Foundations existed in Greek and Roman times when they were often, though not always, established to honour deities. As one of the exceptions to this, Greek philosopher Plato bestowed land for his followers to maintain an army. |
Later, in the Middle Ages, the church maintained a number of foundations that it used to grow. Around the same time, in Arabia a pious donation called a waqf developed with the growth of Islam. In 1701, an English Anglican clergyman called Thomas Bray created the Society for the Propagation of the Gospel in Foreign Parts in order to establish libraries and churches in America. |
Alfred Nobel, the Swedish inventor, has a legacy that is used to pay homage to international feats. Likewise, Joseph Pulitzer’s Will presents annual rewards for great American contributions to journalism, literature and drama, and music. Today, Foundations are found all over the world, the largest being the Bill & Melinda Gates Foundation. Their uses have expanded from charity and now include estate planning and business development. |
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