2011 Annual Report the Duke Endowment in Charlotte, North Carolina, Is a Private Foundation Established in 1924 by Industrialist and Philanthropist James B

Th e Unfol d ing S t ory

The Duke Endowment 100 North Tryon Street, Suite 3500 Charlotte, North Carolina 28202-4012 Telephone 704.376.0291 dukeendowment.org 2011 annual report The Duke Endowment in Charlotte, North Carolina, is a private foundation established in 1924 by industrialist and philanthropist James B. Duke. We seek to fulfill his dream for the Carolinas by enriching lives and communities through children’s services, health care, higher education and rural churches. Mr. Duke’s legacy endures today in every life touched, every institution advanced, every innovation discovered. Letter from L. Neil Williams Jr. the president 1936-2012

our founder, james b. duke, was thinking strategically in 1924 when he created The Duke Endowment to “make provision in some measure for the needs of mankind along physical, mental and spiritual lines.” He could have extended the aid to other charities and beyond the Carolinas, he wrote, “but my opinion is that so doing probably would be productive of less good.” When we talk about “productive” grantmaking today, we are thinking about results. Sometimes, philanthropy leads to immediate results that are highly visible. Eugene W. Cochrane Jr., A state-of-the-art facility rises on a college campus – and students have a new President place to learn. A nurse provides counsel – and a pregnant woman stops smoking. A congregation builds affordable housing – and a family finally has a home. With some grants, however, results unfold over time. On the following pages, you’ll read about a thriving initiative that’s entering a “2.0” phase. You’ll learn about a successful effort that is being replicated elsewhere. You’ll see how years of research demonstrated a project’s effectiveness and attracted other funding sources. Mr. Duke established the Endowment to be perpetual, and we believe that encourages longer-term strategic thinking. At the Endowment, one of our guiding principles is to direct resources where they will produce the best results – and we hold ourselves and our grantees accountable for achieving them. Solutions to today’s social challenges are always complex. But as we work together to find the best approaches, we can celebrate our commitment to working strategically to make a true difference in the Carolinas. As we continue the work that Mr. Duke began, we mourn the recent passing of Staff and Trustees of The Duke Endowment mourn the loss of from Duke School of Law. He spent his professional career at four Trustees who shaped The Duke Endowment and made it stronger. Mary Duke Board Chairman L. Neil Williams Jr., who died in Winston- Alston & Bird in Atlanta, where he was named a partner in 1965 and Biddle Trent Semans was a member of the Endowment’s Board for 55 years and Salem on August 26, 2012. Mr. Williams joined the Endowment’s served as a managing partner from 1984 to 1996. Board in 1997, providing outstanding service as former Duke University honored him with a Distinguished Alumni served as our first female Chairman from 1982-2001. John G. Medlin Jr. served Chairman of our committees on Investments, Trustees and Award in 1990 to celebrate his dedication to his field, to Duke and to Governance, and Educational Institutions. He led our Board humanity, and Duke School of Law presented him with the Charles S. from 1996 to 2006. William B. McGuire served from 1965 to 1988. L. Neil Williams Jr. since January 2011. Rhyne Award in 1996 to recognize his professionalism, personal joined our Board in 1997 and served as Chairman since January 2011. Mr. Williams grew up in Charlotte, North Carolina, and integrity and commitment to education and community service. attended Charlotte public schools. He went on to earn an We join his family and a wide circle of friends and colleagues As we grieve their loss, we draw inspiration from their lasting legacy. undergraduate degree from Duke University and a law degree in mourning his loss. child care ‘LEGACY OF HOPE’ Through personal letters, historical documents and archived film clips, a new 15-minute video presents a rare look at the life of James B. Duke and ON THE MOVE sheds light on his philanthropic dream. You can watch “Legacy of Hope: After years of leasing office The Story of James B. Duke” on our space in downtown Charlotte, website at www.dukeendowment.org The Duke Endowment has

w ment N e s or on our YouTube channel. announced plans to build on a site a few miles away at 800 East Morehead Street. Architectural designs are still PROFILES OF SERVICE

E ndo preliminary, but the three- Our founder, James B. Duke, surrounded himself with hard- story building will be LEED working men and women, believing that through working certified and feature meeting together, bigger and better things were possible. In 2011, space for Endowment grantees the Endowment launched a new series that spotlights a few and other stakeholders. of the “behind-the-scenes” workers at grantee organizations President Gene Cochrane who share Mr. Duke’s commitment to making a difference. said it was important to “Profiles of Service” honors people who dedicate their time, remain in a central area of talents and hearts to making community efforts successful. the Carolinas to be accessible to grantees. The Endowment Watch Video ‘LIKE’ US ON FACEBOOK hopes to break ground in Through DukeEngage, David Liu spent his summer When we surveyed our constituents about social media, 2012 and move in 2014. making a difference in 82.5 percent said they used social media and nearly 50 percent the lives of children. used it at least once a day. Those results – along with the arrival of our new Information Technology Director, Matt Sharp – led us to establish a presence on Facebook. The goal: increase awareness of our grantees’ work, share what we’ve learned in the field, and join conversations about important issues. MAJOR GRANTS In 2011, our Trustees approved nearly $130 million in new grants to strengthen organizations, replicate successful programs, and test innovative approaches. The total included several major multi-year awards, including $35 million to Johnson C. Smith University to support science programs, scholarships and capital improvements, and $11.25 million to Health Sciences South Carolina to advance leading-edge programs. In March, the Trustees also announced an $80 million gift to Duke University to transform the student union To read more Endowment news, and renovate two other landmark facilities. visit dukeendowment.org child care child care child care higher education higher education higher education

Building Family Making Education Affordable Networks for Youth for More Students

When children are in foster care, they often In 2007, Davidson College became the lose connections to relatives who may be country’s first liberal arts institution to willing to provide a permanent home or eliminate loans from its financial aid packages. emotional support – and finding that extended Through The Davidson Trust, the college family can be difficult. pledged to meet 100 percent of an admitted A national program approaches the student’s demonstrated financial need through challenge with techniques inspired by the a combination of grants and employment. International Committee of the Red Cross The Duke Endowment supported the effort and the United Nations to reunite families with a $15 million grant. separated by war or natural disasters. Called Although it’s too early to measure the Family Finding, the program works to build long-term impact, campus officials say The secure, ongoing networks for youth. Davidson Trust is helping the college expand Family Finding has had significant results the vision of a quality education. Davidson has elsewhere. To determine if the model could seen a 29 percent increase in applications from improve outcomes for foster care children domestic students of color and a 37.5 percent in North Carolina, The Duke Endowment boost in applications from first-generation awarded a grant to support implementation college students. The college is also attracting and evaluation in nine counties. The N.C. students from a wider range of high schools Department of Social Services administered and enrolling 25 percent more students with the project in six of those counties; Children’s need-based aid. Home Society of North Carolina administered When Davidson President Carol Quillen it in three. spoke recently at a Congressional hearing on In 2011, the N.C. pilot’s rigorous evaluation “Innovations in College Affordability,” she helped Children’s Home Society win $6 million admitted the effort involves a large financial in funding from the New York-based Edna commitment – but the college believes it’s McConnell Clark Foundation and the federal an important step in “bridging the privilege government’s Social Innovation Fund. The gap.” “We are changing the face of society’s grant, which will also include matching money leadership,” she said, “and striving to make from The Duke Endowment, will allow Family equal opportunity real.” Finding to expand statewide and help more children form lifelong ties to caring adults.

