Incorporated in 1948 in NY as Faigel Leah Foundation, Inc.; The J.M. Kaplan Fund, Inc., a DE corporation, merged with it in 1975 and was renamed The J.M. Kaplan Fund, Inc. - When the merger took place the officers and programs of the original J.M. Kaplan Fund were largely maintained while the assets of the fund increased substantially. The activities of the fund reflect the interests of the Kaplan family members. The fund bears the name of one of its founders and principal contributors, the late Jacob M. Kaplan, who along with his three brothers, organized and developed the Dunbar Molasses Corp. Later, Mr. Kaplan and his brothers established the Hearns Department Store chain. Mr. Kaplan was the owner and president of Welch's Grape Juice Co., and later, president of Jemkap, Inc. Until 1977, he directed the affairs of the fund as its president. He served on the board of trustees until his death in July 1987. At the close 2010, the market value of the foundation's assets totaled $139.1 million, a 59 percent increase over the 2009 value ($87.2 million)