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Irene Diamond Philanthropy Essay

726 Words3 Pages

Philanthropy was designed to act in response to the social needs of society. On the contrary to charity’s dependability, philanthropy was created by individuals such as Carniegs and Rockefeller who believed in creating donations that allowed to create innovation and change to the current problems affecting society, in order to reach independence . One example of a philanthropist is Irene Diamond, after the death of his husband a millionaire state developer who left her with the responsibility of donating $200 million of dollars in a period of ten years. Irene began her interest in researching in areas that could leave a legacy in philanthropy’s history. According to Frumkin (2006), “They would focus on three areas: medial research, minority education, and cultural programs” (p. 132). The current social problems in the 1980’s was the spread of AIDS in New York. As a result, she decided to address the problem by creating s private research laboratory with 33 million dollars investment. The main innovation created by the independent research laboratory was that Dr. David Ho most influential finding was the use of …show more content…

Olin, who made his fortune in the textile machinery. He created the F.W. Oilin Foundation that would focus on providing major donations to engineering and science. Upon his death in 1951, the foundation’s trustees decided to give an endowment of $300 million dollars to open an undergraduate school of engineering in Boston. One of the features involving the endowment was that accepted students will not pay for tuition and dormitory. F.W. Oilin clearly falls in the definition provided above since he was an innovative philanthropist concerned with educating students interested in the innovations of science and engineering. The foundation allowed him to express his interests by supporting students to obtain high quality education and produce qualified engineers that would help the needs of the

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