Watch Video Watch Video With the help of his Family Finder, “ I honestly could not have come to James Sanders now has the love Davidson without The Davidson Trust,” and support of extended family says Sarah Fisher, a senior at the college. in North Carolina. higher education health care 2011 Grantmaking grants by program area

In 2011, The Duke New Grants by Program Areas Child Care Higher Education Health Care Rural Church Cross Program Funding Strategy The Duke Endowment’s grantmaking The Duke Endowment The Duke Endowment The Duke Endowment The Duke Endowment & Special Endowment approved Three broad funding strategies reflects its commitment to nurture works through works through works through works in collaboration Opportunity define how the Endowment applies children, promote health, educate accredited organiza- select colleges and hospitals and health with the North The Duke $129.8 million in its resources to improve lives and minds and enrich spirits. We work tions and other select universities to care providers to Carolina and Western Endowment’s Cross communities in the Carolinas through select North Carolina and nonprofit groups to advance the pursuit expand preventive North Carolina Program grants tap new grants, some of South Carolina organizations to: help children, who of educational and early intervention conferences of the the resources and Advancing Innovation are without the benefit excellence, make programs, to improve United Methodist expertise of two or of family support or education more the quality and safety Church and Duke which will be paid in Expand opportunities more of the Discovering and testing are at risk of losing affordable for of services and to Divinity School to help Endowment’s program promising approaches for vulnerable children future years. Nearly such support, reach qualified students, increase access rural churches serve areas. Special $10,271,884 (8%) developmental mile- and develop to care. their communities. Opportunity grants Improve access to stones and prepare for initiatives and are made to $112.7 million was Replicating Success quality health care successful transitions programs to benefit New Grants New Grants organizations to to adulthood. local communities. $47,537,778 $7,867,283 further the Implementing proven programs distributed through Endowment’s core and effective practices Increase exceptional higher New Grants New Grants Distributions in 2011* Distributions in 2011* program priorities. $24,440,625 (19%) education opportunities at: 286 grants, some of $9,648,034 $54,456,714 $31,661,657 $11,350,635 Davidson College New Grants which were approved Strengthening Organizations Duke University Distributions in 2011* Distributions in 2011* $10,270,600

$8,516,342 $43,512,714 Creating lasting resources Furman University in previous years. $95,067,900 (73%) Distributions in 2011* Johnson C. Smith University $17,648,165

Support rural United Methodist churches, their leaders and the communities they serve Please visit dukeendowment.org for more information about our * Distributions in 2011 include ongoing multi- grantees and their work, along year commitments with a full list of our grants. approved before 2011.

Total 2011 New Grants $129,780,409 HEALTH CARE HEALTH CARE HEALTH CARE rural church rural church rural church

Promoting Healthy Strengthening Rural Choices in Hospitals Churches and Congregations

Raw veggies, hummus and grilled-to-order In North Carolina, most United Methodist specialties. In South Carolina, that’s beginning congregations are found in rural areas, to be the new normal when it comes to where churches serve as the center of hospital dining. weekly worship and as a home for important Thanks to the Working Well campaign, outreach programs. With rural communities launched with a grant from The Duke facing multiple challenges, the role these Endowment, hospitals across the state are congregations play is greater than ever. taking a leading role in promoting healthy Since 2006, a collaborative effort between food choices, creating tobacco-free places The Duke Endowment, Duke Divinity School and providing access to physical activity. and North Carolina’s two United Methodist Technical assistance is coming from conferences has focused on supporting rural NC Prevention Partners, which coordinated churches. Called the Thriving Rural Com- a similar initiative for hospitals in North munities Initiative, the multi-layered program Carolina. Grants from the Endowment helps develop leaders for service, increase supported that effort, too, and now leaders are congregational strength and inspire innovation. sharing what they learned across the border. An ongoing evaluation shows that partic- The South Carolina campaign has had ipating churches are outperforming other a robust start. More than 50 facilities have United Methodist churches in North Carolina committed, and the impact is already evident. in six important categories, including worship “Working Well is proving to be a key attendance, number of baptisms, and number strategy in our efforts to improve population of children and youth in Sunday school. health in South Carolina,” says Jim Head, In 2011, Trustees of The Duke Endowment vice president for Policy and Education at approved sustaining – and enhancing – the the South Carolina Hospital Association. initiative. Using findings from the evaluation, “Not only will participating hospitals realize the effort will enter a “2.0” phase with funding cost savings and productivity gains from a for another five years. healthier workforce, but they will also model “This is the fruit of all the learning we have best practices for other businesses and done,” says the Rev. Jeremy Troxler, who heads organizations in their local community.” the Thriving Rural Communities Initiative at Duke Divinity School. “The initial ideas have been tested and purified, and have become more focused. In the next phase, an already strong program will move forward.”

Watch Video Watch Video At Baptist Easley Hospital in In rural North Carolina, the South Carolina, Jennifer Rogers congregation at Hayesville First United is living proof that Methodist Church believes in community Working Well works. outreach, even on Christmas Day. rural church FINANCIAL overview Sin ce 1925, ov e r $2.9 b illion ha s bee n d i st ri buted in gran ts .

Since James B. Duke’s death in 1925, Grants and Expenses Investments More than 84 percent of the Assets of The Duke Endowment are managed by DUMAC, Inc., a profes- Endowment’s total spending sionally-staffed investment organization governed by Duke University. the assets of The Duke Endowment have goes directly to grantmaking. During 2011, the investment return on the Endowment’s portfolio was This compares favorably to 4.5 percent. Investment performance benefited from increases in hedged achieved significant growth. The corpus foundations of similar size. strategies, private capital, real estate, natural resources, and fixed income. The figure below shows our Impacted by investment returns, grants, and expenses, the Endowment’s grantmaking in the context assets remained relatively flat from December 31, 2010 to December 31, 2011 has increased from $107 million to of other spending. This grant- at $2.7 billion. making volume depends on our For the 10-year period ending December 31, 2011, the Endowment’s $2.7 billion, a 25-fold increase. ability to invest assets wisely. investment portfolio, net of all fees, averaged returns of 6.6 percent per annum. These returns outperformed the policy benchmark by 1.3 percentage points and a 70 percent Russell 3000 Index/30 percent Barclays Capital Aggregate Bond Index benchmark by 2.2 percentage points annually over Total Investments the same period. (In Billions)

$3.5 Investment Returns

$3.0 20%

Grants Paid 10% $2.5 $112,689,513 (84%)

Investment Expenses $2.0 0% $6,262,795 (5%)

$1.5 Administrative Expenses - 10% $5,665,670 (4%)

$1.0 Program Expenses - 20% $5,343,406 (4%)

$0.5 - 30% Provision for Taxes 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 $3,760,037 (3%)

