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:
“As if the spring were all your own,
What are you when the rose is blown?”
—Sir Henry Wotton (1568–1639)
“I am a freeman and jolly as a beggar.”
—Rutherford Birchard Hayes (1822–1893)
“Who wants to become a writer? And why? Because it’s the answer to everything. To “Why am I here?” To uselessness. It’s the streaming reason for living. To note, to pin down, to build up, to create, to be astonished at nothing, to cherish the oddities, to let nothing go down the drain, to make something, to make a great flower out of life, even if it’s a cactus.”
—Enid Bagnold (1889–1981)
“Prestige is the shadow of money and power. Where these are, there it is. Like the national market for soap or automobiles and the enlarged arena of federal power, the national cash-in area for prestige has grown, slowly being consolidated into a truly national system.”
—C. Wright Mills (1916–1962)
“School success is not predicted by a child’s fund of facts or a precocious ability to read as much as by emotional and social measures; being self-assured and interested: knowing what kind of behavior is expected and how to rein in the impulse to misbehave; being able to wait, to follow directions, and to turn to teachers for help; and expressing needs while getting along with other children.”
—Daniel Goleman (20th century)