About the Fund
The Isidore Schmeidler Fund is a charitable trust which was established in the Will of Isidore Schmeidler. Under the terms of the Will, essentially all of the assets of Mr. Schmeidler were transferred into a trust, the sole purpose of which was to invest and administer the assets so they could be used only for certain charitable purposes. The trust was specifically directed by Mr. Schmeidler’s Will to become a perpetual fund from which only the income was to be used for its charitable purposes.
Mr. Schmeidler’s Will directed that there should be five trustees to administer the trust and to carry out Mr. Schmeidler’s intentions: A Rabbi, a Catholic Priest, a Protestant Minister or Pastor, a civic-minded businessman, and a lawyer. These trustees were directed to use the trust’s income for “any one or more of the following charitable purposes, at the sole discretion of the trustees:”
The trustees were specifically directed by the terms of the Will to administer the trust and carry out its charitable mission without regard to race, color or creed.
Who Was He?
Isidore Schmeidler died in 1947, having lived his entire life in Atlantic City. He made his fortune as an astute businessman who started out as a watchmaker, became a seller of jewelry and operated a pawnshop, ultimately creating and successfully running The Atlantic City Loan Company until his death. He never married, yet had a large family: the people of Absecon Island with whom he worked and played during his lifetime. He was thinking of them when he wrote his last will and testament. Isidore Schmeidler’s fortune, which resulted from years of hard work and sacrifice, has been and will continue to be used forever to benefit his family, the people of Absecon Island.
Administration
The Trust was established in the early 70’s immediately after the death of Mr. Schmeidler’s last heir. The initial Trustees were selected, rules were created and the Trust, officially named as required under the Will "The Isidore Schmeidler Fund,” commenced operation. It has been in continuous operation since its inception.
Mr. Schmeidler’s Will directed that there should be five trustees to administer the trust and to carry out Mr. Schmeidler’s intentions: A Rabbi, a Catholic Priest, a Protestant Minister or Pastor, a civic-minded businessman, and a lawyer. These trustees were directed to use the trust’s income for “any one or more of the following charitable purposes, at the sole discretion of the trustees:”
- To provide scholarships to public or parochial high school graduates on the conditions that they are of good character with good habits and require financial assistance in pursuing a college education.
- To provide financial assistance to deserving poor and needy people who reside on Absecon Island under rules established by the trustees.
- To make financial gifts to charities which benefit the poor and needy people residing on Absecon Island under rules established by the trustees.
- To use the income from the trust for any other charitable purpose which benefits poor and suffering people residing on Absecon Island.
The trustees were specifically directed by the terms of the Will to administer the trust and carry out its charitable mission without regard to race, color or creed.
Who Was He?
Isidore Schmeidler died in 1947, having lived his entire life in Atlantic City. He made his fortune as an astute businessman who started out as a watchmaker, became a seller of jewelry and operated a pawnshop, ultimately creating and successfully running The Atlantic City Loan Company until his death. He never married, yet had a large family: the people of Absecon Island with whom he worked and played during his lifetime. He was thinking of them when he wrote his last will and testament. Isidore Schmeidler’s fortune, which resulted from years of hard work and sacrifice, has been and will continue to be used forever to benefit his family, the people of Absecon Island.
Administration
The Trust was established in the early 70’s immediately after the death of Mr. Schmeidler’s last heir. The initial Trustees were selected, rules were created and the Trust, officially named as required under the Will "The Isidore Schmeidler Fund,” commenced operation. It has been in continuous operation since its inception.