$0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Please visit dukeendowment.org to find additional financial information and our audited financial statements. trustees Mary Duke Biddle Trent Semans 1920-2012

“ My feeling is that we’re all here for each other. I take very seriously this business of treating your neighbor as yourself.” L. Neil Williams Jr.* Mary D. T. Jones Minor M. Shaw William G. Anlyan, M.D. William Barnet III Chairman Vice Chairman Vice Chairman Durham, North Carolina Spartanburg, South Carolina Atlanta, Georgia Abingdon, Virginia Greenville, South Carolina

Dennis M. Campbell, Ph.D. Ravenel B. Curry III Harris E. DeLoach Jr. Constance F. Gray Thomas S. Kenan III Woodberry Forest, Virginia New York, New York Hartsville, South Carolina Winston-Salem, North Carolina Chapel Hill, North Carolina Elected June 2012

Charles C. Lucas III Wilhelmina M. Russell M. Robinson II Jean G. Spaulding, M.D. Kenneth D. Weeks Jr., M.D. Charlotte, North Carolina Reuben-Cooke Charlotte, North Carolina Durham, North Carolina Charlotte, North Carolina Mary Semans, a Trustee of The Duke Endowment for 55 years, 1982-2001. She continued serving as Chair Emerita after 2001. Fairfax Station, Virginia died on January 25, 2012, in Durham, North Carolina. She was 91. Throughout her life, she supported education, children’s Mrs. Semans took her great aunt’s place on the Endowment services, health care and the arts, and her work shaped significant board in 1957 and served as our first female Chairman from programs and institutions across the Carolinas and the nation.

*Deceased August 26, 2012 staff using Gu i d ing Prin c p l es qr codes

This annual report ADMINISTRATION FINANCE INFORMATION TECHNOLOGY features QR codes, Eugene W. Cochrane Jr. Karen H. Rogers each of which links President Treasurer Matthew D. Sharp to a video that you Director Arthur E. Morehead IV Lily H. Zhang can watch on your General Counsel Controller mobile device. In November 2011, Trustees of The Duke Endowment approved Susan L. McConnell Anita W. West OFFICE SERVICES Director of Human Resources Accounting Manager the following set of principles to guide and shape our work. How it works: Terri W. Honeycutt Melinda O. Hardin Paula W. Greene Corporate Secretary Accounting Assistant Download a QR reader Office Services Coordinator Follow James B. Duke’s philanthropic intent, using the for your device. Open Carolyn M. Duff Natalie C. Wiggins Toni M. Roof discretion he gave us to address current circumstances Director of Payroll and Benefits Financial Accountant Receptionist the reader app and scan and emerging issues. Laura A. Peres Eric D. Stevens the code. Watch the video. Paralegal Administrative Assistant HEALTH CARE Heather R. Huskey Maintain a commitment to the Carolinas through grantmaking Fellow Mary L. Piepenbring that strengthens organizations, replicates successful programs, RURAL CHURCH Chantalle M. Carles Vice President and tests innovative approaches. Fellow Linwood B. Hollowell III Robert R. Webb III Associate Director Director Direct resources where they will produce the best results and hold CHILD CARE M. Tina Markanda Kristen R. Richardson-Frick Program Officer Program Officer ourselves and our grantees accountable for achieving them. Rhett N. Mabry Meka S. Sales Trena McClure Vice President Program Officer Senior Administrative Assistant Provide ethical leadership by seeking diverse opinions, fostering Phillip H. Redmond Jr. Ronda S. Dwyer new ideas and strategies, and taking appropriate risks. Associate Director Senior Administrative Assistant Tamika D. Williams Ashleigh J. Allessio Program Officer Senior Administrative Assistant Build effective relationships with grantees by listening with Marilyn H. MacKenzie Nancy L. Edwards respect and understanding, learning about their communities and Senior Administrative Assistant Administrative Assistant challenges, and working together to identify potential solutions.

COMMUNICATIONS HIGHER EDUCATION Create opportunities to share information about successes,

Charity L. Perkins Eugene W. Cochrane Jr. failures, and lessons learned. Director Director Jeri F. Krentz Susan L. McConnell Associate Director Associate Director

The illustrations EVALUATION INVESTMENTS for this year’s Annual Report William F. Bacon K. Todd Walker Director Managing Director were created by Davidson, North Carolina, Janet B. Haas artists David Wilgus Senior Administrative Assistant Diana Zilberdrut Senior Administrative Assistant and Mervil Paylor. 2011 FINANCIALS 2011

Table of Contents Financial summary 2 Report of Independent Certified Public Accountants 3 Financial Statements Statements of Financial Position 4 Statements of Activities 5 Statements of Cash Flows 6 Notes to Financial Statements 7 2011 FINANCIAL SUMMARY

Financial Summary

Since James B. Duke’s death in 1925, the assets of The Duke Endowment have achieved significant growth. The corpus has increased from $107 million to $2.7 billion, a 25-fold increase. During the same time, over $2.9 billion has been distributed in grants.

Investments Assets of The Duke Endowment are managed by DUMAC, LLC, a professionally-staffed investment organization governed by Duke University. During 2011, the investment return on the Endowment’s portfolio was 4.5 percent. Investment performance benefited from increases in hedged strategies, private capital, real estate, natural resources, and fixed income. Impacted by investment returns, grants, expenses and mark-to-market adjustments, the Endowment’s assets remained relatively flat from December 31, 2010 to December 31, 2011 at $2.7 billion. For the 10-year period ending December 31, 2011, the Endowment’s investment portfolio, net of all fees, averaged returns of 6.6 percent per annum. These returns outperformed the policy benchmark by 1.3 percentage points and a 70 percent Russell 3000 Index/30 percent Barclays Capital Aggregate Bond Index benchmark by 2.2 percentage points annually over the same period.

TOTAL INVESTMENTS (IN BILLIONS) INVESTMENT RETURNS

$3.5 20% 15% $3.0 10% $2.5 5% $2.0 0%

$1.5 -5% -10% $1.0 -15% $0.5 -20%

$0.0 -25% ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11

Grants and Expenses More than 84 percent of the Endowment’s total spending goes directly to grantmaking. This compares favorably to foundations of similar size. The figure below shows our grantmaking in the context of other spending. This grantmaking volume depends on our ability to invest assets wisely.

84.3% GRANTS PAID* $ 112,689,513 4.7% INVESTMENT EXPENSES $ 6,262,795 4.2% ADMINISTRATIVE EXPENSES $ 5,665,670 4.0% PROGRAM EXPENSES $ 5,343,406 2.8% PROVISION FOR TAXES $ 3,760,037

* AMOUNTS MAY DIFFER FROM THE 2011 GRANTS SUMMARY, WHICH REPORTS MULTIPLE-YEAR COMMITMENTS.

