The Duke Endowment is a private
foundation established in 1924 by
industrialist and
philanthropist
Philanthropy is a form of altruism that consists of "private initiatives for the public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private good, focusing on material ...
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 U.S. state, state in the Southeastern United States, Southeastern region of the United States. It is bordered by Virginia to the north, the Atlantic Ocean to the east, South Carolina to the south, Georgia (U.S. stat ...
and
South Carolina
South Carolina ( ) is a U.S. state, state in the Southeastern United States, Southeastern region of the United States. It borders North Carolina to the north and northeast, the Atlantic Ocean to the southeast, and Georgia (U.S. state), Georg ...
.
The foundation provided funding to build, expand and upgrade hospitals across the Carolinas in the early 20th century, focusing in particular on hospitals serving rural and Black residents. A 2024 study in the ''American Economic Review'' found that this funding significantly improved the medical sector, improved physician quality and fostered medical innovation, in addition to reducing infant mortality and long-run mortality.
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
Duke University is a Private university, private research university in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present-day city of Trinity, North Carolina, Trinity in 1838, the school moved to Durham in 1 ...
,
Davidson College,
Furman University,
Johnson C. Smith University; non-profit hospitals and children's homes in the two Carolinas; and rural
United Methodist churches in North Carolina, retired pastors, and their surviving families. When Duke died in 1925, he left the endowment an additional $67 million. Adjusted for present value, 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 debate.
The endowment was established by a trust indenture that
specifies how the funds were to be used. First, $6 million was to be used to either found a
Duke University
Duke University is a Private university, private research university in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present-day city of Trinity, North Carolina, Trinity in 1838, the school moved to Durham in 1 ...
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
{{DEFAULTSORT:Duke Endowment
Medical and health foundations based in the United States
Duke family
1924 establishments in North Carolina
Educational foundations based in the United States