Franklin drew up the constitution for the academy, and on November 13, 1749, he was appointed its president. The academy opened August 13, 1751. Seven men graduated May 17, 1757, at the first commencement. Six graduated with a Bachelor of Arts and one with a Master of Arts.
On September 13, 1791, State legislation united the University of the State of Pennsylvania with the College Academy and Charitable School of Philadelphia, under the name of the Trustees of the University of Pennsylvania.
Note: Since many of the early academies were actually elementary schools and the title "academy" was used indiscriminately, there is considerable controversy as to which was the first academy.