The Charity of Grace Groner

Secret millionaire gives fortune to alma mater

Excerpts:

Grace Groner lived through the Great Depression, so saving money was her expertise.

Nobody knew just how much she had saved until she died in January at age 100 and left $7 million to Lake Forest College, her alma mater.

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Groner found ways to save money. She shopped for clothes at rummage sales and walked places instead of buying a car.

"She did not have the (material) needs that other people have," William Marlatt, her attorney and longtime friend, told The Chicago Tribune. "She could have lived in any house in Lake Forest but she chose not to. … She enjoyed other people, and every friend she had was a friend for who she was. They weren't friends for what she had."

She lived in a one-bedroom house in Lake Forest and worked for Abbott Laboratories as a secretary for 43 years. Groner never felt the urge to keep up with the lavish Lake Forest lifestyle, but she did splurge occasionally.

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The source of her wealth, it turns out, emanates from $180 stock purchase she made in 1935. She consistently reinvested her earnings and grew the purchase into a $7 million fortune.

The money will help about 1,300 Lake Forest students pursue internships and study-abroad programs that they may not have had the chance to take advantage without Groner’s hefty donation.

Aside from the $7 million donation, she also left her small house to the college, which will house scholarship winners who benefited from her donation.

Comment: The Grace Groner house