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 freeman, pin, money and/or fund:
“grandmama
sewing a new
button on my last year
ragdoll.”
—Carol Freeman (b. 1941)
“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)
““... he’s helpless
In ways that I can hardly tell you of.
Sometimes he gets possessed to keep accounts
To see where all the money goes so fast.
You know how men will be ridiculous.
But it’s just fun the way he gets bedeviled
If he’s untidy now, what will he be?””
—Robert Frost (1874–1963)
“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)