Western Reserve Historical Society among four institutions to receive funds in perpetuity.
The National Fiduciary Trust Committee of KeyBank recently approved to continue, in perpetuity, the Dudley Allen Trust Funds established a hundred years ago for the benefit of four Northeast Ohio nonprofit organizations. The Dudley Allen Trust Funds were established per terms of an agreement between Elisabeth Severance Allen and The Cleveland Trust Company dated September 24, 1915. Five trusts funds were formed to benefit The Cleveland Medical Library Association, Western Reserve Historical Society, Cleveland Museum of Art, Oberlin College, and the Jennie Allen Nurse Fund of Oberlin College. The trust funds were to be held for one hundred years, with the income from the trust funds paid to the 4 named organizations.
The agreement states: “It is my wish and I direct that payment of income to the several institutions and organizations hereinbefore designated…..shall continue for such length of time beyond the period originally fixed for their termination, as they shall efficiently and worthily carry out the purposes of their organization, in the opinion of the Board of Directors of The Cleveland Trust Company, whose judgement with respect thereto shall be conclusive.”
This continuing support, now in perpetuity as approved by KeyBank, reflects the forward thinking legacy of philanthropic Clevelanders over a century ago. At that time, Cleveland was the sixth largest city in the nation. Manufacturing and industry amassed wealth leading to an unprecedented expansion of philanthropy in Northeast Ohio. A number of these companies thrive yet today, as do the historically significant nonprofit organizations developed during that era of wealth and philanthropy. As these companies and nonprofit organizations approach or even surpass their centennial, their legacies continue to grow.
Western Reserve Historical Society will honor those who have reached this milestone at its 100 Year Club annual awards banquet on Monday, December 7, 2015. The 2015 Class includes eleven local organizations surpassing their centennial and two additional organizations that have reached one hundred fifty years of service. The list includes Cleveland Play House, Farmers National Bank, Fay Sharpe LLP, Federal Reserve Bank of Cleveland, Greater Cleveland Auto Dealers Association, Hawken School, Jewish Family Service Association, Karamu House, Kiwanis, Seibert Keck, Spitzer Automotive, Ohio Awning & Manufacturing Co (150 years), and St. Vincent Charity Medical Center (150 years).
For more information on the event visit www.wrhs.org/get-involved/100-year-club/ .