The original Trust Agreement executed on January 17, 1939 placed responsibility on the Board of Managers to distribute the income within the scope of the Foundation's objectives. The Agreement set forth the "General Purposes of the Foundation" as follows:
Only grant requests which fall into one of those categories can be considered by the Board at its semi-annual meetings.
At its meeting on December 7, 1989, the Board of Managers unanimously adopted a further set of guiding principles for considering grant requests. Refined at subsequent meetings, the Board generally abides by the following guidelines in choosing which proposals to fund: