Worcester entrepreneur gifts $29M from beyond the grave

Courtesy Photo William B. Smith's $29 million fortune will be shared among community organizations that touched his life.

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A local entrepreneur has posthumously left $29 million to five Worcester-area organizations, according to a statement from Worcester Polytechnic Institute, one of the recipients.

The money comes from the estate of William Binns Smith, a local industrialist who died in 1952, following the recent passing of his last surviving daughter.

UMass Memorial will receive nearly $10 million to establish a permanent fund, the income from which will be used to benefit patients at the medical center's four Worcester campuses. WPI will receive $7 million to provide funds for endowed professorships and endowed graduate fellowships. Per Smith's request, preference will be given in support of mechanical engineering.

The remaining $12 million will be split by Eastern Orthodox Management Corp., operator of Holy Trinity Nursing and Rehabilitation Center; Children’s Friend, Inc.; and Visiting Nurse Association (VNA) Care Network. Holy Trinity will use the money to expand services to the elderly. Children’s Friend will use its funding to expand outpatient mental health services, grief services, adoption services, and early childhood education programs. VNA will use its portion to expand services in the community.

Smith, who was a leading industrialist in Worcester in the early 20th century, had ties to the organizations, according to WPI, which Smith attended before leaving in 1907 to co-found James Smith & Son Co., a manufacturer of textile machinery.

At the time of his death at age 62 at his home in Shrewsbury, Smith was president and treasurer of James Smith & Son; a director of the Coca-Cola Bottling Company of Worcester; and a trustee of Memorial Hospital (now UMass Memorial Medical Center). He had also served for more than 20 years as president and director of the Southwell Wool Combing Company of Chelmsford, and was an investor in several other textile mills in the region.

Smith was known as a civic leader and philanthropist. Born in Philadelphia, Smith moved to Worcester at a young age and graduated from Worcester’s South High School in 1904.

Smith and his family were engaged with Children's Friend, the VNA Care Network, and Eastern Orthodox Management Corporation through adoption and the care of elderly family members.