ɪn nˈaɪntiːnhˈʌndɹɪd nˈaɪnti θɹˈiː, wˈɔltɚɹ ænd lˈiənoːɹ ˈænənbˌɜːɡ, θɹuː ðɛɹ faʊndˈeɪʃən, ɡɹˈæntᵻd pˈɛn dˈɑːlɚ wˈʌnhˈʌndɹɪd twˈɛnti mˈɪliən tʊ ɛndˈaʊ ðə skˈuːl ænd ɪstˈæblɪʃ ðɪ ˈænənbˌɜːɡ pˈʌblɪk pˈɑːlɪsi sˈɛntɚ.
In 1993, Walter and Leonore Annenberg, through their foundation, granted Penn $120 million to endow the school and establish the Annenberg Public Policy Center.