed in
        applying for a grant.
            (3)  Community foundation boards of directors in their
        capacities as community representatives shall be encouraged
        to annually determine local needs and to base their funding
        decisions upon these assessments.
            (4)  Community foundations are expected to add value to
        the sums being appropriated. Through prudent investment,
        fundraising efforts and the contribution of substantive in-
        kind services, the Commonwealth expects its investment to
        grow at a minimum of 5% per year.
            (5)  The net annual earnings of each local trust fund
        shall be used to support recognized community foundations as
        additions to their capital funds.
            (6)  Every community foundation shall be eligible to
        receive a minimum of $20,000; no more than $100,000 shall be
        granted to any single community foundation.
            (7)  Endowment funds created by the Commonwealth
        Community Foundations (PA) grants shall be named "The Ben
        Franklin Trust of (the respective foundations)."
     Section 4.  Annual report.
        Commonwealth Community Foundations (PA) shall be required to
     prepare an annual report to be submitted to the Bureau of
     Charitable Organizations of the Department of State. At a
     minimum, the report shall provide an accounting of the growth of
     the funds and a listing of projects supported with their
     earnings.
     Section 5.  Service of mortgages held in trusts.
        (a)  Sale or service.--The Commonwealth may sell, service or
     contract for the servicing of any mortgages presently held in
     the Trusts of Benjamin Franklin and John Scott.
        (b)  Distribution of proceeds.--The proceeds from any
     mortgage serviced by the Commonwealth or its agent shall be
     distributed as provided in this act.
     Section 6.  Effective date.
        This act shall take effect immediately.