Lilly Endowment

Lilly Endowment
Founded 1937
Founder Josiah K. Lilly, Sr. and sons,
Eli Jr. and Josiah (Joe) Jr.
Focus Religion
Education
Community development
Indianapolis
Indiana
Location
Method Grants
Key people
 Thomas M. Lofton, Chairman
Endowment $9.96 billion (as of 2014)[1]
Website www.lillyendowment.org

Lilly Endowment Inc., headquartered in Indianapolis, Indiana, is one of the world's largest private philanthropic foundations and among the largest endowments in the United States. It was founded in 1937 by Josiah K. (J. K.) Lilly Sr. and his sons, Eli Jr. and Josiah Jr. (Joe), with an initial gift of Eli Lilly and Company stock valued at $280,000 USD ($4,616,759 in 2015 chained dollars).[2] As of 2014 its total assets are worth $9.96 billion.[1]

J. K. Lilly Sr. initially served on the foundation's board and became its largest contributor. Over time he donated Eli Lilly and Company stock worth a total of $86.8 million to the foundation, including a $30 million bequest following his death in 1948. J. K's sons, Eli and Joe, contributed additional Eli Lilly and Company stock that had a combined value of $6.8 million. Eli also managed the foundation in its early years.[2][3] The Lilly Endowment's first full-time staff members, Josiah K. Lilly III and G. Harold Duling, were hired in 1951.[4] By the mid-1970s the foundation's staff had increased to seventy-five and it had moved to larger headquarters at 2801 North Meridian Street in Indianapolis.[5]

As required under the Tax Reform Act of 1969, the Lilly Endowment diversified its holdings, but its assets consist primarily of Eli Lilly and Company stock.[3] In 1998 the Lilly Endowment became the wealthiest philanthropic endowment in the world in terms of assets (estimated value of $15.4 billion) and charitable giving. As of 2014 it remains among the top five in terms of total assets ($9.96 billion).[1][3]

The private family foundation is a separate entity from the Eli Lilly and Company pharmaceutical firm, and maintains its headquarters in a different location. With the exception of the Eli Lilly and Company stock that the foundation holds in its portfolio, the Lilly Endowment is not linked to the Lilly pharmaceutical company. The non-profit foundation has its own board of directors to manage its affairs and an executive committee (trustees) that reviews grant requests.[3]

The Lilly Endowment has historically focused on three primary grant areas: community development, education and Christianity. It is the largest private foundation in the United States that funds almost exclusively in its home city and state, and is one of few major foundations to fund religion.

Recipients

Although it has provided gifts with a national and global reach, the Lilly Endowment's primary geographic focus has been in Indianapolis and in Indiana.[6] Early recipients included the Indianapolis Community Chest, a forerunner of the United Way, the Children's Museum of Indianapolis, Christ Church Cathedral, among other Protestant and, later, Catholic institutions in the state, and several Indiana colleges and universities, such as Wabash College and Earlham College.[7] Other major gifts helped to fund construction projects in downtown Indianapolis, including the Indiana Convention Center, the Hoosier Dome (the city's first, domed stadium), and restoration of several of the city's historic buildings, including the Hilbert Circle Theater, the Indiana Theater, and grants to construct the Indianapolis Zoo, Eiteljorg Museum of American Indians and Western Art, and sports facilities on the Indiana University – Purdue University Indianapolis campus and elsewhere in the city.[8]

One of the Lilly Endowment's most remarkable achievements is its Giving Indiana Funds for Tomorrow (GIFT) initiative. Since 1987 the initiative has been responsible for starting and growing Indiana community foundations. Today, Indiana has more community foundations than any other state, with combined assets of nearly $1.5 billion.

From its inception the Lilly Endowment has supported numerous religious endeavors. These include Indianapolis's Christ Church Cathedral. J. K. Lilly Sr. was involved with the church throughout his life, beginning as a choirboy. Upon Lilly's death, a stipulation of his bequest to the church was that it remain in the heart of downtown Indianapolis. Lilly supported a wide variety of religious endeavors, which he considered an important means of promoting character development.

Institutions and programs funded by Lilly grants have included:

Other Lilly Endowments beneficiaries have included:

Art collection

Over the years the Lilly Endowment has acquired a collection of important Indiana paintings that were in danger of leaving the state, including works by William Merritt Chase, John Elwood Bundy, and members of the Hoosier Group. The works of art are generally displayed at the foundation's offices on North Meridian Street in Indianapolis. In 2003-05, a number of the paintings appeared in museums around Indiana as part of a special exhibition.

See also

Notes

  1. 1 2 3 "Foundation Stats". Foundation Center. Retrieved 2016-10-26.
  2. 1 2 James H. Madison (1989). Eli Lilly: A Life, 1885–1977. Indianapolis: Indiana Historical Society. pp. 206–07. ISBN 0-87195-047-2.
  3. 1 2 3 4 Kelly A. Ivcevich. "Lilly Endowment, Inc.". Learning to Give. Retrieved 2016-10-26.
  4. ↑ David J. Bodenhamer and Robert G. Barrows, eds. (1994). The Encyclopedia of Indianapolis. Bloomington and Indianapolis: Indiana University Press. pp. 914–15. ISBN 0-253-31222-1.
  5. ↑ Bodenhamer and Barrows, eds., pp. 915–16.
  6. ↑ Bodenhamer and Barrows, eds. p. 914.
  7. ↑ Bodenhamer and Barrows, eds., p. 915.
  8. ↑ Bodehamer and Barrows, eds., p. 916.
  9. ↑ Alaric Dearment (December 20, 2010). "Lilly Donates Grant to Manchester College for Pharmacy School". Drug Store News. Retrieved 2016-11-21.
  10. ↑ "Search Institute History". Search Institute. Retrieved 2016-11-21.

References

This article is issued from Wikipedia - version of the 12/4/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.