Fund Established By Will Of Nanaline H Duke For Duke Universit
- Assets
- $50.6m
- Revenue
- $1.9m
- Investments
- $49.8m
- Employees
- 0
- Location
- Charlotte, NC
- Founding
- 03/1973
- Data as of
- 12/2022
- EIN
- 23-7270511
Organization Overview
Fund Established By Will Of Nanaline H Duke For Duke Universit is located in Charlotte, NC. The organization was established in 1973. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fund Established By Will Of Nanaline H Duke For Duke Universit is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Fund Established By Will Of Nanaline H Duke For Duke Universit generated $1.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $1.8m during the year ending 12/2022. While expenses have increased by 4.3% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT DUKE UNIVERSITY, AN INSTITUTION OF LEARNING IN DURHAM, N.C., TO BE USED BY IT FOR ITS HOSPITAL AND MEDICAL SCHOOL AND FOR FURTHERING AND PROMOTING MEDICAL RESEARCH AT SUCH HOSPITAL AND MEDICAL SCHOOL AND FOR THE GENERAL USE OF SAID DUKE UNIVERSITY.
Describe the Organization's Program Activity:
SEE SCHEDULE OITEM VIII OF THE WILL OF NANALINE H. DUKE, THE FUND'S GOVERNING INSTRUMENT, BEQUEATHED TO THE TRUSTEES OF THE DUKE ENDOWMENT, A CHARITABLE TRUST ESTABLISHED BY JAMES B. DUKE BY INDENTURE DATED DECEMBER 11, 1924, THE PRINCIPAL SUM NOW KNOWN AS THE FUND ESTABLISHED BY WILL OF NANALINE H. DUKE FOR DUKE UNIVERSITY. THEREFORE, THE TRUSTEES OF THE FUND ARE ALSO THE SAME AS THE TRUSTEES OF THE DUKE ENDOWMENT. THE OFFICERS OF THE FUND ARE ALSO THE SAME AS THE OFFICERS OF THE DUKE ENDOWMENT. THE ORGANIZATION FOR WHOSE BENEFIT THE FUND IS OPERATING IS DUKE UNIVERSITY, DURHAM, NORTH CAROLINA, AN ORGANIZATION DESCRIBED IN SECTION 509(A)(1). THE RELATIONSHIP BETWEEN THE FUND AND DUKE UNIVERSITY IS AS FOLLOWS: ITEM VIII OF THE WILL OF NANALINE H. DUKE, THE FUND'S GOVERNING INSTRUMENT, PROVIDES THAT INCOME AND PRINCIPAL BE PAID ONLY TO DUKE UNIVERSITY, TO BE USED FOR ITS HOSPITAL AND MEDICAL SCHOOL FOR GENERAL PURPOSES; THE FUND IS OPERATED IN CONNECTION WITH DUKE UNIVERSITY, PROVIDING SIGNIFICANT FINANCIAL AID FOR MAJOR CONSTRUCTION PROJECTS OF THE MEDICAL CENTER OF THE UNIVERSITY AND OTHER SUPPORT PROGRAMS; AND THE FUND IS NOT CONTROLLED DIRECTLY OR INDIRECTLY BY DISQUALIFIED PERSONS OTHER THAN FOUNDATION MANAGERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles C Lucas III Chair | OfficerTrustee | 0.5 | $3,862 |
Jean G Spaulding Vice Chair | OfficerTrustee | 0.5 | $3,862 |
Dennis M Campbell Vice Chair | OfficerTrustee | 0.5 | $3,862 |
William Barnet III Trustee | Trustee | 0.5 | $3,862 |
John Fav Cecil Trustee | Trustee | 0.5 | $3,862 |
Ravenel B Curry III Trustee | Trustee | 0.5 | $3,862 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $1,930,820 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$40,800 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,890,020 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,700,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $57,930 |
| Compensation of current officers, directors, key employees. | $57,930 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,005 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $38,800 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $456 |
| Total functional expenses | $1,814,191 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $880,254 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $49,763,342 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $50,643,596 |
| Accounts payable and accrued expenses | $57,930 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $57,930 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $50,585,666 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $50,643,596 |