Reflecting on the Past
Under a banner headline, the lead story of the December 9, 1924, Charlotte Observer, announced that an industrialist named James B. Duke Front page of The Charlotte Observer December 9, 1924had set aside $40 million for charitable purposes in the Carolinas. According to the report, “when William R. Perkins, Mr. Duke’s attorney, read the document of 7,200 words, setting forth the outline of Mr. Duke’s magnifi cent proposition, a hushed silence fell upon those present as the magnitude of the gifts began to dawn upon them.”
A copy of that front page hangs on a wall at The Duke Endowment. Eighty-five years later, we still marvel at the genius and generosity behind our founder’s “magnificent proposition.” Mr. Duke’s Indenture of Trust is read aloud to trustees once a year, every year, and we use it to guide our grantmaking decisions. Times change, but his bold vision still sets the course for our philanthropy.
Looking to the Future
Through relationships with organizations in North Carolina and South Carolina, the Endowment strives to help vulnerable children, educate minds, promote health, and strengthen clergy and congregations. In 2009, at a time when our grantees faced multiple challenges, weak fi nancial markets forced us to make difficult decisions about our resources. Trustees approved $56.7 million in new grants; in all, the Endowment distributed nearly $105 million, a total that includes ongoing multi-year commitments approved in previous years. With limited dollars for new initiatives, we focused our support on existing projects.
Despite the economic downturn, the year gave us many highlights to celebrate. Our 2009 grants are helping rural United Methodist churches expand tutoring programs. We’re funding efforts to improve health care access for low-income people who are uninsured. We’re helping the Catawba County Department of Social Services develop and test a demonstration project for reforming the child welfare system. We’re supporting a program that connects Duke University and its neighbors through community projects. As we look back, we also look forward.
The projects featured in this annual report remind us that many Endowment-supported efforts are laying the groundwork for generations ahead. One grant, for example, is creating a model of fi nancial sustainability for a community garden. Another is supporting Johnson C. Smith University as it works to strengthen its incoming classes. A third project promotes prevention efforts for a healthier North Carolina. Just as Mr. Duke invested in the future, the work that our grantees do today will shape communities and organizations for years to come.
In 1929, four years after Mr. Duke’s death, Mr. Perkins eulogized his renowned client at a gathering in Lynchburg, Va. The attorney called The Duke Endowment “an expression of the personality of James Buchanan Duke” and he remembered how the December announcement surprised and amazed the reporters who covered the story. “Mr. Duke was a builder,” he told the group. “He loved to create and establish.”
We see that forward-thinking spirit every time we read James B. Duke’s Indenture – and we’re honored to be a part of his lasting legacy.
2009 in Review
As stewards of both financial and environmental resources, the print version our 2009 annual report was truncated with most elements offered online. Due to the amount of positive feedback, we are following that model for our 2009 annual report. Download the report and our financials (pdf), or explore this section of our site:
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