How John D. Rockefeller Created Modern Philanthropy

Jul 3

Most people know John D. Rockefeller as the standard oil tycoon and monopolist, but not so many are aware of the contributions he made to society beyond the board room.

His donations and foundation led to the:

● Founding of the University of Chicago

● Vaccine for yellow fever

● Development of penicillin

In all, from 1855 to 1934 John D. Rockefeller’s gift totaled $530,853,632 and the founding of the Rockefeller Institute for Medical Research, the Rockefeller Foundation, the Laura Spelman Rockefeller Memorial, in memory of his wife, and the General Education Board.

And it didn’t stop with John, his son John Jr. continued the giving legacy. As successive generations emerged they combined their resources in an effort to create a similar impact.

For example, John Jr.’s five sons, known as the “Brothers,” recognized that the same charities were reaching out to them individually so they centralized their giving as a family unit. This tradition then passed down to the following generations (the “Cousins”) who have updated their operating procedures by polling family members to find areas of common interest and rotating governance roles within the giving fund.

89 members of the Rockefeller family (fifth and sixth generation) now lead a collaborative foundation that fosters the family’s values and keeps the sprawling family connected to one another. Through the foundation, they not only share their fragmented wealth in a pooled manner, but can also contribute their own specific skills, interests, and knowledge in a way that creates the greatest impact as the baton passes from generation to generation.

By finding ways to continue working together, John D. Rockefeller’s family have created a roadmap to what a lasting legacy looks like six generations later. Something that we can all consider as we work towards building our own family legacy.