The Duke Endowment
Encyclopedia
The Duke Endowment is a private foundation
established in 1924 by industrialist and philanthropist
James B. Duke. The mission of the foundation is to serve the people of North Carolina
and South Carolina
by supporting selected programs of higher education, health care, children's welfare, and spiritual life.
James B. Duke endowed the foundation on December 11, 1924 with $40 million. In the Indenture of Trust, Mr. Duke specified that he wanted the Endowment to support Duke University
, Davidson College
, Furman University
, Johnson C. Smith University
; not-for-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 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 approximately $2.7 billion. From 1924-2010, the Endowment has awarded over $2.8 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.http://www.ncmedicaljournal.org
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
or to enhance Trinity College, located at Durham, North Carolina, if that school changed its name to Duke University within 3 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:
Foundation (charity)
A foundation is a legal categorization of nonprofit organizations that will typically either donate funds and support to other organizations, or provide the source of funding for its own charitable purposes....
established in 1924 by industrialist and philanthropist
Philanthropist
A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, and/or reputation to charitable causes...
James B. Duke. The mission of the foundation is to serve the people of North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
and South Carolina
South Carolina
South Carolina is a state in the Deep South of the United States that borders Georgia to the south, North Carolina to the north, and the Atlantic Ocean to the east. Originally part of the Province of Carolina, the Province of South Carolina was one of the 13 colonies that declared independence...
by supporting selected programs of higher education, health care, children's welfare, and spiritual life.
James B. Duke endowed the foundation on December 11, 1924 with $40 million. In the Indenture of Trust, Mr. Duke specified that he wanted the Endowment to support Duke University
Duke University
Duke University is a private research university located in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present day town of Trinity in 1838, the school moved to Durham in 1892. In 1924, tobacco industrialist James B...
, Davidson College
Davidson College
Davidson College is a private liberal arts college in Davidson, North Carolina. The college has graduated 23 Rhodes Scholars and is consistently ranked in the top ten liberal arts colleges in the country by U.S. News and World Report magazine, although it has recently dropped to 11th in U.S. News...
, Furman University
Furman University
Furman University is a selective, private, coeducational, liberal arts college in Greenville, South Carolina, United States. Furman is one of the oldest, and more selective private institutions in South Carolina...
, Johnson C. Smith University
Johnson C. Smith University
Johnson C. Smith University is a private, co-ed, four-year liberal arts institution of higher learning located in the heart of Charlotte, North Carolina, United States. It is affiliated with the Presbyterian Church. JCSU is also a historically black college...
; not-for-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 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 approximately $2.7 billion. From 1924-2010, the Endowment has awarded over $2.8 billion in grants.
The Duke Endowment is a co-publisher, along with the North Carolina Institute of Medicine
North Carolina Institute of Medicine
The North Carolina Institute of Medicine is a quasi-state agency charged with building consensus on critical matters of health policy facing North Carolina and advising on health matters.-History:...
, of the North Carolina Medical Journal, a journal of health policy analysis and debate.http://www.ncmedicaljournal.org
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
Duke University is a private research university located in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present day town of Trinity in 1838, the school moved to Durham in 1892. In 1924, tobacco industrialist James B...
or to enhance Trinity College, located at Durham, North Carolina, if that school changed its name to Duke University within 3 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:
| Purpose | Share |
|---|---|
| Duke University Duke University Duke University is a private research university located in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present day town of Trinity in 1838, the school moved to Durham in 1892. In 1924, tobacco industrialist James B... |
32% |
| Hospitals in NC and SC | 32% |
| Davidson College Davidson College Davidson College is a private liberal arts college in Davidson, North Carolina. The college has graduated 23 Rhodes Scholars and is consistently ranked in the top ten liberal arts colleges in the country by U.S. News and World Report magazine, although it has recently dropped to 11th in U.S. News... |
5% |
| Furman University Furman University Furman University is a selective, private, coeducational, liberal arts college in Greenville, South Carolina, United States. Furman is one of the oldest, and more selective private institutions in South Carolina... |
5% |
| Johnson C. Smith University Johnson C. Smith University Johnson C. Smith University is a private, co-ed, four-year liberal arts institution of higher learning located in the heart of Charlotte, North Carolina, United States. It is affiliated with the Presbyterian Church. JCSU is also a historically black college... |
4% |
| non-profits in NC and SC | 10% |
| retired Methodist pastors, and their surviving families | 2% |
| constructing Methodist churches in NC and SC | 6% |
| rural Methodist church maintenance in NC and SC | 4% |