The Herbert H. and Grace A. Dow Foundation is a non-profit independent foundation based in Midland, Michigan. The foundation was established by Mrs. Grace A. Dow in 1936 in memory of her husband, Dr. Herbert H. Dow, founder of The Dow Chemical Company. It provides grants for religious, charitable, scientific, literary, or educational purposes for the public benefaction of the inhabitants of the city of Midland and of the people of Michigan. The assets of the foundation are managed by the Board of Trustees.The Herbert H. and Grace A. Dow Foundation's investment portfolio is valued at over $525.29 million, with investments in domestic and international equity, fixed income, private equity, real estate, and cash.