The Henry G. Freeman Jr. Pin Money Fund, is the operating name of an annuity fund of the Henry G. Freeman Jr. Trust, benefiting first ladies of the United States. Begun in 1912, as part of the will of Henry G. Freeman Jr., a prominent Philadelphia real estate developer.
Freeman believed that the U.S president was paid a "miserable pittance", and that a way of increasing his income while avoiding the appearance of political gifts was to institute an annuity to be paid "to the lady termed the first lady in the land; that is, the President of the United States wife, or anyone representing the president as such, should he not be married or should she die during his administration." Freeman's will specified that the money be for the first lady's "own and absolute use" and the payments "shall continue in force as long as this glorious government exists."
The fund became active in November 1989 during the administration of George H.W. Bush, but due to a court dispute the first payments were not made until December 1992. Barbara Bush received US $36,000.00 retroactively and donated a portion to her charity work, and spent an unspecified amount doing "something nice for my grandchildren." First Lady Hillary Rodham Clinton and First Lady Laura Bush have donated the payments to charity. The income is taxable, and the fund is overseen by Wachovia Trust Services.
Famous quotes containing the words henry, freeman, pin, money and/or fund:
“A straw vote only shows which way the hot air blows.”
—O. Henry [William Sydney Porter] (1862–1910)
“I am a freeman and jolly as a beggar.”
—Rutherford Birchard Hayes (1822–1893)
“What pursuit is more elegant than that of collecting the ignominies of our nature and transfixing them for show, each on the bright pin of a polished phrase?”
—Logan Pearsall Smith (1865–1946)
““If you wish to be perfect, go, sell your possessions, and give the money to the poor, and you will have treasure in heaven; then come, follow me.” When the young man heard this word, he went away grieving, for he had many possessions.”
—Bible: New Testament, Matthew 19:21,22.
Jesus to a rich young man.
“I am advised that there is an unexpended balance of about $45,000 of the fund appropriated for the relief of the sufferers by flood upon the Mississippi River and its tributaries, and I recommend that authority be given to use this fund to meet the most urgent necessities of the poorer people in Oklahoma.”
—Benjamin Harrison (1833–1901)