Grace Groner
Encyclopedia
Grace Groner was an American woman recognized after her death for a posthumous gift of seven million dollars to her alma mater
, Lake Forest College
.
, farming community. She had a twin sister, Gladys, who died in April, 2007. Upon their being orphaned at age 12, both sisters were taken in by George Anderson, one of the prominent members of the community. He paid for both of them to attend nearby Lake Forest College, from which they graduated in 1931. Grace Groner never married.
In 1935, Grace Groner purchased three sixty dollar shares
in Abbott Laboratories
, where she also worked for 43 years. Over the years, her shares split
many times, and she reinvested the dividends each time. She had few needs, lived in a small cottage willed
to her, bought clothes at rummage sales, and although she travelled extensively, she never owned a car. She also gave money to the needy, but kept her name anonymous by doing it through Anderson.
Over the years, Groner remained close to the college, attending football games and donating $180,000 to help start a scholarship fund. In 2008, she set up a foundation that would receive her estate upon her death. It was estimated that the foundation would earn $300,000 a year on interest from her estate.
is said to have exclaimed, "Oh, my God."
According to the college, her home will be used for women who receive the foundation's scholarship. It is estimated that some 1,300 students will benefit from her will. The home will be known as "Grace's Cottage."
Alma mater
Alma mater , pronounced ), was used in ancient Rome as a title for various mother goddesses, especially Ceres or Cybele, and in Christianity for the Virgin Mary.-General term:...
, Lake Forest College
Lake Forest College
Lake Forest College, founded in 1857, is a private liberal arts college in Lake Forest, Illinois. The college has 1,500 students representing 47 states and 78 countries....
.
Life
Grace Groner was born in 1909 in a small Lake County, IllinoisLake County, Illinois
Lake County is a county in the northeastern corner of the state of Illinois, on the shore of Lake Michigan. According to the 2010 census, it has a population of 703,462, which is an increase of 9.2% from 644,356 in 2000. Its county seat is Waukegan. The county is part of the Chicago metropolitan area...
, farming community. She had a twin sister, Gladys, who died in April, 2007. Upon their being orphaned at age 12, both sisters were taken in by George Anderson, one of the prominent members of the community. He paid for both of them to attend nearby Lake Forest College, from which they graduated in 1931. Grace Groner never married.
In 1935, Grace Groner purchased three sixty dollar shares
Share (finance)
A joint stock company divides its capital into units of equal denomination. Each unit is called a share. These units are offered for sale to raise capital. This is termed as issuing shares. A person who buys share/shares of the company is called a shareholder, and by acquiring share or shares in...
in Abbott Laboratories
Abbott Laboratories
Abbott Laboratories is an American-based global, diversified pharmaceuticals and health care products company. It has 90,000 employees and operates in over 130 countries. The company headquarters are in Abbott Park, North Chicago, Illinois. The company was founded by Chicago physician, Dr....
, where she also worked for 43 years. Over the years, her shares split
Stock split
A stock split or stock divide increases the number of shares in a public company. The price is adjusted such that the before and after market capitalization of the company remains the same and dilution does not occur. Options and warrants are included....
many times, and she reinvested the dividends each time. She had few needs, lived in a small cottage willed
Inheritance
Inheritance is the practice of passing on property, titles, debts, rights and obligations upon the death of an individual. It has long played an important role in human societies...
to her, bought clothes at rummage sales, and although she travelled extensively, she never owned a car. She also gave money to the needy, but kept her name anonymous by doing it through Anderson.
Over the years, Groner remained close to the college, attending football games and donating $180,000 to help start a scholarship fund. In 2008, she set up a foundation that would receive her estate upon her death. It was estimated that the foundation would earn $300,000 a year on interest from her estate.
Death and will
On January 19, 2010, Groner died. When her will was opened by her attorney, he found out about the wealth that she had accumulated over the years. He was informed of her intentions, which stated that all her money, which by then totaled seven million dollars, should be donated to Lake Forest College. Upon being told of this, college president Stephen D. SchuttStephen D. Schutt
Stephen D. Schutt is the 13th president of Lake Forest College. Before coming to Lake Forest in 2001, Steve served as Vice President & Chief of Staff at the University of Pennsylvania....
is said to have exclaimed, "Oh, my God."
According to the college, her home will be used for women who receive the foundation's scholarship. It is estimated that some 1,300 students will benefit from her will. The home will be known as "Grace's Cottage."