The Bodenwein Trust
Theodore Bodenwein, the publisher of The Day from 1891 to 1939, created The Day Trust in his will and set explicit instructions about how he wanted the newspaper to operate after his death.
After his last heir died, all the earnings would be distributed to the communities in The Day's circulation area. The trust was to ensure that the newspaper operated in the public interest according to standards of journalism Bodenwein spelled out in the will.
The intent was to preserve the newspaper as, to paraphrase Bodenwein's will, a protector of the public interest and defender of the people's rights.
The Day Publishing Company is owned by a split-interest trust, which operates the company and supports the Bodenwein Public Benevolent Foundation. This arrangement ensures that the newspaper will remain independent and that profits from the newspaper will be distributed to non-profit organizations that help needy children, families and individuals and that support the arts. Since its inception, the foundation has distributed more than $12 million.