Waco Foundation Founder R.B. Parrott
Mr. R.B. Parrott, a Waco native, was the son of Colonel Bob Parrott, an early pioneer and city council member who established Provident State Bank. At twenty-one, Parrott moved to New York and became prominent on Wall Street. After the 1929 crash, he sold his interests and moved to Indianapolis where he built a group of successful insurance and investment firms. It was in Indianapolis that Parrott familiarized himself with the Indianapolis Foundation, and began to envision a foundation for his hometown Waco. After several months of long distance correspondence and local meetings, the Waco Perpetual Growth Foundation was established on September 19, 1958 by an initial $30,000 gift in stock from the Parrotts.
Mr. Parrott died in 1962 and his wife, Edith Heinze Parrott, later died in 1974. They are both buried at Oakwood Cemetery in Waco. In his will, Parrott arranged for Waco Foundation to receive an additional $311,000 upon his wife's death. The amount of the bequest was based upon the assets Waco Foundation had accrued since its founding.