Established in the year of president emeritus Johnson's 75th birthday in 1949, the Alvin Johnson Fund "is established, apart from the regular budget of the School, with a Committee authorized to solicit contributions, and to submit educational plans for the consideration of the Faculty and Board of the New School." The Committee was made up of Wallace K. Harrison (Chairman), Jacob Billikoff, Lloyd Garrison, Alvin Johnson, and Joseph Halle Schaffner. The first project of the fund was "a new venture in higher adult education, the creation of a revolving panel of distinguished sholars who have reached retirement age in their respective institutions."