F. W. Olin Foundation

Defunct American grantmaking organization

The Franklin W. Olin Foundation, founded as the Olin Foundation in 1938 by Franklin W. Olin, was an independent grantmaking foundation from its founding in 1938 until it spent down its corpus and closed down in 2005.

Olin used the foundation for personal giving, including gifts for a chemical engineering building in the Engineering Quadrangle at Cornell University and a vocational high school in Alton, Illinois. In creating the foundation, Olin passed control of what would become the Olin Corporation to his sons, Spencer and John, while donating controlling shares to the foundation. "The old man then took his marbles out of the game," as Fortune described the transaction. "He plunked his stock into a charitable foundation If the boys did not want control of the company to pass to the foundation on his death, they'd jolly well have to hustle up the money to buy back the shares." The Olin sons did that, which left $50 million in the foundation's corpus, making it one of the largest foundations in the country.

In the early 1990s, the board of the Olin Foundation began to worry about the perpetuation of donor intent in subsequent generations. "We were concerned about how we were going to find people committed to continue the grant program, who wouldn't come in with their own agenda, their own baggage, and try to change things around," Milas said. "With the escalation of building costs, would we be able to sustain that grant program? We were locked into what we had as a private foundation. Would we remain relevant if we couldn't substantially grow our assets?"