TY 2020 GeneralExplanationAttachment
Name:
THE DUKE ENDOWMENT
EIN:
56-0529965
Identifier Return Reference Explanation
  FORM 990-PF, PART XV ANY SUBMISSION DEADLINESIF THE PROPOSAL IS ENDORSED BY THE APPROPRIATE COMMITTEE, IT IS THEN TAKEN TO THE BOARD OF TRUSTEES FOR CONSIDERATION. THE TRUSTEES MEET AT LEAST TEN TIMES A YEAR, AND COMMITTEES MEET AT SCHEDULED TIMES BETWEEN BOARD MEETINGS. DEPENDING ON THE MEETING TIMES AND THE COMPLETENESS OF THE PROPOSAL, IT MAY TAKE BETWEEN TWO AND SIX MONTHS FOR A FINAL DECISION. ORIGINAL LETTERS OF INQUIRY ARE NORMALLY ANSWERED WITHIN 30 DAYS. THOSE WHO HAVE BEEN ASKED TO SUBMIT FULL PROPOSALS ARE NOTIFIED OF THE TRUSTEES' DECISION BY LETTER IMMEDIATELY AFTER THE TRUSTEES' MEETING.RESTRICTIONS AND LIMITATIONS ON AWARDSTHE DUKE ENDOWMENT IS A CHARITABLE TRUST, ESTABLISHED IN 1924 BY NORTH CAROLINA INDUSTRIALIST JAMES BUCHANAN DUKE. WHILE THE ENDOWMENT IS LEGALLY A TRUST, IT ALSO MEETS THE DEFINITION OF A PRIVATE OR INDEPENDENT FOUNDATION. THE CHARTER INSTRUMENT THAT CREATED THE DUKE ENDOWMENT IS THE INDENTURE OF TRUST. IN IT, MR. DUKE SPECIFIED THOSE WHO WOULD BE ELIGIBLE FOR GRANTS, STATED HIS REASONS FOR THESE CHOICES, AND GAVE CLEAR INSTRUCTIONS ABOUT THE FUTURE OPERATION OF THE TRUST. UNDER GUIDELINES EXPLAINED IN THE INDENTURE, THE ENDOWMENT AWARDS GRANTSTO THE FOLLOWING:1. FOUR EDUCATIONAL INSTITUTIONS: DUKE UNIVERSITY, DAVIDSON COLLEGE, FURMAN UNIVERSITY, AND JOHNSON C. SMITH UNIVERSITY. GRANTS ARE MADE FOR GENERAL AND SPECIAL PURPOSES.2. NOT-FOR-PROFIT HOSPITALS AND HEALTH-CARE ORGANIZATIONS IN NORTH CAROLINA AND SOUTH CAROLINA. GRANTS ARE MADE FOR PROGRAMS AND FOR IMPROVING AND EXPANDING FACILITIES.3. NOT-FOR-PROFIT CHILD-CARE INSTITUTIONS AND SELECTED OTHER AGENCIES SUPPORTING CHILDREN'S WELFARE IN NORTH CAROLINA AND SOUTH CAROLINA. GRANTS ARE MADE FOR PROGRAMS, FACILITIES, AND SERVICES.4. RURAL UNITED METHODIST CHURCHES AND RELATED ORGANIZATIONS IN NORTH CAROLINA. GRANTS ARE MADE FOR BUILDINGS AND PROGRAMS.5. RETIRED MINISTERS WHO HAVE SERVED AT LEAST FIVE YEARS IN AN ANNUAL CONFERENCE OF THE UNITED METHODIST CHURCH IN NORTH CAROLINA, AND THEIR SURVIVING DEPENDENTS. GRANTS ARE MADE FOR SUPPORT AND MAINTENANCE.6. THE TRUSTEES ALSO HAVE DISCRETION TO MAKE GRANTS TO SELECTED INSTITUTIONS DOING CHARITABLE WORK SIMILAR TO THAT OF THE BENEFICIARIES NAMED IN THE INDENTURE.
TRUSTEE & EXECUTIVE COMPENSATION NOTE FORM 990-PF, PART VIII TRUSTEE COMPENSATION: TRUSTEE COMPENSATION WAS SET FORTH IN THE SECOND DIVISION OF MR. DUKE'S INDENTURE OF TRUST DATED DECEMBER 11, 1924, AS AMENDED. TRUSTEES DO NOT RECEIVE COMPENSATION FOR TRAVEL-RELATED EXPENSES. THE MINIMUM HOURS FOR TRUSTEES IS BASED UPON 10 BOARD MEETINGS, RELATED COMMITTEE MEETINGS, TRAVEL AND PREPARATION TIME. TRUSTEES ARE ALSO FREQUENTLY CONSULTED BETWEEN MEETINGS AND ASKED TO REVIEW AND COMMENT ON E-MAILS, REPORTS AND PAPERS PREPARED BY STAFF AND ASSIST ON OTHER ENDOWMENT RELATED MATTERS. BROKEN DOWN ON A WEEKLY BASIS, THE MINIMUM TIME IS APPROXIMATELY 4 TO 7 HOURS PER WEEK, PER TRUSTEE.EXECUTIVE COMPENSATION: THE DUKE ENDOWMENT PROVIDES A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN TO A SELECT GROUP OF MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES UNDER A NONQUALIFIED DEFERRED COMPENSATION ARRANGEMENT, SUBJECT TO SUBSTANTIAL RISK OF FORFEITURE.