The founding idea for GIFT goes back to 1802 and Ben Franklin. In his will, America’s Franklin left 1000 pounds each to Philadelphia and Boston and required that the money be invested untouched for 100 years. Because of the power of compound interest, hundreds of projects were funded. The Franklin money helped build a world class science and technology museum in Philadelphia, a trade school in Boston and hundreds of scholarships, among many other projects. Parts of the Franklin money is still being invested today and grants are still being made after 200 years. GIFT is using this precedent of long-term investment to double charity worldwide. Ben Franklin called compound interest the "Eighth wonder in the world." When asked, "What is the greatest mathematical discovery of all time?" Albert Einstein replied, "Compound interest."

In the early 1900’s Andrew Carnegie, with no more than a 4th grade education, wanted to attract the best teachers into higher education. His adviser knew the individual running the Franklin endowment in Boston. Based on the Franklin idea, Carnegie designed a modern pension system benefiting educators and wrote a check for $14 million to launch what has become the multi-billion dollar teachers’ pension – TIAA-CREF.

Oseola McCarty, from Hattiesburg, Mississippi serves as a modern-day example. Ms. McCarty earned her living by washing and ironing people’s clothes. Every week she set aside small amounts of savings. Over a 50-year period, this grew into $100,000’s. In July, 1995 Ms. McCarty donated $150,000 to the local Black college. Ms. McCarty’s gift was the largest ever by an African-American to Southern Mississippi College.



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