Lilly Endowment

Last updated
Lilly Endowment Inc.
Founded1937;87 years ago (1937)
Founder Josiah K. Lilly Sr. and sons,
Eli Jr., and Josiah (Joe) Jr.
FocusReligion
Education
Community development
Indianapolis
Indiana
Location
MethodGrants
Key people
Clay Robbins
(chairman and CEO)
Revenue (2020)
$929 million [1]
Expenses (2020)$822 million [2]
Endowment (2020)$21 billion in assets, $187 million in liabilities
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). [3] As of 2020, its total assets were worth $21 billion. [4]

Contents

The Lilly Endowment has historically focused on three primary grant areas: community development, education, and Christianity. It is known as the most influential philanthropy in its home city and state. [5] Its funding of projects related to religion is unusually large among foundations. It has given to some politically and religiously conservative causes, especially in the 1960s. [6]

J. K. Lilly Sr. initially served on the foundation 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. [3] [7] The Lilly Endowment's first full-time staff members, Josiah K. Lilly III and G. Harold Duling, were hired in 1951. [8] By the mid-1970s, the foundation staff had increased to 75 and it had moved to larger headquarters at 2801 North Meridian Street in Indianapolis. [9]

The endowment enabled the Lilly family to keep control of the company and continue their charitable giving without major income tax and inheritance tax penalties. [6] 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. [7] 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). [10] [7] [ needs update ]

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 nonprofit foundation has its own board of directors to manage its affairs and an executive committee (trustees) that reviews grant requests. [7] [ better source needed ]

Recipients

In its history since 1937, the Lilly Endowment has given a total of more than $10 billion to more than 10,000 groups. [11] 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 include 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. [12] 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. [13] It has been a major source of matching grants for civic and arts groups. [14] Since 1987, the Lilly Endowment's Giving Indiana Funds for Tomorrow (GIFT) initiative has funded starting and growing Indiana community foundations. [15]

From its inception the Lilly Endowment has supported numerous religious endeavors. These include the Christ Church Cathedral in Indianapolis. 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.[ citation needed ]

Institutions and programs funded by Lilly grants have included:[ third-party source needed ]

Other Lilly Endowment 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 endowment offices on North Meridian Street in Indianapolis.[ citation needed ]

See also

Notes

  1. ↑ "Lilly Endowment Inc". Nonprofit Explorer. 9 May 2013.
  2. ↑ "Lilly Endowment Inc". Nonprofit Explorer. 9 May 2013.
  3. 1 2 James H. Madison (1989). Eli Lilly: A Life, 1885–1977. Indianapolis: Indiana Historical Society. pp.  206–07. ISBN   0-87195-047-2.
  4. ↑ Roberts, Ken Schwencke, Mike Tigas, Sisi Wei, Alec Glassford, Andrea Suozzo, Brandon (2013-05-09). "Lilly Endowment Inc - Nonprofit Explorer". ProPublica. Retrieved 2022-08-30.{{cite web}}: CS1 maint: multiple names: authors list (link)
  5. ↑ Bodenhamer and Barrows, p. 158
  6. 1 2 3 Bodenhamer and Barrows, eds. p. 914-915.
  7. 1 2 3 4 Kelly A. Ivcevich. "Lilly Endowment, Inc". Learning to Give. Retrieved 2016-10-26.
  8. ↑ David J. Bodenhamer and Robert G. Barrows, ed. (1994). The Encyclopedia of Indianapolis. Bloomington and Indianapolis: Indiana University Press. pp. 914–15. ISBN   0-253-31222-1.
  9. ↑ Bodenhamer and Barrows, eds., pp. 915–16.
  10. ↑ "Foundation Stats". Foundation Center. Retrieved 2016-10-26.
  11. 1 2 3 Fang, Lee (August 10, 2022). "Eli Lilly Charity Finances Groups That Oppose Insulin Price Caps Under the Auspices of "Community Development"". The Intercept. Retrieved 2022-08-30.
  12. ↑ Bodenhamer and Barrows, eds., p. 915.
  13. ↑ Bodehamer and Barrows, eds., p. 916.
  14. ↑ Bodenhamer and Barrows, eds., p. 216.
  15. ↑ "Lilly Endowment will award $125M in grants to community foundations". Indianapolis Star.
  16. ↑ Alaric Dearment (December 20, 2010). "Lilly Donates Grant to Manchester College for Pharmacy School". Drug Store News. Retrieved 2016-11-21.
  17. ↑ "The Global Religion Journalism Initiative". Lilly Endowment. Retrieved 2019-06-24.
  18. ↑ "AP joins global initiative to expand reporting on religion". AP NEWS. Associated Press. 2019-04-25. Retrieved 2019-06-24.
  19. ↑ "Religion News Service, AP and The Conversation launch global religion journalism initiative". Associated Press. Retrieved 2019-06-24.
  20. ↑ Reeves, Jay (2022-01-17). "Fund to preserve, assist Black churches gets $20M donation". AP NEWS. Retrieved 2022-08-30.
  21. ↑ "Lilly Endowment invests $25 million in CICF transportation initiative". Philanthropy News Digest. 3 May 2022. Retrieved 3 May 2022.
  22. ↑ "Presidential Announcement". YouTube . 9 Jan 2024. Retrieved 9 Jan 2024.
  23. ↑ Whittle, Patrick (August 26, 2024). "US national parks are receiving record-high gift of $100M". AP News. Retrieved August 26, 2024.
  24. ↑ "Search Institute History". Search Institute. Retrieved 2016-11-21.
  25. ↑ Schultz, Colin (December 23, 2013). "Meet the Money Behind The Climate Denial Movement". Smithsonian Magazine. Retrieved 10 October 2019.

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References

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