FOUNDATION
In 1959, the H.C.S.C. Club held its first National Convention in Denver in honor of Mr. Penney's 84th birthday. During the convention it was mentioned that several retired management associates were having financial difficulties and needed assistance. A committee was formed to study the situation. It was decided that the H.C.S.C. Foundation would provide assistance. The Foundation was incorporated in California on September 20, 1960. Mr. J. C. Penney made a size-able personal contribution.
H.C.S.C. members are generous in their donations and continue to donate annually. Some members have included the Foundation in their wills. Assistance is given as determined by a Foundation Board study of each applicant's income, living necessities and medical expenses. Some applicants are in their own homes but require supplemental help in meeting basic needs. Many are in nursing homes and require extended care. The Foundation has extended nearly $ 7.0 million to retired JCPenney qualified associates in need of financial assistance.