The long expected announcement of the J.B. Duke gift to Trinity College in Durham came out Tuesday. All Trinity has to do to get a $6 million fund for building and equipment, and, in addition, an annual income of about $500,000 a year, is to change its name to Duke University.
It is not expected that there will be any difficulty about this change of name. People in Durham who are in close touch with the institution are of the opinion that, before he made his plans public, Mr. Duke assured himself that this condition attached to the gift would be accepted.
The trust fund, which is to provide money not only for Duke University but also for other institutions and for relief to orphans and Methodist ministers, will amount to $40 million. The giver estimates that it should yield five per cent, or $2 million, and perhaps a greater return later on.
Twenty per cent of the income goes to increase the principal until that becomes $80 million. Thus $1.6 million a year is left. Of this, Duke University is to get 32 per cent, or $512,000.
On the basis of 5 per cent return, $512,000 a year means an endowment of $10,240,000. With the $6 million which the institution receives outright, the total principal amount which Mr. Duke now bestows upon Trinity is $16,240,000.
According to the latest edition of the World Almanac, the present endowments of the 11 richest educational institutions in the United States are as follows:
Harvard, $47 million.
Columbia, $35,820,000.
Yale, $32,660,000.
University of Chicago, $29,850,000.
Leland Stanford, $26,450,000.
Cornell, $18,830,000.
Carnegie Institute, $15 million.
University of Rochester, $14,540,000.
University of Pennsylvania, $12,135,000.
Princeton, $11,900,000.
Rice Institute (Texas), $10 million.
The World Almanac puts the endowment of the University of North Carolina at $1,458,000 and that of the University of Virginia at $3,565,000.
Of course the state-supported institutions receive, through legislative appropriations, sums which are the equivalent of incomes on huge endowments.
The universities of Michigan, Minnesota, and Wisconsin, whose income from state appropriation runs into the millions, are not included at all in the Almanac’s list of endowed institutions. The $725,000 which the University of North Carolina received from the state this year is equivalent to the income, at 5 per cent, on $14,5 million.
From the front page of The Chapel Hill Weekly, Thursday, Dec. 11, 1924
newspapers.digitalnc.org/lccn/sn92073229/1924-12-11/ed-1/seq-1/
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