Florence Scott Libbey was the daughter of Maurice Scott, a Toledo real estate executive, and granddaughter of Jesup Scott, Toledo pioneer and founder of the University of Toledo. Florence Scott Libbey shared her husband's interest in the arts. In the early 1930's during the Great Depression, she provided 2,500 much-needed jobs during by releasing a trust fund to build the east and west wings of the Toledo Museum of Art. 

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Mrs. Libbey left a large portion of her estate to the museum in an endowment fund, the Florence Scott Libbey Trust, which funds the upkeep of the museum and ensures a budget for the acquisition of new works to this day.