In a codicil to his will, dated 1789, Franklin established a 200-year plan for £1,000 (about $4,400 at the time, or about $112,000 in 2010 dollars) that he gave to the city of Boston, where he was born.

Aided by an additional gift from industrialist Andrew Carnegie and land donated by the city, the institute opened its doors in 1908.

[6] In November 2020, the college's board of trustees voted to keep Benjamin Franklin Institute of Technology independent and to discontinue any merger talks.

[7] In February 2022, the college announced it received a $12.5 million gift from the Cummings Foundation to advance its work in creating technical career pathways for students typically underrepresented in post-secondary education.

In recognition of the transformational nature of the commitment—nearly equivalent to the school's annual operating budget—the college was renamed Benjamin Franklin Cummings Institute of Technology.