In a letter dated April 21, 1896, Paderewski expressed to William Steinway his gratitude to Americans, with $10,000, his wish to establish a fund with Henry Lee Higginson of Boston and William Mason of New York serving as co-trustees.
William Steinway, who died in 1896, had added $1,500 around the time of his death, in order to make the prize immediately operative.
Two of the fund's founding trustees were Henry Lee Higginson and William Payne Blake (1846–1922), a banker.
In June 1922, Paderewski appointed successor trustees Arthur D. Hill (1869–1947) and Joseph Adamowski (1862–1930).
He was also the father of Tadeusz Adamowski, 1928 Olympic Polish hockey player and Helenka Pantaleoni, silent film actress and founding director of UNICEF.