 This arrangement was carried into effect April 14, 1902.The new organization was endowed with a fund of over $500,000, and was presented with a suitable building on University Heights by Jacob H. Schiff.It obtained a charter from the state of New York (approved Feb. 20, 1902), "for the perpetuation of the tenets of the Jewish religion, the cultivation of Hebrew literature, the pursuit of Biblical and archeological research, the advancement of Jewish scholarship, the establishment of a library, and the education and training of Jewish rabbis and teachers.