The Committee on Bequests was established by Representative Meeting September 23, 1976 with instructions to review requests for financial aid from three bequests: The Longstreth Fund (given by Emily P. Longstreth), the Troemner Fund (given by S. Edna Troemner), and the Keeney Bequest (given by Virginia Drysdale Keeney), and to recommend such appropriations as seemed best in the Committee's judgment to the Representative Meeting for approval by that body. Later, in 1977, the Representative Meeting decided that subsequent bequests, with the exception of those to Westtown School and George School should also be brought to the attention of the Bequests Committee and that the Bequests Committee should report the receipt of these to Representative Meeting at its next session and then or subsequently, recommend how these bequests should be managed, assigning some to existing Yearly Meeting Committees, as appropriate. Prior to 1976, the Representative Meeting had handled bequests directly.

The committee continues to 2004 under the name Bequests Granting Group. It reviews applications and makes grants to selected organizations and individuals "seeking to nurture the heritage and testimonies of Friends." It is responsible for recommending uses of all bequests under $100,000. received by PYM.