The Henry L. Day Foundation was a small fiduciary organization formed by Day to use appreciated securities in making gifts to charitable organizations. It began with the modest gift of one hundred dollars on September 25, 1963. This was shortly supplemented by several thousand dollars in DMI stock. The foundation was a non-profit trust and could only make gifts to IRS certified charitable organizations.
The Foundation manager was George Kelton, who was trustee along with Robert Dwyer and Kathryn A. Eichwald. Kelton, as the only salaried member of the trust, handled the daily business of the corporation. A large percentage of this business consisted of gifts made by the Day Foundation to Catholic beneficiaries, although secular organizations also benefited.
Changes in the tax law in 1970 made it more difficult for small foundations to exist and the Day Foundation was restructured. It ceased existence in 1985 following Henry Day's death, with a payment to St. Alphonsus Catholic Church of $754.16 on October 21.
From the guide to the Records, 1963-1985, (University of Idaho Library Special Collections and Archives)