2 THE DUKE ENDOWMENT 2011 FINANCIAL SUMMARY

Report of Independent Certified Public Accountants

To the Trustees of The Duke Endowment: We have audited the accompanying statements of financial position of The Duke Endowment (the Endowment) as of December 31, 2011 and 2010, and the related statement of activities for the year ended December 31, 2011, and the related statements of cash flows for the years ended December 31, 2011 and 2010. These financial statements are the responsibility of the Endowment’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Endowment’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Duke Endowment as of December 31, 2011, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. We have previously audited, in accordance with auditing standards generally accepted in the United States of America, the statement of activities of The Duke Endowment for the year ending December 31, 2010 (not presented herein) and, in our report dated May 25, 2011, we expressed an unqualified opinion on those financial statements. In our opinion, the 2010 summarized financial information set forth in the accompanying statement of activities is fairly stated, in all material respects, in relation to the financial statements from which it has been derived. As explained in Notes 2 and 5, the financial statements include certain private equity investments valued at $590,486,524 and $507,943,143, or 22% and 19% of net assets, as of December 31,2011 and 2010, respectively. The fair values of such investments have been estimated by management in the absence of readily determinable fair market values. Management’s estimates are based on information provided by the fund managers or the general partners of the private equity investments.

Charlotte, North Carolina May 23, 2012

3 THE DUKE ENDOWMENT 2011 FINANCIAL SUMMARY

Statements of Financial Position

December 31, 2011 (With comparative amounts for December 31, 2010)

ASSETS 2011 2010

Cash and cash equivalents $ 16,666,949 $ 2,087,438 Securities transactions receivable 133,615,972 72,599,959 Investments, at fair market value (Note 5) 2,680,897,783 2,667,858,180 Land 4,176,068 — Other assets 2,548,398 1,834,720

Total assets $ 2,837,905,170 $ 2,744,380,297

Liabilities and Net Assets

Liabilities Grants payable 15,598,880 19,835,030 Securities transactions payable 133,590,469 355,812 Net deferred excise tax liability 3,437,824 3,535,424 Other liabilities 10,550,692 2,246,290

Total liabilities $ 163,177,865 $ 25,972,556 Net assets Unrestricted 2,600,023 3,037,825 Temporarily restricted 2,412,446,204 2,455,688,838 Permanently restricted 259,681,078 259,681,078

Total net assets $ 2,674,727,305 $ 2,718,407,741

Total liabilities and net assets $ 2,837,905,170 $ 2,744,380,297

See accompanying notes to financial statements.

4 THE DUKE ENDOWMENT 2011 FINANCIAL SUMMARY

Statements of Activities

For the Year Ended December 31, 2011 (With summarized amounts for the year ended December 31, 2010)

Temporarily permanently revenue unrestricted restricted restricted 2011 2010

Dividends and interest income $ 24,954,681 — — 24,954,681 18,780,398 Other Income 92,789 — — 92,789 22,974 Net realized gains on — 78,074,877 — 78,074,877 32,154,292 investment transactions (Decrease) increase in net unrealized appreciation on assets — (9,662,348) — (9,662,348) 337,411,334

Total revenue $ 25,047,470 $ 68,412,529 — $ 93,459,999 $ 388,368,998

Expenses

Administrative 5,665,670 — — 5,665,670 5,046,644 Program (Grantmaking) 5,343,406 — — 5,343,406 4,658,601 Investment 6,262,795 — — 6,262,795 6,016,365 Other Expenses 7,655,163 — — 7,655,163 — Provision for taxes 3,760,037 — — 3,760,037 1,552,323

Total expenses $ 28,687,071 — — $ 28,687,071 $ 17,273,933

Released from restrictions (Note 3) $ 111,655,163 ($111,655,163) — — —

Grants Approved

Education 40,790,714 — — 40,790,714 41,390,136 health Care 29,910,000 — — 29,910,000 29,529,996 Child Care 9,377,500 — — 9,377,500 10,174,086 Superannuated Preachers 2,008,613 — — 2,008,613 2,010,737 Building Rural Churches 1,420,000 — — 1,420,000 2,374,850 Operating Rural Churches 7,641,387 — — 7,641,387 6,683,413 Administrative Grants 580,150 — — 580,150 693,809 Special Opportunities 16,725,000 — — 16,725,000 5,359,962

Total grants approved $ 108,453,364 — — $ 108,453,364 $ 98,216,989

Change in net assets (437,802) (43,242,634) — (43,680,436) 272,878,076

Net assets at beginning of year 3,037,825 2,455,688,838 259,681,078 2,718,407,741 2,445,529,665

Net assets at end of year $ 2,600,023 $ 2,412,446,204 $ 259,681,078 $2,674,727,305 $ 2,718,407,741

See accompanying notes to financial statements.

5 THE DUKE ENDOWMENT 2011 FINANCIAL SUMMARY

Statements of Cash Flows

Year ended December 31, 2011 (With comparative amounts for the year ended December 31, 2010)

2011 2010

Cash flows from operating activities

Change in net assets $ (43,680,436) $ 272,878,076

Adjustments to reconcile change in net assets to net cash used in operating activities

Net realized gains on investment transactions (78,074,877) (32,154,292) Decrease (increase) in net unrealized appreciation on assets 9,662,348 (337,411,334) Increase in securities transactions receivable (61,016,013) (25,426,572) Increase in other assets (713,678) (77,394) Decrease in grants payable (4,236,150) (12,282,827) Increase (decrease) in securities transactions payable 133,234,657 (47,115) Increase in other liabilities 8,304,402 221,425

Net cash used in operating activities ($ 36,519,747) ($ 134,300,033)

Cash flows from investing activities

Proceeds from sales and maturities of investments 896,404,287 1,327,841,623 Disbursements for purchase of investments (841,128,961) (1,201,294,424) Disbursements for purchase of land (4,176,068)

Net cash provided by investing activities $ 51,099,258 $ 126,547,199

Net increase (decrease) in cash and cash equivalenTS 14,579,511 (7,752,834)

Cash and cash equivalents at beginning of year 2,087,438 9,840,272

Cash and cash equivalents at end of year $ 16,666,949 $ 2,087,438

Supplemental cash flow information

Cash paid during the year for taxes $ 3,760,037 $ 1,552,323

See accompanying notes to financial statements.

6 THE DUKE ENDOWMENT 2011 FINANCIAL SUMMARY

Notes to Financial Statements

(1) Summary of Significant Accounting Policies

(a) Organization The Duke Endowment (“the Endowment”) was established by James B. Duke by Indenture and Deed of Trust of Personalty, dated December 11, 1924, for specific charitable, educational and religious purposes. The Endowment is to have perpetual existence. Subsequently, additional amounts were contributed to the Endowment under Items VIII, X, and XI of the Will of James B. Duke and by gifts from members of Mr. Duke’s family. Additional amounts were also received from The Doris Duke Trust. The Endowment has been classified as a private foundation and, accordingly, is subject to federal excise taxes imposed on net investment income, including realized capital gains. The Endowment is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code.

