(Jewish Daily Bulletin)
–Julius Rosenwald presented a gift of $500,000 to the Hebrew Union College of this city on Tuesday. This is the largest gift in the institution’s history and comes within three weeks after the completion of the $250,000 campaign for a new library building at the College.
Mr. Rosenwald offered the $500,000 gift to Adolph S. Ochs, chairman of the College’s Endowment Fund Campaign on November 10, Ludwig Vogelstein, Chairman of the Executive Board of the Union of American Hebrew Congregations, anounced.
The Board of Governors of the College accepted Mr. Rosenwald’s offer at a meeting held at the institution on Tuesday, Alfred M. Cohen, Chairman of the Board, stated.
The terms of Mr. Rosenwald’s donation require that the Endowment Fund must have reached at least $3,500,000 besides his own $500,000 by July 1, 1929. Of the total $4,000,000, the sum of $3,000,000 shall be available in cash or in pledges of not more than ten annual installments.
Emphasizing his opposition to “frozen assets” such as perpetual endowments, Mr. Rosenwald stipulated in effect that this $3,000,000 must be used entirely within 25 to 33 years or be removed from the endowment trust into an available surplus and reserve fund. The $3,000,000 shall be donated, he said, with the distinct understanding that in addition to the annual income from interest, from 3 to 5 per cent of the capital shall be set aside annually by the trustees of the fund to be used by them at their discretion for current expenses or placed into a surplus or reserve fund to be drawn upon for budget or other requirements.
In revealing the $500,000 pledge of Mr. Rosenwald, Mr. Vogelstein also announced that Henry Morgenthau, former United States Ambassador to Turkey, has volunteered to tour the United States to assist Mr. Ochs in completing the endowment fund.
Those attending the meeting of the College’s Board of Governors included Simon Lazarus of Columbus, O.; Rabbi David Lefkowitz, Dallas, Texas; Lee J. Loventhal, Nashville, Tenn.; Dr. Louis L. Mann. Chicago; Rabbi Isaac E. Marcuson, Macon, Ga.; Dr. William Rosenau, Baltimore, Md.; Dr. Abba H. Silver, Cleveland; Dr. Abram Simon, Washington, D. C.; Rabbi Jonah B. Wise and Ludwig Vogelstein of New York City; Oscar Berman, Alfred M. Cohen, Dr. Albert H. Freiberg, Maurice J. Freiberg, Rabbi James G. Heller, Ralph W. Mack. Leslie V. Marks, Dr. Julian Morgenstern, Dr. David Philipson, Carl F. Pritz, Mayor Murray Seasongood, Charles Shohl and Benjamin Mielziner of Cincinnati.
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