Kordelin invested wisely in the fields of weaving, shipbuilding and metalworking, becoming one of Finland's richest men.
Risto Ryti, who later became President of Finland, was Alfred Kordelin's legal advisor and close friend.
On 7 November 1917, Kordelin was kidnapped by a group of Red Guards and was murdered by a Russian sailor in the so-called Mommila skirmish that followed.
The foundation gives out several million euros annually in grants and awards to promote literature, science, art, and public education in Finland.
He was buried in Rauma on a chapel which was drawn by Finnish architect Lars Sonck.