Summary
The Benwood Foundation is a charitable foundation created in 1944 by George Hunter in honor of his uncle, Benjamin Thomas who pioneered the Coca-Cola bottling industry and founded the Coca-Cola Bottling Company. George Hunter was the heir of Benjamin Thomas, and much of the wealth related to the Coca-Cola Bottling Company passed on to the Foundation. As of 2004 The Benwood Foundation distributes between $4 and $5 million annually in grants and donations.[2]
 | |
| Formation | 1944 |
|---|---|
| Type | Charitable Foundation |
| Headquarters | Chattanooga,TN, United States |
President | Sarah Morgan |
Revenue (2015) | $6,579,953[1] |
| Expenses (2015) | $11,100,092[1] |
| Website | www.benwood.org |
History edit
Upon George Hunter's death in 1950, 70 percent of the Coca-Cola Bottling Company stock went to the Foundation. This led to a probate law precedent-setting lawsuit when family members sued regarding the tax status of the donation. A 1952 court ruling stated that the Foundation did not have to pay death duties, which became the responsibility of the residuary estate. The ruling was upheld on appeal.[3]
Focus edit
The Foundation's grantmaking focus is on Public Education, Arts & Culture, the Environment, and Neighborhood & Community Development.
See also edit
External links edit
- The Benwood Foundation Website
References edit
- ^ a b "Benwood Foundation Inc" (PDF). Foundation Center. Retrieved 22 June 2017.
- ^ Benwood Foundation Taking Time To Reassess Archived 2007-05-20 at the Wayback Machine, The Chattanoogan, December 12, 2004
- ^ Ned L. Irwin (1998). "Benwood Foundation". The Tennessee Encyclopedia of History and Culture.