Lilly Endowment

The Lilly Endowment was created in 1937 by J.K. Lilly Sr. and his two sons, J.K. Lilly Jr. and Eli Lilly, who also headed the pharmaceutical company Eli Lilly and Company. Although the endowment and the company are legally separate, the endowment remains a substantial shareholder in the company.

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At-A-Glance

Type: Non-profit, 501(c)(3), Private Foundation
Website: lillyendowment.org
Formation:

1937

CEO:

N. Clay Robbins

Location: Indianapolis, IN View on map
Tax ID: 35-0868122
Most Recent Filing: 2023
Budget (2023): Assets: $62,192,685,769 Revenue: $2,061,897,636 Expenses: $1,580,523,182

Contents

    The endowment funds programs supporting American religion, center-right public policy groups, and charities in the Indianapolis area.

    History

    The Lilly Endowment was founded in 1937 by J.K. Lilly Sr. and his two sons, J.K. Lilly Jr. and Eli Lilly. J.K. Lilly Sr.’s father, also named Eli Lilly, founded the pharmaceutical firm Eli Lilly and Company in 1876. The second Eli Lilly ran the endowment for 40 years until his death in 1977. During that period, notes a history of the endowment, “the Lilly Endowment was essentially run out of Eli Lilly’s desk drawer…there was no systematic approach to the fund’s charitable contributions.” 1

    After the second Eli Lilly’s death in 1977, the Lilly Endowment began to diversify. It was an investor in the Hoosier Dome (later the RCA Dome), whose existence enabled the Baltimore Colts of the National Football League to move to Indianapolis in 1984. 2

    Eli Lilly and Company Stock Holdings

    The endowment began to sell Eli Lilly and Company shares beginning in 2006. From September 2019 through January 2020, the endowment sold two million shares of the company for $450 million, but the endowment retained 11 percent of the company’s common stock. 3 The value of Eli Lilly shares increased by 52 percent between 2021 and 2022, leading the endowment to sell 1.3 million shares for $391.4 million. As of April 2022, 89.5 percent of the Lilly Endowment’s stock was in Eli Lilly common, and the strong performance of the company led Lilly Endowment assets to increase from $17 billion in 2019 to $21 billion in 2020. 4

    Support for Center-Right Public Policy

    The Lilly Endowment has long been a supporter of center-right nonprofits.  In a 2011 interview in Reason, George Mason University economist Walter Williams said that when he became chairman of the department in 1995 “there was considerable hostility” to hiring free-market economists, so he launched a successful drive to “raise money to hire people and subsidize hiring people.” Williams credited the Lilly Endowment and the Olin Foundation with giving the university support. 5

    Center-right organizations receiving more than $100,000 in Lilly Endowment grants in 2021 included the Atlas Network ($500,000), Fraser Institute ($300,000), Sagamore Institute ($250,000), Manhattan Institute ($200,000), Pacific Research Institute ($175,000), Federalist Society ($150,000), American Enterprise Institute ($100,000), and Philanthropy Roundtable ($100,000). 6

    Support for African-American Organizations

    In 2020 the Lilly Endowment donated $100 million to the National Urban League for a multi-year study, in collaboration with the Indianapolis Urban League, about ways the lives of Black residents could be improved. 7

    In 2022, the Lilly Endowment donated $20 million to the National Trust for Historic Preservation’s African-American Cultural Heritage Action Fund for a program to preserve Black churches.  Other contributors to this fund include the Ford, JPB, and Mellon Foundations. 8

    Financial Statistics

    Total Assets

    Total Revenue

    Total Expenses

    YearTotal AssetsTotal RevenueTotal ExpensesFiling
    2023 $62,192,685,769 $2,061,897,636 $1,580,523,182 View
    2022 $40,811,049,388 $1,915,656,584 $1,372,463,741 View
    2021 $32,772,851,937 $1,327,229,144 $763,728,694 View
    2020 $21,014,954,742 $929,189,401 $822,110,444 View
    2019 $16,991,414,141 $774,168,355 $566,066,523 View

    Prior year filings: 2015, 2014, 2013, 2012, 2011

    Expenses Detail

    Employee Compensation

    Highest Earning Employees

    EmployeeTitleTotal Compensation
    N Clay RobbinsCHAIRMAN&CEO$1,102,500
    Jennett M HillPRESIDENT$725,000
    Ben W BlantonVP SECY & GC$469,000
    Christopher L CobleVP RELIGION$469,000
    Diane M StensonVP&TREASURER$469,000
    Peter A BuckVP INVEST&GM$425,000
    Ronni N KlothVP CMTY DEV$400,000
    Ted MapleVP EDUCATION$400,000
    Jaclyn P DowdVPEVALUATION$307,000
    Charles E GoldenDIRECTOR$51,500
    John C LechleiterDIRECTOR$51,500
    Mary K LisherDIRECTOR$51,500
    Daniel P CarmichaelDIRECTOR$46,700
    Clarence CrainDIRECTOR$43,500
    Craig DykstraDIRECTOR$43,500
    David N ShaneDIRECTOR$43,500
    Eli Lilly IIDIRECTOR$43,500
    William G EnrightDIRECTOR$43,500