(b) DUMAC, LLC On July 1, 2007 the Trustees of the Endowment entered into a formal agreement with Duke Management Company, an organization providing investment management services for the Duke University endowment assets, whereby Duke Management Company would perform investment management services on behalf of the Endowment. In connection with this agreement, Duke Management Company was reorganized into a new legal entity, DUMAC, LLC (“DUMAC”). Pursuant to the terms of the arrangement, the Endowment holds equity membership in this LLC proportionate to its share of the contributed assets. As of December 31, 2011 and 2010, this equity membership in DUMAC totaled $130,000, which was included in other assets in the accompanying statement of financial position. Pursuant to the terms of the arrangement, DUMAC is compensated by the Endowment for its investment management services at a rate proportionate to the Endowment’s share of DUMAC, LLC’s total assets in comparison to the total operating expenses of DUMAC, LLC, paid annually. For the years ending 2011 and 2010, the Endowment incurred investment management fees to DUMAC in the amount of $2,507,000 and $2,425,463, respectively. Such fees are included in investment expenses within the accompanying statement of activities.

(c) Method of Accounting The Endowment presents its financial statements primarily on an accrual basis in accordance with accounting principles generally accepted in the United States of America. Certain items are maintained on a cash basis, which is not materially different from the accrual basis of accounting. Costs of office furnishings and equipment are consistently charged to expense as the Endowment does not deem such amounts to be sufficiently material to warrant capitalization and depreciation. The Endowment leases certain office facilities and equipment. Such leases are accounted for as operating leases and costs are expensed as incurred.

(d) Basis of Presentation The Endowment is required by the Indenture to use the interest and dividends (Endowment Income) earned on investments for purposes defined in the Indenture, subject to the defined authority of the Trustees to withhold Endowment Income. More specifically, the Endowment is required by the Indenture to distribute to Duke University a certain amount of Endowment Income from the Original Corpus, Corpus Item VIII and Corpus Item XI, subject to a limited right to withhold by the Trustees of the Endowment. The Indenture provides for additional Trustee discretion with respect to the disbursement of Endowment Income to Endowment beneficiaries other than Duke University and also to Duke University out of accounts other than the three Corpus accounts listed above. In accordance with terms of the Indenture, which established the Endowment, realized gains and losses arising from investment transactions are considered part of Corpus. For purposes of presentation within the financial statements, all Corpus accounts are classified as either temporarily or permanently restricted net assets.

7 THE DUKE ENDOWMENT 2011 FINANCIAL SUMMARY

North Carolina and New Jersey have both enacted the Uniform Prudent Management of Institutional Funds Act (“UPMIFA”). This law provides, in part, additional flexibility by allowing an institution to prudently spend from its endowment fund without regard to the historical value of the Corpus of the fund. In response to UPMIFA, FASB issued Staff Position on Statement No. 117 (“FSP FAS 117-1”, codified as ASC 958-205), which provides guidance on classifying net assets associated with donor-restricted endowment funds subject to UPMIFA and improves disclosure requirements. Although not subject to UPMIFA, the Endowment elected to implement the additional requirements outlined in FSP FAS 117-1. As a result of this implementation, the Trustees determined that they would classify as permanently restricted net assets (a) the original value of Original Corpus, Corpus VIII and Corpus XI, plus (b) the original value of subsequent gifts to Corpus, less (c) distributions specified by the donor. The Trustees have determined that $259,681,078 be classified as permanently restricted net assets as of December 31, 2011 and 2010. All realized gains and losses arising from investment transactions will be reflected in the statement of activities as increases or decreases in temporarily restricted net assets until such time that the Trustees appropriate funds as described in Note 3. Net assets and revenues, expenses, gains and losses are classified based on the existence or absence of donor- imposed restrictions. Accordingly, the net assets of the Endowment and changes therein are classified and reported as follows: • Unrestricted Net Assets – These amounts are available for appropriation to the beneficiaries of the Endowment or for similar charitable purposes in accordance with terms of the Indenture. • Temporarily Restricted Net Assets – These principal funds are available for appropriation to the beneficiaries of the Endowment or for similar charitable purposes in accordance with terms of the Indenture or under circumstances described in Note 3. • Permanently Restricted Net Assets – Net assets subject to donor-imposed stipulations that they be maintained permanently by the Endowment. These funds are to be held in perpetuity and represent (a) the original value of Original Corpus, Corpus VIII and Corpus XI, plus (b) the original value of subsequent gifts to Corpus, less (c) distributions specified by the donor in the Indenture. Dividends and interest are reported as increases in unrestricted net assets. Realized and unrealized gains and losses are reported as increases or decreases in temporarily restricted net assets in accordance with donor- imposed restrictions. Expenses and grants approved are recorded as decreases in unrestricted net assets. The financial statements include certain prior-year summarized comparative financial information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation in conformity with accounting principles generally accepted in the United States of America. Accordingly, such information should be read in conjunction with the Endowment’s financial statements for the year ended December 31, 2010, from which the summarized information was derived.

(e) Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits and certain short-term interest bearing investments held with banks for beneficiary and expense purposes. The Endowment maintains cash on deposit and the balance, at times, may be in excess of federally insured limits.

(f) Securities Transactions Receivable Securities transactions receivable represents investment transactions that have been sold, but not settled. The Endowment recognizes investment transactions on a trade-date basis. Amounts are recognized in the statements of financial position at fair market value.

8 THE DUKE ENDOWMENT 2011 FINANCIAL SUMMARY

(g) Investments The Endowment accounts for investments under Accounting Standards Codification (ASC) 958, Not-for-Profit Entities, through which the Endowment has elected to record investments at estimated fair market value with gains and losses included in the statements of activities. Realized gains and losses are recognized when securities are sold based on the first-in, first-out method.

(h) Land Land owned by the Endowment is stated at cost at date of acquisition. Depreciation is not calculated on land.

(i) Grants Payable The Endowment records grants payable once the Board of Trustees approves the grant. Once approved, each grantee organization must sign a grant agreement which stipulates guidelines and related requirements. The grantee must meet the terms of the signed grant agreement before funds are distributed.

(j) Securities Transactions Payable Securities transactions payable represents investment transactions that have been purchased, but not settled. The Endowment recognizes investment transactions on a trade-date basis. Amounts are recognized in the statements of financial position at fair market value.

(k) Provision for Taxes The Endowment is exempt from federal income taxes on related income under Section 501(c)(3) of the Internal Revenue Code and is classified as a private foundation. Accordingly, the Endowment is subject to federal excise taxes imposed on net investment income, including realized gains. The annual federal excise tax, normally 2%, can be reduced to 1% of net investment income provided certain requirements are met. In 2011, management estimates that the Endowment will pay the 2% excise tax rate. In 2010, the Endowment was subject to the 2% excise tax rate. In addition, the Endowment may be required to pay unrelated business income tax incurred through certain private equity investments. This tax is not material to the financial statements as a whole. The Endowment records deferred excise taxes using the asset and liability method. Under this method, deferred excise taxes are determined based on temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates expected to be in effect when such amounts are realized or settled.

