Mr. Alden was a WPI professor, an accomplished inventor
(although perhaps not a marketing guru given that one of his
inventions, eventually sold to the Otis Elevator Company, was
incorporated under the moniker “Plunger Elevator Company”
not an obvious name to effectively foster confidence in such
a revolutionary product), a prominent industrialist, a broadly
involved and committed Worcester community leader, and,
ultimately, a philanthropist extraordinaire.
But what truly set him apart from most of his distinguished
contemporaries, such as Ichabod Washburn and Stephen
Salisbury III, and what has made such a difference since his
death in 1926, is the truly long, long, flexible “legs” his form of
philanthropy has enjoyed.
Mr. Alden was, if not the first person, then certainly one of
the first and, unequivocally, the most successful Worcester
philanthropist to structure his enduring philanthropy through
the establishment of a charitable foundation. Over the years
the reach of his generosity has been extraordinary.
Colleges throughout this country have in the past and
continue today to benefit from his largesse. Alden endowed
need-based scholarship funds at colleges throughout the
country now exceed $60 million in asset value, which
translates to around $3 million per year in scholarship support
for deserving college students.
And almost anywhere one might look in Worcester, one finds
striking evidence of Mr. Alden’s very large, local philanthropic
footprints.
But as impressive and wonderful as all of this is, what is truly
so much more impressive is the “rest of the story,” as the late
Paul Harvey was wont to say.
A very persuasive and forcible argument may be made
that through this mode of philanthropy, in addition to
accomplishing good works, Alden also served as a pivotal role
model for many of his fellow Worcester businessmen who
later established their own charitable funds. Most of these
later philanthropists were personal friends of Alden. Many of
them lived in close proximity on the west side of Worcester.
Most of them probably spent quite a bit of time together at the
Worcester Club or other venues in Worcester.
Between 1939 and 1960, more than 20 other Worcester
individuals established charitable funds. Most of their names
well known still today: Daniels, Fuller, Ellsworth, to name but
a few. Among the honorary pall bearers at Mr. Alden’s funeral
were other leading citizens: George J. Jeppson, Aldus C.
Higgins, Paul E. Morgan and Harry E. Stoddard, all of whom
were to later establish foundations.
While none of them are as large as Mr. Alden’s Trust (now
over $150 million in assets), and while a number of them
have, for various reasons, either terminated or changed
their giving focus away from Worcester, most of these funds
continue today to provide critical funding support for a
plethora of nonprofits here in Worcester County, as well as
significant giving beyond Worcester.
These funds vary greatly in size and, therefore, obviously, their
individual grant-making capability, but what they collectively
do and for whom, is truly impressive, a wonderful mosaic of
support for the entire community.
Worcester private foundations and the public Greater
Worcester Community Foundation now boast collective assets
on the order of $600 million with resulting annual grants
approaching $30 million. Around $25 million of these grants
go to Worcester County nonprofits. Without this reliable
source of beneficence, where would Worcester-area nonprofits
be today? What would the quality of life in our community be
today? What a colossal debt of gratitude we in Worcester owe
to this select group of farsighted, generous, and, fortunately,
also successful past fellow Worcester citizens for their vision,
their willingness to implement that vision, and for their faith
in the future stewards of their respective funds who would
be overseeing the grant-making long, long after their deaths.
And, unequivocally, it was George I. Alden, among all of
them, who first stepped up to the plate and showed them the
way.
When Mr. Alden dropped into his attorney’s office on
August 24, 1912, to execute his Trust document, while it may
have then been only “one small step” for him, it is a huge
understatement to say that this one small step has certainly
proved to be “one giant leap” for all of “Worcesterkind” as well
as private education interests well beyond Worcester.
