Abstract
THE PETROLEUM RESEARCH FUND Trust dissolved in January. The 56-year-old trust fund's dismantling wasn't nearly as tragic as it sounds, however. Rebuilt as an endowment and renamed the American Chemical Society Petroleum Research Fund, the new ACS PRF is now poised to make an even larger contribution to science. Established in 1944, ACS PRF is charged with funding advanced scientific education and fundamental research in the petroleum field, which it has been doing since 1954, when it approved its first grants. Grants are given exclusively to nonprofit institutions for petroleum-related research in a variety of fields and disciplines. Between 1954 and the end of 2001, the organization will have given nearly 14,000 grants, totaling roughly $350 million. ACS PRF's income is completely self-generated, and no ACS money is used for administrative costs or grant payouts. IN JANUARY , PRF trustee Morgan Guaranty Trust Co. of New York transferred ...
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