Bucks County Herald – November 17, 2010

Neinken Trust

Dear Friends,

Good morning. My friend of seven decades, J. Lawrence “Larry” Grim, Jr. recently told me a wonderful story that you’ll enjoy. Four generations of Grim’s and Meredith’s have grown up together starting with our grandfathers, our fathers, our daughters, and us. The Grim’s have been practicing law in Bucks County for 121 years…the Meredith’s crafts have been in news papering.

Larry was instrumental in the founding of the Bucks County Foundation. It’s an organization that manages the wishes of people who want to do good things for their community during their lifetime and beyond.

Larry’s father, J. Lawrence “Jake” Grim, was a friend and lawyer of Maurice “Moe” Neinken who came from Manhattan to start the “Royal Pants” factory in Perkasie in the late 1930’s. Moe’s parents were Russian Jews who immigrated to America at the turn of the 20^th Century…probably as a consequence of religious pogroms, which were prevalent in Russia’s history at the time.

According to Coleen Hamilton and Maureen Zaccardo, Moe’s granddaughters, Moe served in World War I…and his wife was an ambulance driver…what hazardous duty they must have experienced. After the war, he found his way into the textile business; she in banking.

There were more U.S. Army pants made at Royal Pants during World War II than anywhere else in America. The plant produced pants in round-the-clock shifts by workers from Perkasie, Sellersville and Souderton. Royal Pants also made pants for the Boy Scout organization. Moe often attended Boy Scout jamborees and left part of his fortune to the Scouts.

Jake Grim wrote Moe’s will that took care of his widow and then set up a trust to provide scholarships and grants for children of Royal Pants’ workers. But, the widow lived 30 years after Moe died in 1962. So Larry went into the Montgomery County Court and in 1994, the will was rewritten to provide for descendents of Royal Pants and other factory workers.

The Neinken Trust assets have grown to $3,267,274 and since its start, 373 students have been assisted with a graduation rate of 96 percent and a loan repayment rate of 97 percent.

The variety of educational grants and loans has been unusual. The first student loan repaid was for attending a Nanny School; a loan paid a student’s Mercedes-Benz factory training. Graduate school aid is only in the form of loans. The main aid goes to kids of “blue collar” workers…and not just the brightest and the best but also, for those who might be handicapped in some way.

For many years, Moe’s dentist and friend, Dr. Charlie Apple, a Pennridge School board member, administered the loan-grant program. Charlie’s wife, “Kit,” and her daughter, Cheryl Franckowiak, helped in the task. When Charlie died this year at age 96, mother and daughter decided to retire.

Once more, Larry and his son, Gregory returned to the Montgomery County Court to rewrite Moe’s trust. They recommended that the administration of the trust be turned over to the Bucks County Foundation (BCF). The Orphans Court approved the change on November 3, 2010.

Larry Grim conceived the BCF when he was the President of the Bucks County Bar Association in 1977. Today, BCF has grown to 25 component funds including 14 separate scholarship funds. A full time Executive Director, Linda Goodwin, administers the funds. Grace Deon, Esq., of the Eastburn and Gray law firm, followed Larry as Chair of the Distribution Committee and runs it today.

BCF will strive to continue the Neinkin Trust and have its Application Committee approve loans and grants. The committee is comprised of Coleen Hamilton, Moe’s granddaughter, Karen Undercoffler, Jon Apple, Charlie Apple’s son, and Gregory Grim.

The financial institutions that serve as trustees include the First Savings Bank of Perkasie that will invest the Neinken fund as well as Univest, the First National Bank of Newtown, PNC, Wachovia/ Wells Fargo, and Mellon banks. The approximate value of the Bucks County Foundation funds as of March 31, 2010 was $7.5 million and with the addition of the Neinken Trust, grows to $10.7 million.

When the BCF was created, the first of the funds it received was the $1 million Happ-Grover Scholarship Fund. When I saw the Happ name, I thought of my friend David Keller who might have set up the Happ trust. So, I called him. Yes, Dave was with the Doylestown National Bank, the precursor of the Continental Bank, when Frank and Gladys Happ came to call. Many of you readers will remember Frank Happ, a very successful Central Bucks builder.

“Gladys Vare Happ was a Philadelphian with strong family connections to the Republican Party,” Dave told me. She was Senator Vare’s daughter. There’s an avenue in Philadelphia named after him.

“In 1978, she arrived at my office with 25, crisp $1,000 bills to add to the trust,” Dave continued. “It had been a wedding present and she’d kept it in her lock box for 40 years! She set up the trust with more than $1 million which helped to support Delaware Valley College and Bucks County Community College students,” Dave added.

Larry Grim and his son, Gregory, prepared the transfer of the Neinkin Trust from the Wells Fargo Bank to the Bucks County Foundation. So, three generations of Grims have watched over Maurice Neinkin’s will and the trust.

Even Moe’s death has an interesting twist. Larry told me that Moe was an avid fisherman and loved his ocean going boat. On his last day on earth, Moe’s captain took him out for a sail and at one point, Moe decided to take a rest and never awakened.

Leaving this world for the next world while enjoying what you do in this world is the way to go!

Maurice Neinken was a multi-millionaire and made sure that he could continue to serve others through his trust. It lives on. An unusual capitalist, he wanted to share his good fortune with his employees’ children. He knew that they and their families would do well if they had the chance to further their education.

Maurice Neinken was not only a capitalist, he was a philanthropist too. There is an obvious moral to this tale. If you want to do good forever, follow Maurice Neinken’s example. The Bucks County Foundation is ready to help you get stated. Just call 215-997-8566

I love stories like these and thought that you would too.

Sincerely, Charles Meredith