The Henry Street Settlement is one of five New York charitable institutions made the beneficiaries of a fund of $2,500,000, to be known as the Laura Spelman Rockefeller Memorial Fund, created in the New York Community Trust prior to the Laura Spelman Rockefeller Fund’s merger with the Rockefeller Foundation. The other organizations are the Salvation Army, the Charity Organization Society, the New York Association for Improving the Condition of the Poor and the United Hospital Fund.
The announcement made by Ralph Hayes, director of the New York Community Trust, says that securities for the fund were deposited by the Laura Spelman Rockefeller Memorial with the Equitable Trust Company, as trustee for the Community Trust.
The principal of the fund will be invested and administered by the trustee selected by the founder. The disbursement of the income will be supervised by the Distribution Committee of the Community Trust, whose members are named by the senior Judge of the United States Circuit Court of Appeals and the Presidents of the Association of the Bar of the City of New York, the New York Academy of Medicine, the Chamber of Commerce of the State of New York and the Brooklyn Institute of Arts and Sciences.
The income of the fund will be divided periodically into 110 parts, of which fifty will be paid to the Salvation Army, twenty-five to the Henry Street Settlement, fifteen to the United Hospital Fund, ten to the Charity Organization Society, and ten to the Association for Improving the Condition of the Poor.