FUND ESTABLISHED BY WILL OF NANALINE H DUKE FOR DUKE UNIVERSITY

EIN: 237270511 501(c)(3)

CHARLOTTE, NC

Total Revenue
$1,797,444
Total Expenses
$1,834,684
Total Assets
$48,818,898
Net Assets
$48,754,683
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1973
Legal Domicile
NY
Principal Officer
KAREN H ROGERS
Phone
7043760291
Tax Period
2023-01-01 to 2023-12-31

FUND ESTABLISHED BY WILL OF NANALINE H DUKE FOR DUKE UNIVERSITY, founded in 1973, is a community nonprofit that reported $1.8M in total revenue in fiscal year 2023. Net assets of $48.8M represent 325 months of operating reserves.

Mission

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.

Program Service Accomplishments

Program 1
Expenses: $1,700,000

ITEM 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...

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ITEM 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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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $0
Investment Income $1,797,444
Other Revenue $0
TOTAL REVENUE $1,797,444

Expense Breakdown

Grants Paid $1,700,000
Salaries & Benefits $64,215
Fundraising Expenses $0
Program Expenses $1,700,000
Other Expenses $70,469
TOTAL EXPENSES $1,834,684

Year-over-Year Comparison

2023 2022 Change
Revenue $1,797,444 $1,890,020 0.0%
Expenses $1,834,684 $1,814,191 +0.0%
Net Income $-37,240 $75,829 -1.5%
Key Indicators
✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Governance

Voting Members
15
Independent Members
15
Employees
N/A
Volunteers
N/A

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
⚠ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
7
$2,982,115
Total Directors
15
$2,898,395
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
CHARLES C LUCAS III CHAIR 0.50
Officer Director
$4,281 $5,450 $193,226
JEAN G SPAULDING VICE CHAIR 0.50
Officer Director
$4,281 $5,451 $193,227
DENNIS M CAMPBELL VICE CHAIR 0.50
Officer Director
$4,281 $5,450 $193,226
WILLIAM BARNET III TRUSTEE 0.50
Director
$4,281 $5,450 $193,226
JOHN FAV CECIL TRUSTEE 0.50
Director
$4,281 $5,450 $193,226
RAVENEL B CURRY III TRUSTEE 0.50
Director
$4,281 $5,450 $193,226
PAMELA L DAVIES TRUSTEE 0.50
Director
$4,281 $5,450 $193,226
HARRIS E DELOACH JR TRUSTEE 0.50
Director
$4,281 $5,450 $193,226
ALLYSON K DUNCAN TRUSTEE 0.50
Director
$4,281 $5,450 $193,226
CONSTANCE F GRAY TRUSTEE 0.50
Director
$4,281 $5,450 $193,226
J TRENT JONES TRUSTEE 0.50
Director
$4,281 $5,450 $193,226
CLARENCE G NEWSOME TRUSTEE 0.50
Director
$4,281 $5,451 $193,227
MINOR M SHAW TRUSTEE 0.50
Director
$4,281 $5,451 $193,227
KENNETH D WEEKS JR TRUSTEE 0.50
Director
$4,281 $5,451 $193,227
JUDY WOODRUFF TRUSTEE 0.50
Director
$4,281 $5,451 $193,227
RHETT N MABRY PRESIDENT 0.25
Officer
$0 $268,493 $975,325
KAREN H ROGERS CFO, TREASURER & SECRETARY 0.25
Officer
$0 $89,935 $495,982
SUSAN L MCCONNELL VP & DIR. OF HR & HIGHER ED 0.25
Officer
$0 $60,790 $465,292
WILLIAM F BACON VP & DIRECTOR OF EVALUATION 0.25
Officer
$0 $88,379 $465,837
K TODD WALKER DIRECTOR OF INVESTMENTS 0.50
Highest
$0 $81,585 $477,043
PHILLIP REDMOND JR DIR OF CHILD & FAMILY WELL-BEING 0.25
Highest
$0 $57,631 $404,250
LINWOOD HOLLOWELL DIRECTOR OF HEALTH CARE 0.50
Highest
$0 $71,856 $413,128
MEKA S SALES DIRECTOR OF SI 0.25
Highest
$0 $75,134 $403,093
ROBERT WEBB DIRECTOR OF RURAL CHURCH 0.25
Highest
$0 $57,905 $402,703
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $1,797,444 $1,834,684 $48,818,898 $-37,240
2022 $1,890,020 $1,814,191 $50,643,596 $75,829
2021 $1,653,740 $1,813,347 $55,031,129 $-159,607
2020 $1,656,628 $1,759,904 $40,974,828 $-103,276
2019 $1,661,639 $1,396,445 $38,301,472 $265,194
2018 $1,541,774 $1,401,053 $35,626,261 $140,721
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