February 09, 2012 | AUTHOR: Erin Hower
The Peabody Fund: 145 Years Later
On February 8, 1867, the first meeting of the nation’s first foundation was called to order. One hundred forty five years later, its legacy remains embedded in American philanthropy.
The Peabody Education Fund, established with a $2 million gift from philanthropist George Peabody, was created for the purpose of encouraging education in the post-Civil War American south. During the fund’s existence, its trustees distributed more than $3.5 million in southern states. Liquidated in the 1890s, the majority of the fund was used to establish what is now Vanderbilt University’s George Peabody College for Teachers.
The indirect legacy of the Peabody Educational Fund is equally notable. The original Board of Trustees, selected by George Peabody himself, was comprised of Governors from the north and the south, marking one of the first collaborative efforts since the onset of the Civil War. The first educational philanthropy, the fund also served as a model for future efforts to improve education in America.
George Peabody is said to have influenced his friends, Johns Hopkins and Enoch Pratt, to establish the famed institutions still in existence that bear their respective names. Other American philanthropists through time, including Rockefeller, Carnegie and Gates, have also cited Peabody and his model for charitable giving as inspiration for their own giving.