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The Peabody Fund was established. His aims were to improve society, promote education, and provide the poor with the means to help themselves.
By the second decade of the Twentieth Century a large of southern communities had been able to build schools because of efforts by the Peabody Fund ed by others such as the Slater Fund, the Jeanes Fund and the giant General Education Board, established by John D. RockefellerSr. George Peabody was a prominent white-American international investor. The Peabody trustees devised a system of self-help by which the Foundation would provide challenge grants to local communities.
Copyright Encyclopedia Britannica Inc. ISBN Today's Articles People, Locations, Episodes. He began his career as a stock boy and eventually settled in England. The Peabody Fund provided monies for construction, endowments, scholarships, teacher and industrial education for newly freed slaves.
Next Story. The Fund would seek locations where there were sufficient s of students and cooperative public officials who would combine the relatively small grant with tax money to build the school. George Peabody is considered to be the father of modern philanthropy.
Thus, the relatively meager return on the Fund's principal could be leveraged. Reference: Encyclopedia.
Help would be targeted strategically. It is considered by scholars to be one of the first truly modern philanthropies because of the way it went about giving its capital.