(l) Risks and Uncertainties A significant portion of the Endowment’s assets are held in various investment options. Investment securities, and other investments, including alternative investments in general, are exposed to various risks, such as interest rate risk, credit risk, liquidity risk, foreign currency risk and overall market volatility. Additionally, certain of the Endowment’s alternative investments contain redemption rights which may be restricted or eliminated by the underlying funds based on the provisions of the fund agreements. Alternative investment transactions are conducted primarily through secondary markets, and accordingly the risk exists that the secondary markets could experience fluctuations in liquidity and/or volume, which could impact the estimated fair value of these alternative investments. Due to the level of risk associated with certain investment securities, it is possible that changes in values of investment securities will occur and that such changes could materially affect the amounts reported in the financial statements. (m) Use of Estimates Management of the Endowment has made certain estimates and assumptions relating to the reporting of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in preparing these financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from these estimates.

9 THE DUKE ENDOWMENT 2011 FINANCIAL SUMMARY

(n) Recent Accounting Pronouncements In January 2010, the FASB issued Accounting Standards Update No. 2010-06, “Fair Value Measurements and Disclosures: Improving Disclosures about Fair Value Measurements” (ASU 2010-06). ASU 2010-06 requires separate disclosure for the amounts and reasons for significant transfers in and out of Level 1 and Level 2 fair value measurements. ASU 2010-06 also requires entities to present separately information about purchases, sales, issuances, and settlements. The ASU also clarifies existing disclosures for each class of assets and liabilities as well as the valuation techniques and inputs used to measure fair value for recurring and nonrecurring Level 2 or Level 3 fair value measurements. The effective date of the ASU is the first interim or annual reporting period beginning after December 15, 2009, except for the gross presentation of the Level 3 roll forward information, which is required for annual reporting periods beginning after December 15, 2010 and for interim reporting periods within those years. The Endowment adopted the presentation and disclosure requirements of ASU 2010-06 in 2010 (see Note 5). (2) Fair Value of Financial Instruments The estimated fair values of financial instruments have been determined by the Endowment as follows: Cash and cash equivalents, securities transactions receivable, and liabilities are carried at cost which approximates fair value because of the short maturity of these instruments. Investments are carried at estimated fair value, which is generally based on year-end published quotations, except as discussed below. Certain Endowment assets are held in various alternative investments, including limited partnerships that invest in the securities of companies, hedge funds and other investments that may not be immediately liquid and do not have a readily determinable fair value, that is, instruments not listed on national exchanges or over-the-counter markets. The partnerships’ general partners, who must follow the valuation guidelines stipulated in their respective limited partnership agreements, determine the fair value of such partnership investments. Given the inherent risks associated with this type of investment, there can be no guarantee that there will not be widely varying gains or losses on these limited partnership investments in future periods. For its alternative investments, the Endowment has utilized a practical expedient under generally accepted accounting principals, whereby the net asset value reported by the underlying alternative investment is concluded to represent the fair value. (3) Transfers from Corpus Under certain limited circumstances, the Trustees, at their discretion, as determined by court order, may be required to transfer restricted net assets to unrestricted net assets to the extent necessary to comply with the provisions set forth in Section 4942 of the Internal Revenue Code. The Trustees determined that transfers of principal funds in 2011 and 2010 in the amounts of $111,655,163 and $96,600,000, respectively, were required. In December 2009, the Indenture was further modified by court order to allow the Trustees to expend restricted net assets to the extent necessary in the judgment of the Trustees for the Endowment to make available to beneficiaries of the Endowment funds reasonably needed for purposes described in the Indenture, consistent with the fiduciary duty of the Trustees to preserve the Endowment in perpetuity. The modifications were not in effect until after the Trustees’ final meeting of the year and did not affect the financial statements of the Endowment for years ended prior to January 5, 2010. (4) Provision for Taxes and Deferred Excise Tax Liability During 2011 and 2010, the Endowment recorded a provision for current year estimated excise taxes in the amount of $3,760,037 and $1,552,323, respectively. This was allocated to the net change in unrestricted net assets. The decrease in deferred excise tax liability was $97,600 and was allocated to unrealized appreciation in temporarily restricted net assets for 2011. The Endowment’s net deferred excise tax liability was $3,437,824 and $3,535,424 at December 31, 2011 and 2010, respectively, which primarily relates to unrealized gains on investments.

10 THE DUKE ENDOWMENT 2011 FINANCIAL SUMMARY

(5) Investments Investments are composed of the following:

2011 COST 2011 market

Domestic equities $ 153,296,306 $ 213,087,442 International equities 406,562,242 430,499,724 Domestic fixed income 122,426,298 125,940,274 International fixed income 27,076,410 35,937,583 Private investments 533,461,600 590,486,524 Real assets 409,443,365 519,696,513 Hedged strategies 434,367,571 515,592,841 Short-term investments 251,431,838 251,408,382 Other (1,029,530) (1,751,500

$ 2,337,036,100 $ 2,680,897,783

2010 COST 2010 market

Domestic equities $ 167,869,603 $ 240,427,487 International equities 484,875,357 580,672,718 U.S. government securities 17,861,151 19,232,846 Domestic fixed income 63,365,581 66,789,791 International fixed income 37,504,752 48,586,447 Private investments 508,975,934 507,943,143 Real assets 391,997,230 480,104,093 Hedged strategies 461,355,802 544,382,431 Short-term investments 176,169,026 176,145,586 Other 4,361,724 3,573,638

$ 2,314,336,160 $ 2,667,858,180

11 THE DUKE ENDOWMENT 2011 FINANCIAL SUMMARY

Investment liquidity as of December 31, 2011, is summarized below and listed in the order based on redemption or sale period: unfunded rEdemption rEdemption fAir ValuE commitmenTS frequency notice Period (in days) (in days)

Short-term investments (a) $ 251,408,382 — daily 1 Domestic fixed income (c) 125,940,274 — 64% 1 to 30 1 to 30 19% 91 to 365 17% over 365 International fixed income (d) 35,937,583 — 1 to 30 days 16 Domestic equities (e) 213,087,442 405,000 55% 1 to 30 1 to 90 3% 31 to 90 8% 91 to 365 34% over 365 International equities (f) 430,499,724 32,000 30% 1 to 30 1 to 90 54% 31 to 90 14% 91 to 365 2% over 365 Hedged strategies (g) 515,592,841 2,650,000 14% 1 to 30 30 to 180 43% 31 to 90 12% 91 to 365 31% over 365 Private investments (h) 590,486,524 169,931,000 N/A N/A Real assets (i) 519,696,513 221,414,000 N/A N/A Other (1,751,500) — N/A N/A

Total INVESTMENTS $ 2,680,897,783 $ 394,432,000

Investment liquidity as of December 31, 2010, is summarized below and listed in the order based on redemption or sale period: unfunded rEdemption rEdemption fAir ValuE commitmenTS frequency notice Period (in days) (in days)

Short-term investments (a) $ 176,145,586 — daily 1 U.S. government securities (b) 19,232,846 — daily 1 Domestic fixed income (c) 66,789,791 — 64% 1 to 30 1 to 30 36% over 365 International fixed income (d) 48,586,447 — 1 to 30 days 16

