Incorporated in 1939 in NY - Mr. Summerfield, founder of the Gotham Gold Stripe Hosiery Company, set up the foundation in memory of his father, Marcus Summerfield, who had been a professor of law at the University of Kansas. Solon Summerfield died in 1947 and bequeathed most of his estate to the foundation. The will specified that the first $20,000 of income annually be paid to the University of Kansas for scholarships. Three-fourths of the remaining net annual income should be divided among the following: the New York Times One Hundred Neediest Cases, the Endowment Fund for Phi Kappa Psi, the Federation of Jewish Philanthropies, the New York Guild for the Jewish Blind, the Hebrew Free Loan Society of New York, Father Flanagan's Boys Home of Boys Town, Nebraska, the American Foundation for the Blind, the Visiting Nurse Service of New York, the Society for the Prevention of Cruelty to Children of the City of New York, and the Boy Scouts of America. The remaining one-fourth of the net annual income is to be disbursed at the discretion of the trustees of the foundation.