THE FUND FOR NEW JERSEY

The formation of the Florence Murray Wallace Fund in 1958 was an attempt to conserve dollars for true philanthropic work. The daughters were the nominal founders and managers of the trust that was to become The Fund for New Jersey. Still Charles Wallace continued his commitment, heavily funding the foundation from the start. In one year, he gave 50,000 shares of company stock to the trust, which was worth more than his annual income at the time. One principle that Mr. Wallace had was that it was more meaningful to make several large gifts rather than many small ones. New Jersey seemed to be a manageable geographic area to make such gifts. At the time The Fund for New Jersey was first organized, there was great need for giving in New Jersey. The Fund's focus on New Jersey was, therefore, an outgrowth of the community giving pattern started by the Wallaces in Westfield.

Also known as: Fund for NJ