CFTT Announces the Receipt of a Grant from the Ben Franklin Estate

July 3, 2007
Media Release for the Community Foundation for the Twin Tiers
Contact: Marilyn Bok, Board Chair, 570-888-4759
For Immediate Release

The Community Foundation for the Twin Tiers (CFTT) announced today that it has received a $16,500 grant from the Estate of Benjamin Franklin to establish a trust fund to be called “The Ben Franklin Trust of the CFTT.” 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.

Marilyn Bok, Board Chair stated, “What an amazing surprise for the CFTT. It is hard to believe that we have received some of the last funds from the actual Ben Franklin estate. He was a remarkable man when he was alive and still is doing notable things 220 years after his death. We could all learn from his example.”

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. Through Senate Bill 1135 of 1989, the Senate of Pennsylvania determined the funds should be distributed half to the Franklin Institute of Philadelphia to support educational and employment training programs and half to Commonwealth Community Foundations.

Community Foundations are expected to add value to these funds through prudent investment, fundraising efforts and the contribution of substantive in-kind services. It is expected that the fund will increase in value each year and that increasing amounts of grants funds will be made available to the community as the years pass.

Since there are no specific causes on which these funds must be spent, the Board of Directors of the CFTT, in their capacity as community representatives, in the near future will determine how to use the grants from these funds. They will take into consideration the greatest needs determined by their recent needs assessment and the interests of the donor.

CFTT serves Bradford, Sullivan, and Tioga Counties in Pennsylvania and Tioga County in New York State. It is a purely public charity, incorporated as a non-profit, that has been granted 501(c)(3) status by the IRS. The mission of the CFTT is to continuously improve the present and future quality of life in the counties served by the Foundation.

The CFTT establishes endowment funds from contributions of many individual citizens, corporations, other foundations, other charitable organizations and government agencies for philanthropic purposes. As the endowment funds grow, it uses the earnings from these funds to make grants to organizations or projects that serve identified community needs or are designated by the donor.

Anyone interested in learning more about the CFTT or in establishing a fund can contact the organization by any of these methods: telephone - 570-888-4759; fax - 570-888-2179; email - cftt@stny.rr.com; or visit the website - www.twintierscf.org.

CFTT is dedicated to making a difference locally "for good - for ever^TM"