Word: fund
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Dates: during 1950-1959
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Made in U.S.A. Though foundations are as old as the Pharaohs, the one that Heald runs is as much an American product as the model T. Plato may have endowed his academy, and Benjamin Franklin may have left funds for the needy married apprentices of Boston and Philadelphia, but it was not until the formation of the Peabody Education Fund in 1867 that the modern foundation really emerged. By that time philanthropy was taking up a whole new role: not charity alone, but the advancement of knowledge...
...Peabody Education Fund (established by Massachusetts-born Millionaire Merchant George Peabody) helped set up state departments of education in the South, opened schools to train teachers, was partly responsible for the Southern Education Board, which sparked a national crusade to improve and finance Southern schools. The Rockefeller Foundation, partly following the Peabody lead, plunged into medical research, virtually eliminated hookworm from the South, wrestled with diseases all over the world. Andrew Carnegie's money sprinkled public libraries across the nation, set up pensions for college teachers and, by supporting the famed Flexner report on U.S. and Canadian medical schools...
...months passed it became obvious that the Pasadena idea was not working out. The staff had to plane back and forth across the continent so much that they began calling the foundation the "Fund for the Advancement of Aviation." To make matters worse, Hoffman infuriated Henry Ford II by inadvertently leaking to the press that the Ford Motor Co. might put some of its Ford stock on the market. Finally, at President Eisenhower's first inauguration, Ford told Hoffman: "This is the end, Paul." A month later the trustees also rose against Hoffman, elected Rowan Gaither president and ordered...
...Raise Standards. Under mild-mannered, capable Clarence Faust, the Fund for the Advancement of Education has made its most important contributions in two fields: the training and recruitment of teachers, and improving the intellectual lot of the gifted student. In 1951 it launched its famous statewide Arkansas Plan to attract more public-school teachers by giving liberal-arts graduates one year of training and internship instead of the tedious mishmash of courses usually doled out by schools of education. Though Arkansas is perhaps too poor a state to carry on such an experiment successfully, the fifth-year idea has spread...
...fund has experimented with putting master teachers on TV for the benefit of a whole school system. It has persuaded some colleges to take in bright high-school students before graduation and to give others advance standing after high-school graduation. It has also been a major catalyst in beefing up the standards of the public-school curriculum...