The Duke Endowment is a private
foundation
Foundation may refer to:
* Foundation (nonprofit), a type of charitable organization
** Foundation (United States law), a type of charitable organization in the U.S.
** Private foundation, a charitable organization that, while serving a good cause ...
established in 1924 by
industrialist and
philanthropist James B. Duke. It supports selected programs of higher education, health care, children's welfare, and spiritual life in
North Carolina
North Carolina () is a state in the Southeastern region of the United States. The state is the 28th largest and 9th-most populous of the United States. It is bordered by Virginia to the north, the Atlantic Ocean to the east, Georgia and ...
and
South Carolina
)'' Animis opibusque parati'' ( for, , Latin, Prepared in mind and resources, links=no)
, anthem = " Carolina";" South Carolina On My Mind"
, Former = Province of South Carolina
, seat = Columbia
, LargestCity = Charleston
, LargestMetro = ...
.
Background
James B. Duke endowed the foundation on December 11, 1924, with $40 million. In the Indenture of Trust, Duke specified that he wanted the endowment to support
Duke University,
Davidson College,
Furman University,
Johnson C. Smith University; non-profit hospitals and children's homes in the two Carolinas; and rural
United Methodist
The United Methodist Church (UMC) is a worldwide mainline Protestant denomination based in the United States, and a major part of Methodism. In the 19th century, its main predecessor, the Methodist Episcopal Church, was a leader in evangelic ...
churches in North Carolina, retired pastors, and their surviving families. When Mr. Duke died in 1925, he left the endowment an additional $67 million. Adjusted for present value, Mr. Duke's total gifts would amount to more than $1.3 billion today.
The market value of the endowment's assets has grown to $3.69 billion in 2017. From 1924 to 2018, the endowment awarded over $3.7 billion in grants.
The Duke Endowment is a co-publisher, along with the
North Carolina Institute of Medicine, of the ''North Carolina Medical Journal'', a journal of health policy analysis and debat
The endowment was established by a trust indenture that
Donor intent, specifies how the funds were to be used. First, $6 million was to be used to either found a
Duke University or to enhance Trinity College in Durham, North Carolina, if that school changed its name to Duke University within three months. The remaining funds were to be invested (primarily in
Duke Power Company stock). Of the income generated annually by these funds, 20% were to be reinvested, each trustee was to receive 0.2%, and the rest was to be paid out in the following allocation:
References
External links
The Duke Endowment
Medical and health foundations in the United States
Duke family
1924 establishments in North Carolina
Educational foundations in the United States
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