The cornerstone of the library was laid in May 1930, but Folger died soon afterward. The bulk of Folger's fortune was left in trust, with Amherst College as administrator, for the library. Early members of the board included Amherst graduate and former president Calvin Coolidge, second chairman of the Board of Trustees. Because of the stock market crash of 1929, Folger's estate was smaller than he had planned, although still substantial. Emily Folger, who had worked with her husband on his collection, supplied the funds to complete the project. The library opened on April 23, 1932, the anniversary of what is believed to be Shakespeare's date of birth. Emily Folger remained involved in its administration until shortly before her death in 1936. In 2005, the Folger Board of Governors undertook administration of the Folger under the auspices of the Amherst Board of Trustees, though the Amherst board continues to manage the Folger's budget.