Domestic equities (e) 240,427,487 — 47% 1 to 30 1 to 90 27% 31 to 90 8% 91 to 365 18% over 365 International equities (f) 580,672,718 2,527,000 32% 1 to 30 1 to 90 58% 31 to 90 10% over 365 Hedged strategies (g) 544,382,431 1,200,000 11% 1 to 30 30 to 180 40% 31 to 90 19% 91 to 365 30% over 365 Private investments (h) 507,943,143 185,793,000 N/A N/A Real assets (i) 480,104,093 237,401,000 N/A N/A Other 3,573,638 — N/A N/A

Total Investments $ 2,667,858,180 $ 426,921,000

12 THE DUKE ENDOWMENT 2011 FINANCIAL SUMMARY

(a) Includes short-term U.S. Treasury debt securities with maturities of less than one year, and other short-term, highly-liquid debt securities, as well as funds that invest in these types of investments. (b) Includes investments in U.S. Treasury and agency debt securities with maturities of more than one year and funds that invest in these types of investments. (c) Includes investments in non-government debt securities with maturities of more than one year. Investments consist primarily of credit-oriented securities including U.S. investment-grade and below investment-grade debt securities. Other investments include mortgage-backed securities, asset-backed securities, repurchase agreements, senior loans, and bank loans. This category also includes funds that invest in these types of investments. (d) Includes investments in funds that invest in non-U.S. government debt securities with maturities of more than one year. Management of the funds has the ability to shift investments from developed to emerging markets and from a net long position to a net short position. These funds generally have a high net long position. The fair values of the fund investments in this category have been estimated using the net asset value per share of the investments. (e) Includes investments in U.S. common stocks and funds that invest both long and short primarily in U.S. common stocks. The administration and management of the funds has the ability to shift investments from value to growth strategies, from small- to large- capitalization stocks, and from a net long position to a net short position. These funds generally have a high net long position. The fair values of the fund investments in this category have been estimated using the net asset value per share of the investments. (f) Includes investments in non-U.S. common stocks and funds that invest both long and short primarily in non-U.S. common stocks. The administration and management of the funds has the ability to shift investments from value to growth strategies, from small- to large- capitalization stocks, from developed to emerging markets, and from a net long position to a net short position. These funds generally have a high net long position. The fair values of the fund investments in this category have been estimated using the net asset value per share of the investments. (g) Includes investments in hedge funds and hedge fund funds-of-funds that invest both long and short in U.S. and non-U.S. common stocks, credit-oriented securities, government securities, private equity, real estate, and arbitrage investments. The administration and management of the funds has the ability to shift investments between strategies and from a net long position to a net short position. These funds generally have a low net long position. The fair values of the fund investments in this category have been estimated using the net asset value per share of the investments. (h) Includes illiquid investments in venture capital, growth equity, buyout, mezzanine, and distressed debt held directly, in separately managed accounts, or in commingled limited partnership funds. The fair value of these investments is calculated from the net asset value of the Endowment’s ownership interests in these funds. The nature of the investments in this category is such that distributions are received through liquidation of the underlying assets of the funds. It is estimated that the underlying assets of the funds will be liquidated over the next 4 to 8 years. (i) Includes illiquid investments in residential and commercial real estate assets, timber, oil and gas production, mining, energy, and related services businesses held directly, in separately managed accounts, or in commingled limited partnership funds. The fair value of these investments is calculated from the net asset value of the Endowment’s ownership interests in these funds. The nature of the investments in this category is such that distributions are received through liquidation of the underlying assets of the funds. It is estimated that the underlying assets of the funds will be liquidated over the next 5 to 12 years. The Endowment follows the revised accounting guidance pertaining to fair value measurements. In accordance with this guidance, the Endowment measures fair value at the price expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance prioritizes the assumptions that market participants would use in pricing the asset or liability (the “inputs”) into a three-tier fair value hierarchy. This fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and the lowest priority (Level 3) to unobservable inputs in which little or no market data exists, requiring enterprises to develop their own assumptions. Observable inputs that do not meet the criteria of Level 1, and include quoted prices for similar assets or liabilities in active markets or quoted prices for

13 THE DUKE ENDOWMENT 2011 FINANCIAL SUMMARY

identical assets and liabilities in markets that are not active, are categorized as Level 2. Level 3 inputs are those that reflect management’s estimates about the assumptions market participants would use in pricing the asset or liability, based on the best information available in the circumstances. Alternative investments are typically valued using Level 3 inputs, and such inputs include information provided by the managers of the underlying funds. At December 31, 2011, $1,719,154,388, or 64.1% of the Endowment’s total investments, are valued using Level 3 inputs. At December 31, 2010, $1,663,166,256, or 62.3% of the Endowment’s total investments, are valued using Level 3 inputs. These items consisted of alternative investments in private equity funds as well as other alternative investments. The schedule below presents the Endowment’s financial assets and financial liabilities that are recorded at fair value on a recurring basis, categorized by the level of inputs utilized in determining the fair value of each. As of December 31, 2011 and 2010, the Endowment had no material financial assets or financial liabilities that were measured at fair value on a non-recurring basis.

As of December 31, 2011: quoted Prices Significant in Active Other Significant mArkets for observable unobservable fAir ValuE identical ItemS inputs Inputs (Level 1) (Level 2) (Level 3)

Domestic equities $ 213,087,442 $ 114,194,716 $ 60,186,324 $ 38,706,402 International equities 430,499,724 46,563,425 244,715,472 139,220,827 Domestic fixed income 125,940,274 31,899,061 70,044,763 23,996,450 International fixed income 35,937,583 — 35,937,583 — Private investments 590,486,524 — — 590,486,524 Real assets 519,696,513 3,369,171 — 516,327,342 Hedged strategies 515,592,841 — 105,176,196 410,416,645 Short-term investments 251,408,382 — 251,408,184 198 Other (1,751,500) (829,140) (922,360) —

Total assets measured on a recurring basis $ 2,680,897,783 $ 195,197,233 $ 766,546,162 $ 1,719,154,388

As of December 31, 2010: quoted Prices Significant in Active Other Significant mArkets for observable unobservable fAir ValuE identical ItemS inputs Inputs (Level 1) (Level 2) (Level 3)

Domestic equities $ 240,427,487 $ 121,363,588 $ 68,100,231 $ 50,963,668 International equities 580,672,718 113,134,172 301,954,606 165,583,940 U.S. government securities 19,232,846 — 19,232,846 — Domestic fixed income 66,789,791 37,236,137 5,552,708 24,000,946 International fixed income 48,586,447 — 48,586,447 — Private investments 507,943,143 2,596,835 — 505,346,308 Real assets 480,104,093 2,017,317 — 478,086,776 Hedged strategies 544,382,431 — 105,197,813 439,184,618 Short-term investments 176,145,586 — 176,145,586 — Other 3,573,638 1,386,075 2,187,563 —

Total assets measured on a recurring basis $ 2,667,858,180 $ 277,734,124 $ 726,957,800 $ 1,663,166,256

The Endowment has included a summary of the investment valuation methodologies in Note 2. For the years ended 2011 and 2010, there had been no significant transfers in or out of Level 1 and Level 2 fair value measurements of the Endowment’s investment portfolio, aside from the transfers into/out of Level 3 assets as described.

