Theodore R. Johnson never made more than $14,000 a year, but he invested wisely -- so wisely that he made $70 million. Now he is donating $36 million of his fortune for education.
"I wanted to do something with the money to help education," Mr. Johnson, a 90-year-old retired executive for United Parcel Service of America Inc., said today in his apartment in this South Florida retirement community. "Need is the thing. There are so many kids that can't go to college."
Mr. Johnson, who has set up large trust funds for his son, Theodore, and for his two grandchildren and a nephew, intends to divide the scholarships from his educational fund among six groups.
The largest share, $14.4 million, will go to Palm Beach Atlantic College, a Southern Baptist liberal arts institution in West Palm Beach.
Mr. Johnson, who was reared in a middle-class family, worked his way up at U.P.S. to vice president for industrial relations by the time he retired in 1952. His annual salary was $14,000 then, but he had bought as much of the company's stock as he could and had about $700,000 when he retired.
While enjoying his retirement, he watched the company grow -- and the value of his stock holdings with it.
"I was very lucky," said Mr. Johnson, whose own college education was helped by Federal money he received as a World War I veteran. Gratitude to His Company
The children of U.P.S. employees in Florida will have a $7.2 million program because Mr. Johnson wants to do something to show his gratitude to United Parcel, which he refers to as "we" or "us."
"It's such a major event for us," she said after hearing of the gift. "It's just amazing. I was between crying and yelling and jumping."
"I've been hard of hearing since the 1940's, when I got a hearing aid," Mr. Johnson said. "I wanted to do something to help the deaf."
"I wanted to do something with the money to help education," said Theodore R. Johnson, a former executive with the United Parcel Service. (Associated Press)
ref: http://www.nytimes.com/1991/10/15/us/retiree-donates-fortune-to-education.html
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Mr. Johnson, who has set up large trust funds for his son, Theodore, and for his two grandchildren and a nephew, intends to divide the scholarships from his educational fund among six groups.
The largest share, $14.4 million, will go to Palm Beach Atlantic College, a Southern Baptist liberal arts institution in West Palm Beach.
Mr. Johnson, who was reared in a middle-class family, worked his way up at U.P.S. to vice president for industrial relations by the time he retired in 1952. His annual salary was $14,000 then, but he had bought as much of the company's stock as he could and had about $700,000 when he retired.
While enjoying his retirement, he watched the company grow -- and the value of his stock holdings with it.
"I was very lucky," said Mr. Johnson, whose own college education was helped by Federal money he received as a World War I veteran. Gratitude to His Company
The children of U.P.S. employees in Florida will have a $7.2 million program because Mr. Johnson wants to do something to show his gratitude to United Parcel, which he refers to as "we" or "us."
"It's such a major event for us," she said after hearing of the gift. "It's just amazing. I was between crying and yelling and jumping."
"I've been hard of hearing since the 1940's, when I got a hearing aid," Mr. Johnson said. "I wanted to do something to help the deaf."
"I wanted to do something with the money to help education," said Theodore R. Johnson, a former executive with the United Parcel Service. (Associated Press)
ref: http://www.nytimes.com/1991/10/15/us/retiree-donates-fortune-to-education.html
Related Posts
- All Weather: A Passive Fund Designed for Any Economic Climate
- The House Has The Edge
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