The Ford Foundation is an American private foundation with the stated goal of advancing human welfare. Created in 1936 by Edsel Ford and his father Henry Ford, it was originally funded by a US$25,000 gift from Edsel Ford. By 1947, after the death of the two founders, the foundation owned 90% of the non-voting shares of the Ford Motor Company. (The Ford family retained the voting shares.) Between 1955 and 1974, the foundation sold its Ford Motor Company holdings and now plays no role in the automobile company. Ahead of the foundation selling its Ford Motor Company holdings, in 1949, Henry Ford II created the Ford Motor Company Fund, a separate corporate foundation that to this day serves as the philanthropic arm of the Ford Motor Company and is not associated with the foundation. The Ford Foundation makes grants through its headquarters and ten international field offices. For many years, the foundation’s financial endowment was the largest private endowment in the world; it remains among the wealthiest. For fiscal year 2014, it reported assets of US$12.4 billion and approved US$507.9 million in grants. According to the OECD, the Ford Foundation provided US$194 million for development in 2019, all of which related to its grant-making activities.