The Alex C. Walker Educational and Charitable Foundation is a charitable trust that was established in 1968 and is governed by two family trustees and PNC Bank. In 2009 The Court approved a petition submitted by the trustees that reformed the original will.
The original will contained references to the investigation of the monetary systems of the United States, the advisability of a return to a system of currency redeemable in gold and other provisions that were impractical if not at the time the Foundation was established then shortly thereafter, because the monetary system of the United States was then, and remains today, part of the global monetary and financial systems. Since 1971, no national currency has been redeemable in gold. With increasing globalization of the U.S. economy, those provisions have become no more practical or relevant.
The trustees currently focus on the set of provisions listed in the grant guidelines so they can develop expertise, and concentrate funding on a limited number of subjects.
Following is the full set of provisions listed in the court petition approved in 2009:
15. The individual Trustees believe, and therefore aver, that the charitable goals of the Testator can be best carried out if this Court reforms the language of the Will to permit the Trustees to distribute the Trust assets solely for charitable purposes, but subject to the following provisions:
a) To investigate the underlying causes of economic imbalances, such as depressions, recessions and unemployment, and the factors which contribute thereto, such as government regulation, labor issues, immigration, social security, health care, taxation, food production, energy, security, ecosystem services, environment and environmental matters, such as climate change, pollution, transportation, entrepreneurship, human behavior and other economic issues;
b) To investigate the effects of the global financial system, The System of National Accounts and monetary policy in fostering a sustainable economy;
c) To investigate causes tending to destroy or impair the free enterprise system;
d) To investigate the effect of legislation and international agreement on the issues of economic imbalances, monetary policy and the free enterprise system;
e) To explore and develop market-based solutions for the subjects of the investigations detailed in subparagraphs a) through d) above;
f) To conduct surveys, publish findings, and conduct or underwrite conferences, meetings and symposiums, all designed to further develop solutions that can be applied to problems related to the foregoing subjects of investigation, as well as to the factors contributing to those problems.
g) To promote greater knowledge of economic, scientific and environmental issues and their possible relationship to economic imbalances and the free enterprise system; and
h) To fund local, national and international projects as pilot studies or demonstrations which can be applied to (i) solving economic imbalances that may affect the United States, and (ii) challenges to the free enterprise system.
16. Your Petitioners request that this Honorable Court reform the Will of Alex C. Walker by deleting subparagraph 1 through 6 of Paragraph THIRD B of the Will, and substituting therefore the language set forth in subparagraphs a) through h) of Paragraph 15 of this Petition.
17. By granting the requested reformation, this Honorable Court will enable the Trustees to fund market approaches for addressing economic imbalances and promoting a sustainable economy in a manner more likely to achieve the charitable goals and purposes of the Testator.