|The Letter of Mr. Carnegie establishing the trust.|
|The Original Board of Trustees and the constitution of the Board as of July 1, 1918.|
|The Executive Officers.|
|List of Associated Colleges and Universities.|
|List of Publications.|
NEW YORK, April 16, 1905.
GENTLEMEN: I have reached the conclusion that the least rewarded of all the professions is that of the teacher in our higher educational institutions. New York City generously, and very wisely, provides retiring pensions for teachers in her public schools and also for her policemen. Very few indeed of our colleges are able to do so. The consequences are grievous. Able men hesitate to adopt teaching as a career, and many old professors whose places should be occupied by younger men, can not be retired.
I have, therefore, transferred to you and your successors, as Trustees, $10,000,000.00, 5 per cent first mortgage bonds of the United States Steel Corporation, the revenue from which is to provide retiring pensions for the teachers of universities, colleges, and technical schools in our country, Canada and Newfoundland under such conditions as you may adopt from time to time. Expert calculation shows that the revenue will be ample for the purpose.
The fund applies to the three classes of institutions named, without regard to race, sex, creed or color. We have, however, to recognize that State and colonial governments which have established or mainly supported universities, colleges or schools may prefer that their relations shall remain exclusively with the State. I can not, therefore, presume to include them.
There is another class which States do not aid, their constitution in some cases even forbidding it, viz., sectarian institutions. Many of these established long ago, were truly sectarian, but today are free to all men of all creeds or of none -- such are not to be considered sectarian now. Only such as are under the control of a sect or require trustees (or a majority thereof), officers, faculty or students to belong to any specified sect, or which impose any theological test, are to be excluded.