About
In 1739, some thirty-five years before the war of Independence, William Carter left in trust to the City of Philadelphia for “ye use and service of ye alms houses belonging to ye said City (Philadelphia), and for ye relief of ye poor people in the same forever.”
From 1739 until the 1860’s twenty-six more funds were left in trust to the City, these included several substantial funds established by Stephen Girard, James Wills Jr., Benjamin Franklin and Elias Boudinot. Funds left in trust to the City were administered by Select and Common Councils, Committees of either body, or through managers appointed by them.
A group of public spirited and influential citizens of Philadelphia felt that management of these funds was proving to be unsatisfactory because rapid changes in City Government made impossible a proper continuity of stewardship of the trusts. In 1869 a group of these citizens succeeded in bringing about the passage of an Act of Assembly creating the Board of Directors of City Trusts, by the Legislature of the Commonwealth of Pennsylvania. The Act, approved on June 30, 1869, continued to vest trusteeship in the City, but placed administration of the trusts under a Board of Directors.