Non-profit

Duke Endowment

Website:

dukeendowment.org

Location:

CHARLOTTE, NC

Tax ID:

56-0529965

Tax-Exempt Status:

501(c)(3)-PF

Budget (2015):

Revenue: $176,470,598
Expenses: $150,197,658
Assets: $2,688,997,387

Formation:

1924

Type:

Grantmaking Foundation

Founder:

James B. Duke

President:

Rhett N. Mabry

The Duke Endowment, which was founded in 1924, is one of the many organizations endowed by cigarette manufacturer and electric power industrialist James B. Duke. It principally supports higher education (particularly Duke University), healthcare institutions, and United Methodist Churches in North and South Carolina. It is a co-publisher of the North Carolina Medical Journal.

Background

On December 11, 1924, James B. Duke, an American tobacco and electric power industrialist often credited as a pioneer in modern cigarette manufacturing and marketing, endowed the Duke Endowment with $40 million. [1] In the Indenture of Trust specifying the terms of the endowment, Duke required that the Endowment allocate support to Duke University, Davidson College, Furman University, Johnson C. Smith University, hospitals and orphanages in North and South Carolina, rural United Methodist churches in North and South Carolina, retired pastors of those United Methodist Churches, as well as the surviving families of deceased United Methodist pastors. A year later, when Duke died, he specified in his will that the endowment receive an additional $67 million. [2]

Allocation of Funds

The Duke Endowment’s income is derived from investments (initially in Duke Power Company stock). Of this investment income, one fifth is reinvested and one fifth of a percent is received by each trustee of the endowment. The rest of the income from investments generated annually are, according to the endowment’s initial specifications to be allocated as follows: 32% to Duke University, 32% to hospitals in North and South Carolina, 5% each to to Davidson College and Furman University, 4% to Johnson C. Smith University, 10% to various non-profits in North and South Carolina, 2% to retired United Methodist pastors (and their families in the event of those pastors’ deaths), 6% to constructing United Methodist churches in North and South Carolina, and 4% to the maintenance of rural United Methodist churches in North and South Carolina. [3]

North Carolina Medical Journal

The North Carolina Medical Journal, which was originally founded in 1849 by the North Carolina Medical Society, has been co-published by the North Carolina Institute of Medicine and the Duke Endowment since 2002. The journal publishes an issue every other month. Typically, each issue is focused on a particular topic. In addition to articles focusing on a given month’s particular topic, each issue typically features recurring sections including, “Tar Heel Footprints in Health Care,” “Spotlight on the Safety Net,” “Running the Numbers,” and “Philanthropy Profile.” [4]

While most of the funding for the journal comes from the Duke Endowment, cosponsors include the North Carolina Dental Society, the North Carolina Medical Society, the North Carolina Hospital Association, Leading Age North Carolina, and the North Carolina Association of Nurse Anesthetists. [5]

Grants

Most of the grants made by the Duke Endowment are typically made to higher education and healthcare organization in the Carolinas and are between $50,000 and $1 million. Some of the Endowment’s grants in 2018 include a $750,000 grant to A Child’s Haven, Inc., supporting “the integration of behavioral health treatment and therapeutic childcare services,” and a $400,000 grant to the Atrium Health Foundation, funding “a telemedicine and virtual care program supporting the assessment and care of dementia patients in rural settings.” [6]

People

The following individuals are either directors or chief officers of The Duke Endowment:[7]

  • Rhett N. Mabry, President
  • Susan L. McConnell, Director of Higher Education
  • Meka S. Sales, Director of Special Initiatives
  • Phillip H. Redmond Jr., Director of Child Care
  • Charity L. Perkins, Communications Director
  • William F. Bacon, Director of Evaluation
  • Karen H. Rogers, Chief Financial Officer
  • Lin B. Hollowell III, Director of Health Care
  • Matthew D. Sharp, Director of Information Technology
  • Todd Walker, Managing Director of Investments
  • Robert R. Webb III, Director of Rural Church

References

  1. Kremer, William. “James Buchanan Duke: Father of the modern cigarette.” BBC. November 13, 2012. Accessed May 15, 2019. https://www.bbc.co.uk/news/magazine-20042217
  2. Duke Endowment, Form 990-PF, 2015, Part XV, Question 2 http://990s.foundationcenter.org/990pf_pdf_archive/560/560529965/560529965_201512_990PF.pdf
  3. “Indenture of Trust.” Duke Endowment. December 11, 1924. Accessed May 15, 2019.

    https://dukeendowment.org/sites/default/files/media/images/stories/downloads/tde/Duke-Indenture-MAR-16-2011.pdf

  4. About the North Carolina Medical Journal.”North Carolina Medical Journal. Accessed May 15, 2019. http://www.ncmedicaljournal.com/site/misc/about.xhtml
  5. About the North Carolina Medical Journal.” North Carolina Medical Journal. Accessed May 15, 2019. http://www.ncmedicaljournal.com/site/misc/about.xhtml
  6. “Search Our Grants.” Duke Endowment. Accessed May 15, 2019.

    https://dukeendowment.org/grants/search-our-grants?combine=&field_year_of_grant_checkbox_value%5B0%5D=2018&sort_by=field_beneficiary_value&sort_order=ASC

  7. “Staff and Trustees.” Duke Endowment. Accessed May 15, 2019. https://dukeendowment.org/about/staff-trustees
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Nonprofit Information

  • Accounting Period: December - November
  • Tax Exemption Received: May 1, 1938

  • Available Filings

    Period Form Type Total revenue Total functional expenses Total assets (EOY) Total liabilities (EOY) Unrelated business income? Total contributions Program service revenue Investment income Comp. of current officers, directors, etc. Form 990
    2015 Dec Form PF $176,470,598 $150,197,658 $2,688,997,387 $76,656,970 $0 $0 $0 $0 PDF
    2014 Dec Form PF $326,212,467 $173,403,261 $2,659,102,332 $68,128,777 $0 $0 $0 $0 PDF
    2013 Dec Form PF $262,400,431 $151,278,838 $2,565,370,653 $134,881,909 $0 $0 $0 $0 PDF
    2012 Dec Form PF $139,126,158 $146,638,118 $2,417,479,855 $94,912,813 $0 $0 $0 $0
    2011 Dec Form PF $103,029,558 $141,297,682 $2,494,122,798 $163,177,865 $0 $0 $0 $0 PDF

    Additional Filings (PDFs)

    Duke Endowment

    800 E MOREHEAD ST
    CHARLOTTE, NC 28202-2706