Peabody Education Fund

George Peadbody, known as the “father of modern philanthropy,” was born in Massachusetts in 1795. At age 11 he began apprenticing, with only four years of formal schooling. A few years later his father died leaving the family in debt so Peabody went on to serve in the Army and work as an entrepreneur to support his family. In 1835, he established George Peabody & Co., an international merchant bank, and in the 1850s, dedicated his life to philanthropy in the United States and England, donating an estimated $8 of his $16 million. Peabody funded the construction of affordable housing in London with subsidized rent, gas lights, and running water. In the late 1860s, he visited the U.S. and created the Peabody Education Fund with a $2.1 million endowment to improve primary and secondary education in 12 southern states, requiring local leaders to match funds.