By Robert F. Durden
In this quantity, Robert F. Durden explores how the propriety of linking jointly a tax-free beginning and an investor-owned, profit-seeking enterprise just like the Duke strength corporation has considerably replaced over the process the century. Explaining the consequences of the Tax Reform Act of 1969 for J. B. Duke’s dream, Durden indicates how the philanthropist’s plan to have the Duke Endowment almost personal and finally keep an eye on Duke energy (which, in flip, would offer lots of the Endowment’s source of revenue) dissolved after the dying of daughter Doris Duke in 1993, whilst the trustees of the Endowment eventually had the unanimous votes had to sever that tie. even though the Endowment’s philanthropic projects—higher schooling (including Duke University), hospitals and healthiness 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 effect of a century of political and social swap on one man’s cutting edge charitable intentions. it's also an affidavit to the numerous employees participants and trustees who've invested their very own time and artistic energies into additional reaping benefits those reasons, regardless of many years of inevitable demanding situations to the Endowment.
This 3rd quantity of Durden’s trilogy in terms of the Dukes of Durham will tell not just these attracted to the continued legacy of this awesome family members but in addition these concerned with philanthropic forums, charitable endowments, therapy, child-care associations, the agricultural church, and better education.
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Extra resources for Lasting Legacy to the Carolinas: The Duke Endowment, 1924–1994
Of course, Mr. Duke ... "24 If this memory was correct, and forty years is an especially long time where remembering accurately is concerned, the fact that]. B. Duke's associates did not scrutinize the indenture more critically was unfortunate, for, as will be discussed, there were a number of questionable matters and at least one major blunder, with immediately unfortunate consequences, that might easily have been avoided. Since there is so little evidence concerning the conference in Charlotte, one can only speculate, but one possible explanation for the apparent lack of critical comment may have had to do with an idiosyncrasy of].
B. Duke died, one of the ideas that originally led him to structure the Endowment as he did began to lose some of its validity or, put another way, to be significantly diluted. As Duke explained in his indenture, in his long involvement with the development of water powers in the Carolinas' Piedmont region he had "observed how such utilization of a natural resource, which otherwise would run in a waste to the sea ... " It was with these views in mind, he concluded, that he recommended the securities of the Duke Power Company as the prime investment for the Endowment.
Rankin explained that ]. B. Duke, "exercising the same careful and discriminating judgment in investing in humanitarian service that he had used in his business enterprises," had seen this great need of rural people and provided a sum for hospital purposes that would, at least initially, produce an estimated $I million annually. Through the great medical school that was projected at Duke University and the income from the trust fund for hospitals, Rankin foresaw four distinct types of medical service that would be rendered to Carolinians.
Lasting Legacy to the Carolinas: The Duke Endowment, 1924–1994 by Robert F. Durden