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 A business magnate, also known as a tycoon, is a person who has achieved immense wealth through the ownership of multiple lines of enterprise. The term characteristically refers to a powerful entrepreneur or investor who controls, through perso ...

and

philanthropist Philanthropy is a form of altruism that consists of "private initiatives, for the Public good (economics), public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private goo ...

James B. Duke James Buchanan Duke (December 23, 1856 – October 10, 1925) was an American tobacco and electric power industrialist best known for the introduction of modern cigarette manufacture and marketing, and his involvement with Duke Universit ...

. 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 So ...

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 Duke University is a private research university in Durham, North Carolina. Founded by Methodists and Quakers in the present-day city of Trinity in 1838, the school moved to Durham in 1892. In 1924, tobacco and electric power industrialist James ...

Davidson College Davidson College is a private liberal arts college in Davidson, North Carolina. It was established in 1837 by the Concord Presbytery and named after Revolutionary War general William Lee Davidson, who was killed at the nearby Battle of Cowan� ...

Furman University Furman University is a private liberal arts university in Greenville, South Carolina. Founded in 1826 and named for the clergyman Richard Furman, Furman University is the oldest private institution of higher learning in South Carolina. It became ...

Johnson C. Smith University Johnson C. Smith University (JCSU) is a private historically black university in Charlotte, North Carolina. It is affiliated with the Presbyterian Church (USA) and accredited by the Southern Association of Colleges and Schools (SACS). The univer ...

; 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 The North Carolina Institute of Medicine (NC IOM) is a quasi-state agency charged with building consensus on critical matters of health policy facing North Carolina and advising on health matters. History 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

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 Duke Energy Corporation is an American electric power and natural gas holding company headquartered in Charlotte, North Carolina. Overview Based in Charlotte, North Carolina, Duke Energy owns 58,200 megawatts of base-load and peak generation in ...

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 {{US-philanthropy-org-stub