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George Peabody, a prominent investor, established The Peabody Fund on February 6, 1867. He eventually settled in England. He earned $12 million in his lifetime. Scholars considered him the father of modern philanthropy. He wanted to improve the society, promote the education and help the poor with the means so that they can help themselves. That is why he established Peabody Fund. It provided education and training for the freed slaves.

The way of giving Peabody Fund’s capital was such that people considered him the true modern philanthropies. The Foundation provided challenge grants to local communities by a system of self-help. Peabody Fund’s efforts worked so well that Southern communities became able to build schools. Slater Fund, the Jeanes Fund and the Ginat Education Board, which was established by John D. Rockefeller, assisted this fund.