Charlotte, N.C., Dec. 11, 2024 (GLOBE NEWSWIRE) -- Today, on the foundation’s 100th anniversary, The Duke Endowment’s Trustees announced their intent to distribute up to $5 billion in grants across North Carolina and South Carolina over the next 15 years.
This announcement, which echoes the Endowment’s $5 billion in grantmaking over the past 100 years, represents a continued commitment to founder James B. Duke’s vision of using philanthropy to enrich lives and strengthen communities in the Carolinas. The announcement culminates a yearlong celebration of the Endowment’s centennial.
The intent to invest up to $5 billion in grants equates to an increase of about $1 billion over what the Endowment is currently projected to award in the next 15 years. The Endowment’s grantmaking will continue to support child and family well-being, health care, higher education and rural United Methodist churches and communities, as directed by Mr. Duke at the foundation’s creation in 1924.
The idea of distributing the next $5 billion over a 15-year period represents a “stretch goal,” said Charles C. Lucas III, the Endowment’s board chair and a descendant of Mr. Duke.
“One of the lessons we’ve learned in our first 100 years is that success does not occur simply by giving money away; it means nurturing the kind of long-term systemic change that produces generational impact,” Lucas said. “Today, we’re accelerating those efforts in pursuit of that ambitious goal.”
Based on its current assets, the Endowment would expect to make grants of about $4 billion over the next 15 years. Endowment President Rhett N. Mabry said the planned $1 billion in additional dollars will bolster giving in the Endowment’s existing grantmaking strategies in its four program areas and special initiatives, without creating a new grantmaking fund or stream.
He added that the goal reflects the spirit of Mr. Duke, who made fortunes in tobacco and hydroelectric power before launching the Endowment to, in his words, do “big things for God and humanity” through philanthropy.
“We’re trying to do what Mr. Duke did 100 years ago, and that’s to give generously,” Mabry said.
Throughout 2024, Trustees and staff have marked the Endowment’s centennial by convening more than a dozen community celebrations across North Carolina and South Carolina, where they have honored grantees and the communities they serve. A special centennial website was also created that captures the fascinating history of James B. Duke and his family, an interactive timeline of Mr. Duke’s legacy, and the inspiring work of the Endowment’s grantee partners.
The announcement of the new goal was made during the Endowment’s final centennial community celebration at Founders Hall in Bank of America Corporate Center in uptown Charlotte on Dec. 11 – 100 years to the day since Mr. Duke signed his Indenture of Trust, the legal document creating The Duke Endowment.
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About The Duke Endowment
Based in Charlotte and established in 1924 by industrialist and philanthropist James B. Duke, The Duke Endowment is a private foundation that strengthens communities in North Carolina and South Carolina by nurturing children, promoting health, educating minds and enriching spirits. Since its founding, it has distributed $5 billion in grants. The Endowment shares a name with Duke University and Duke Energy, but all are separate organizations.
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