PREFACE
THE DUKE ENDOWMENT was for a number of years the third largest chari-
table foundation in the nation. Although the appearance in recent years of
several new and quite large foundations has pushed the Endowment farther
down the ever-changing list in terms of size, it is still one of the top dozen or so
foundations in the United States.
It is different from many foundations, however, for several reasons. For one
thing, James B. Duke, as is more elaborately explained in the chapters that
follow, had quite definite ideas as to how the annual income from his chari-
table trust was to be distributed. He even included in the indenture, the legal
instrument establishing the trust, the exact percentages of the annual income
that he wished his trustees to allocate to the various beneficiaries.
Many of the creators of large foundations have approached the matter
differently, giving only broad or somewhat vague directions about the uses to
which the annual income should be put and leaving to the trustees of the
foundation the task of defining its program or mission. John D. Rockefeller
Sr., for example, in establishing the Rockefeller Foundation in 1909 stated its
purposes in this fashion: "To promote the well-being and to advance the civili-
zation of the peoples of the United States and its territories and possessions
and of foreign lands in the acquisition and dissemination of knowledge, in the
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