$40 million grant for Center on Philanthropy.The Center on Philanthropy at Indiana University Indiana University, main campus at Bloomington; state supported; coeducational; chartered 1820 as a seminary, opened 1824. It became a college in 1828 and a university in 1838. The medical center (run jointly with Purdue Univ. will receive a $40-million endowment grant from the Lilly Endowment Lilly Endowment Inc., headquartered in Indianapolis, Indiana is one of the world's largest private philanthropic foundations and is among the ten largest such endowments in the United States. The endowment was founded in 1937 by J. K. Lilly Sr. and his sons Eli and J. K. Jr. to help to permanently underwrite a portion of its future operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . It is the largest grant in the Center's 20-year history. Investment returns on the $40-million endowment grant will generate an estimated $2 million annually, replacing a similar amount of annual operating support that the Center currently receives under a previous three-year grant from the Lilly Endowment, school officials said. A portion of the new grant will be used to match future gifts for the Center's operations. The majority of the investment earnings will support the Center's administration, planning, evaluation, technology, public affairs, communications and fundraising efforts that in turn enable it to provide important programs to students, nonprofit professionals, volunteers, philanthropists and communities, officials said. The Center, part of the IU School of Liberal Arts The School of Liberal Arts is a private academic institution located in Toronto. It was founded in 1989 by G. Michael MacConnell and David L. Ferguson. It is a private academic institution located in Toronto. at Indiana University-Purdue University Indianapolis Indiana University–Purdue University Indianapolis (IUPUI) is the urban campus of Indiana University located in Indianapolis, Indiana. IUPUI offers undergraduate, graduate and professional degrees from both Indiana University and Purdue University. (IUPUI IUPUI Indiana University-Purdue University Indianapolis (Indianapolis, IN, USA) ), will continue to develop private grants and contributions, university support, contracts for services and other revenue generating projects to fund the remainder of the Center's $13.4-million annual budget. The grant is technically to the university's foundation, which pays out 5 percent on a rolling 36-month average. During the next six years, the income is expected to double from the $2 million. "We are grateful to Lilly Endowment for the strong vote of confidence in the Center that this grant represents," said Eugene R. Tempel, executive director of the Center on Philanthropy. "Giving to the Center benefits far more than just a single organization; it has a multiplier effect Multiplier Effect The expansion of a country's money supply that results from banks being able to lend. The size of the multiplier effect depends on the percentage of deposits that banks are required to hold on reserves. that helps ensure more effective giving, more effective fundraising and more effective nonprofit organizations literally around the globe." Tempel stressed that the grant does not create new positions or programs but replaces operating money that Lilly has provided for the past several years. "The key message is that this is not new money. It's replacement money. Today we'll celebrate a little but tomorrow it's back to work" to continue to raise funds, said Tempel. The Center was founded in 1987 with initial funding from Lilly Endowment. The new gift brings the total support to $84 million. |
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