Download Lasting Legacy to the Carolinas: The Duke Endowment, by Robert F. Durden PDF

April 4, 2017 | Nonprofit Organizations Charities | By admin | 0 Comments

By Robert F. Durden

Like the vast majority of the founders of huge philanthropic foundations within the usa, James B. Duke assumed that the Duke Endowment, which he validated in 1924, might proceed its charitable task ceaselessly. Lasting Legacy to the Carolinas is an exam of the heritage of this origin and the ways that it has—and has not—followed Duke’s unique design.

In this quantity, Robert F. Durden explores how the propriety of linking jointly a tax-free beginning and an investor-owned, profit-seeking company just like the Duke strength corporation has considerably replaced over the process the century. Explaining the results of the Tax Reform Act of 1969 for J. B. Duke’s dream, Durden exhibits how the philanthropist’s plan to have the Duke Endowment nearly personal and eventually keep an eye on Duke energy (which, in flip, would provide many of the Endowment’s source of revenue) dissolved after the loss of life of daughter Doris Duke in 1993, while the trustees of the Endowment eventually had the unanimous votes had to sever that tie. even supposing the Endowment’s philanthropic projects—higher schooling (including Duke University), hospitals and health and wellbeing care, orphan and baby care in either North and South Carolina, and the agricultural Methodist church in North Carolina—continue to be served, this research explains the impression of a century of political and social swap on one man’s leading edge charitable intentions. it's also a sworn statement to the various employees participants and trustees who've invested their very own time and inventive energies into additional reaping rewards those factors, regardless of a long time of inevitable demanding situations to the Endowment.

This 3rd quantity of Durden’s trilogy on the subject of the Dukes of Durham will tell not just these attracted to the ongoing legacy of this notable kinfolk but additionally these concerned with philanthropic forums, charitable endowments, remedy, child-care associations, the agricultural church, and better education.

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B. Duke's obvious concern about and solicitude for the Duke Power Company also must be explained. The most important reason he wanted the best possible future for the company, aside from the fact that his perpetual philanthropic trust largely depended on it, was his profound belief that it was destined to playa major and crucial role in the industrial development of the Piedmont region of the Carolinas. In the first quarter of the twentieth century that development had already began to happen, and].

Just as Trinity College had been the principal beneficiary of gifts from the Duke family from the I890S onward, so was "[a]n institution of learning to be known as Duke University" designated as the recipient of 3 2 percent of the Endowment's annual income. Moreover, to help establish the new university, I8 LASTING LEGACY TO THE CAROLINAS the trustees were authorized to expend $6 million from the corpus of the trust. Then in clumsy, legalistic, and superfluous language that immediately led to long-lasting misunderstanding, W.

Then in clumsy, legalistic, and superfluous language that immediately led to long-lasting misunderstanding, W. R. Perkins and J. B. Duke put this sentence in the indenture: "However, should the name of Trinity College ... be changed to Duke University" within a three-month period, then the $6 million should go to that institution. Journalists and others quickly seized on this section of the indenture and interpreted it, understandably enough, as a blatant case of J. B. Duke's "buying himself a university" or bribing a small college in order to memorialize himself and his family.

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