    Grant Activity

    All-time grants received statistics from Candid dataset:

    • Total Grant Value: $16,858
    • Number of Grants: 4
    • Number of Funders: 4

    Selection of highest value grants received from the last seven years:

    AmountYearFunderSubject
    $10,0002023 Educational Projects Foundation IncTO SUPPORT THE CAUSES OF RELIGION
    $6,6682023 Classical Studies of Central Indiana IncMATCHING FUNDS FROM EMPLOYEE DONATION OF $3333

    All-time grants given statistics from Candid dataset:

    • Total Grant Value: $10,456,344,330
    • Number of Grants: 17,565
    • Number of Recipients: 5,309

    Selection of highest value grants given from the last seven years:

    AmountYearFunderSubject
    $250,000,0002023 Indiana Economic Development Council IncSupport for strategic enhancements to READI 2.0
    $100,000,0002023 UNCFSupport for UNCF capital campaign
    $100,000,0002020 National Urban League, Inc.Support for efforts to address racial injustices and inequities in Indianapolis
    $82,000,0002023 Indiana Association of United Ways IncStatewide Capital Projects Initiative
    $60,000,0002022 State of Indiana, Indiana Department of EducationAdvancing Science of Reading in Indiana elementary schools
    $55,000,0002022 Early Learning IndianaProven and promising programs for very young children
    $50,000,0002023 Purdue Research FoundationPartial support for Purdue Computes
    $50,000,0002023 Purdue Research FoundationPartial support for Mitchell E. Daniels, Jr. School of Business
    $45,535,6232023 AMERICAN CAMPING ASSOCIATION INCFostering character in camp programs
    $40,000,0002022 American National Red CrossDisaster response capacity building
    $40,000,0002022 Salvation Army National Corp.Disaster response capacity building
    $38,775,0002022 American Indian College FundImproving educational attainment and career readiness for students at tribal colleges and universities
    $36,000,0002020 Cicp Foundation IncBuilding a digital technology ecosystem
    $35,000,0002023 Ball State University FoundationInitiative to enhance communities near Indiana’s colleges and universities
    $35,000,0002022 University of Notre Dame Du LacPartial funding for interdisciplinary research building
    $32,119,7492023 Belmont UniversitySupport for Creative Arts Collective for Christian Life and Faith
    $30,784,4432022 WAKE FOREST UNIVERSITYSupport for leadership and character education programs
    $30,000,0002023 Taylor UniversityInitiative to enhance communities near Indiana’s colleges and universities
    $30,000,0002023 United Way of Central Indiana IncCapital Projects Fund
    $30,000,0002022 Boys & Girls Clubs of AmericaStrengthening Youth Programs in Indiana implementation grant
    $30,000,0002020 Indiana United WaysSupport for Statewide COVID-19 Economic Relief Fund
    $28,470,0002021 Capital Improvement Board of Managers of Marion County, IndianaSupport for Bicentennial Unity Plaza
    $25,000,0002023 Earlham CollegeInitiative to enhance communities near Indiana’s colleges and universities
    $25,000,0002023 Purdue Research FoundationInitiative to enhance communities near Indiana’s colleges and universities
    $25,000,0002023 Wabash CollegeInitiative to enhance communities near Indiana’s colleges and universities

    Contact InfluenceWatch to report errors, suggest edits, or provide tips for additional profiles.

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    Financials, employee compensation, and grant information provided by Candid.

    Mentioned in this Article

    References

    1. “Lilly Endowment Inc. History “ http://www.fundinguniverse.com/company-histories/lilly-endowment-inc-history/ (accessed July 5, 2022), reprinted from International Directory of Company Histories (St. James Press, 2005)
    2.  Connie Zeigler, “Out of The Gate,” Indianapolis Monthly, August 2019.
    3. “Endowment Too Stuck on Eli Lilly Stock,” editorial in Indianapolis Business Journal, January 10, 2020.
    4. John Russell, “As Lilly Stock Surges, Endowment Prepares to Give Away More Cash,” Indianapolis Business Journal, April 1, 2022.
    5. Nick Gillespie, “Walter Williams RIP,” Reason, March 2021.
    6. 2021 Lilly Endowment Annual Report https://lillyendowment.org/wp-content/uploads/2022/05/lei-ar21.pdf (accessed July 5, 2021)
    7. [1] “National Urban League and Indianapolis Urban League Announce Quality of Life Renewal Initiative Supported by $100 Million Grant from Lilly Endowment,” press release from National Urban League, August 5, 2020, https://nul.org/news/place-based-quality-life-of-renewa l (accessed July 5, 2022)
    8. $20M Lilly Endowment Grant to Preserve Black Churches,” press release from National Trust for Historic Preservation,: January 17, 2022, https://savingplaces.org/press-center/media-resources/20-million-lilly-endowment-grant-to-preserve-black-churches#.YsOnDsHMJOo (accessed July 5, 2022)