The Foundation was established in 1990 by the descendants of Frederick A.O. Schwarz, who in 1862, as a recent immigrant from Germany, founded the FAO Schwarz toy store, one of the most recognizable and beloved brands in the world.  The Schwarz family sold the toy business in 1964 and the Foundation now provides a license to its current owners to use the FAO name.  Royalties from the business fund the FAO Schwarz Fellowship, whose grantmaking is focused on its signature FAO Schwarz Fellowship program. Descendants of Frederick A. O. Schwarz serve on the Board of Trustees.