The Duke Endowment
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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 is someone who has achieved great success and enormous wealth through the ownership of multiple lines of enterprise. The term characteristically refers to a wealthy entrepreneur or investor who controls, through personal ente ...
and
philanthropist Philanthropy consists of "private initiatives, for the public good, focusing on quality of life Quality of life (QOL) is defined by the World Health Organization The World Health Organization (WHO) is a list of specialized agencies of the ...
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 State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of State * The State (newspaper), ''The State'' (newspaper), a daily newsp ...

North Carolina
and
South Carolina South Carolina () is a U.S. state, state in the coastal Southeastern United States, Southeastern region of the United States. It is bordered to the north by North Carolina, to the southeast by the Atlantic Ocean, and to the southwest by Georgia ...

South Carolina
.


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 Private or privates may refer to: Music * "In Private "In Private" was the third single in a row to be a charting success for United Kingdom, British singer Dusty Springfield, after an absence of nearly two decad ...
,
Davidson College Davidson College is a private liberal arts college A liberal arts college or liberal arts institution of higher education is a college A college (Latin: ''collegium'') is an educational institution or a University system, constituent part ...
,
Furman University Furman University is a private Private or privates may refer to: Music * "In Private "In Private" was the third single in a row to be a charting success for United Kingdom, British singer Dusty Springfield, after an absence of nearly two deca ...
, 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 Christian denomination, 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 l ...
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 have 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 Duke University is a private Private or privates may refer to: Music * "In Private "In Private" was the third single in a row to be a charting success for United Kingdom, British singer Dusty Springfield, after an absence of nearly two decad ...
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 {{US-philanthropy-org-stub