The Rotary Foundation is a not-for-profit corporation that supports the efforts of Rotary International to achieve world understanding and peace through international humanitarian, educational, and cultural exchange programs. It is supported solely by voluntary contributions from Rotarians and friends of the Foundation who share its vision of a better world. The Foundation was created in 1917 by Rotary International's sixth president, Arch C. Klumph, as an endowment fund for Rotary "to do good in the world." It has grown from an initial contribution of US$26.50 to more than US$55 million contributed in 2002-03. Its event-filled history is a story of Rotarians learning the value of service to humanity. The Foundation's Humanitarian Programs fund international Rotary club and district projects to improve the quality of life, providing health care, clean water, food, education, and other essential needs primarily in the developing world. One of the major Humanitarian Programs is PolioPlus, which seeks to eradicate the poliovirus worldwide. Through its Educational Programs, the Foundation provides funding for some 1,200 students to study abroad each year. Grants are also awarded to university teachers to teach in developing countries and for exchanges of business and professional people. Former participants in the Foundation's programs have the opportunity to continue their affiliation with Rotary as Foundation Alumni.