Founded in 1936 by Edsel Ford and two Ford Motor Company executives, the purpose of the Ford Foundation was to fund scientific, educational, and charitable projects. Today, the foundation's mission includes promoting democracy, improving education, and reducing poverty. In its early years, the foundation supported National Educational Television, which was replaced by the Public Broadcasting Service in 1970. At the end of 2006, the foundation's endowment was approximately $12 billion. In that year alone, the foundation gave out nearly $530 million in grants for projects focused on community and economic development, education, media, arts, peace, social justice, and human rights.