Anna Harkness was born on October 25, 1837. Upon the death of her husband, Stephen V. Harkness (the second largest shareholder in John D. Rockefeller's Standard Oil) she used her massive fortune to establish the Commonwealth Fund in 1918. Already involved in a number of philanthropic efforts, the Commonwealth Fund provided a more structured form of giving, and through its creation, she became one of the first women to establish a foundation.

Anna was also highly involved in other philanthropic endeavors, including a continued involvement with Yale University. Through her support the Harkness Quadrangle was established at the University in memory of her son Charles. She was also a strong supporter of New York-based cultural, religious and welfare organizations such as the New York Zoological Society, the Metropolitan Museum of Art and the Museum of Natural History.