14 THE DUKE ENDOWMENT 2011 FINANCIAL SUMMARY

The following table presents additional information about Level 3 assets measured at fair value. Both observable and unobservable inputs may be used to determine the fair value of positions that the Endowment has classified within the Level 3 category. As a result, the unrealized gains and losses for assets within the Level 3 category in the table below may include changes in fair value that were attributable to both observable and unobservable inputs.

Balance of Level 3 investments as of December 31, 2010 $ 1,663,166,256 Net realized gains 24,540,939 Increase in net unrealized appreciation 59,319,604 Purchases 208,449,722 Sales (262,719,143) Transfers to Level 3 from Level 1 or Level 2 due to liquidity 105,678,213 Transfers from Level 3 to Level 1 or Level 2 due to liquidity (79,281,203)

Balance of Level 3 investments as of December 31, 2011 $1,719,154,388

The following summarizes the relationship between cost and market value of investments:

2011 2010

Gross unrealized gain, net of deferred excise tax $ 486,232,186 $ 515,957,658 Gross unrealized loss (145,887,638) (165,950,762)

Excess of market over cost $ 340,344,548 $ 350,006,896 (Decrease) increase in net unrealized appreciation on assets (9,662,348) 337,411,334 Net realized gains from sale of investments 78,074,877 32,154,292

Total net gain $ 68,412,529 $ 369,565,626

Investment income 25,047,470 18,803,372

Total return $ 93,459,999 $ 388,368,998

The gross unrealized gains or losses include $79,311 losses and $20,300 gains relating to short-term investments at December 31, 2011 and 2010, respectively, which are recorded in cash and cash equivalents on the statements of financial position. As discussed in Note 4, a provision for deferred excise taxes of $3,437,824 and $3,535,424 was also allocated to gross unrealized gain in 2011 and 2010, respectively. At December 31, 2011 and 2010, Duke Energy Corporation common stock represented a concentration of approximately 2% and 1%, respectively, of the Endowment’s investments. From time to time the Endowment will participate in a securities lending program. The Endowment loans certain investment securities for short periods of time in exchange for collateral, consisting mainly of cash and U.S. Government securities, equal to at least 102% of the fair value of the investment securities on loan. As of December 31, 2011 and 2010, there were no investment securities on loan. As part of its investment strategy, the Endowment invests in certain derivative instruments, typically intended to economically hedge certain investment positions from fluctuations in market, rate, currency or other identified risks. Changes in the fair value of derivative instruments are recognized as unrealized gains or losses in the accompanying statements of activities. As of December 31, 2011 and 2010, the fair value of derivative investments totaled approximately $565,426 and $8,499,731 with notional amounts of approximately $561,671,052 and $520,337,397, respectively.

15 THE DUKE ENDOWMENT 2011 FINANCIAL SUMMARY

(6) Net Assets Temporarily restricted net assets consist of the following at December 31: 2011 2010

Duke University under Original Corpus, Corpus Item VIII and Corpus Item XI $ 503,931,931 $ 512,964,814 Other charitable purposes 1,908,514,273 1,942,724,024

Temporarily restricted net assets $ 2,412,446,204 $ 2,455,688,838

Permanently restricted net assets consist of the following at December 31: 2011 2010

Duke University under Original Corpus, Corpus Item VIII and Corpus Item XI $ 54,244,354 $ 54,244,354 Other charitable purposes 205,436,724 205,436,724

Permanently restricted net assets $ 259,681,078 $ 259,681,078

(7) Pension and Other Postretirement Plans The Endowment sponsors a noncontributory defined benefit pension plan covering all eligible employees, as defined under the plan. The benefits are based on years of service and the employee’s average final creditable compensation. Contributions of $660,000 and $300,000 were made to the plan during 2011 and 2010, respectively. The benefit obligation as of December 31, 2011 and 2010 was $14,451,288 and $11,790,925, respectively, and the net pension liability was $4,931,690 and $2,632,032, respectively, based on actuarial assumptions at December 31, 2011 and 2010. The Endowment also sponsors a defined contribution plan with the Endowment providing matching contributions equal to 100% of employee contributions up to 3% and 50% of employee contributions between 3% and 5%. All full-time employees are eligible after a three-month waiting period. Total Endowment contributions in 2011 and 2010 were $151,134 and $136,017, respectively. The Endowment provides certain health care and life insurance benefits to retired employees. The accumulated postretirement benefit obligation at the latest measurement date of December 31, 2010 was $2,723,473. At December 31, 2011, the Endowment determined that any additional liability for unfunded retirement benefits extended to retirees and to employees upon their retirement since the latest measurement date would not be material to its net assets.

(8) Subsequent Events The Endowment has evaluated its December 31, 2011 financial statements for subsequent events through May 23, 2012, the date the financial statements were available to be issued. The Endowment is not aware of any subsequent events which would require recognition or disclosure in the financial statements.

16 THE DUKE ENDOWMENT 100 North Tryon Street, Suite 3500 Charlotte, North Carolina 28202-4012 Telephone 704.376.0291 dukeendowment.org 2011 GRANTS 2011 GRANTS

Table of Contents OVERVIEW 2 Child Care 3 Health Care 6 Higher Education 9 Rural Church 11 Cross Program & Special opportunity 14 1 THE DUKE ENDOWMENT 2011 GRANTS

Overview

The Duke Endowment’s grantmaking reflects its commitment to nurture children, promote health, educate minds and enrich spirits. We work through select North Carolina and South Carolina organizations to:

• Expand opportunities for vulnerable children • Improve access to quality health care • Increase exceptional higher education opportunities at Davidson College, Duke University, Furman University and Johnson C. Smith University • Support rural United Methodist churches, their leaders and the communities they serve

In 2011, The Duke Endowment approved New Grants $ 129,780,409 $129.8 million in new grants, some Child Care $ 9,648,034 of which will be paid in future years. Health Care $ 47,537,778 Higher Education Nearly $112.7 million was distributed $ 54,456,714 Rural Church through 286 grants, some of which were $ 7,867,283 Cross Program & Special Opportunity approved in previous years. $ 10,270,600

funding strategies Three broad funding strategies define how the Endowment applies its resources to improve lives and communities in the Carolinas.

Advancing Innovation Replicating Success Strengthening Organizations Discovering and testing Implementing proven programs Creating lasting resources promising approaches and effective practices

8% 19% 73% $10,271,884 $24,440,625 $ 95,067,900

2 THE DUKE ENDOWMENT 2011 GRANTS Child Care

The Duke Endowment works through accredited organizations and other select nonprofit groups to help children, who are without the benefit of family support or are at risk of losing such support, reach developmental milestones and prepare for successful transitions to adulthood.

New Grants $9,648,034

Distributed in 2011 $8,516,342*

* Distributions in 2011 include ongoing multi-year commitments approved before 2011.

3 THE DUKE ENDOWMENT C H I L D C A R E HIGH E R EDUC A T ION

2011 GRANTS

North Carolina Replicating Success — Proven Programs

Burlington CrossRoads: Sexual Assault Advancing Innovation Response & Resource Center Chapel Hill university of North Carolina at Chapel Hill $130,000 To implement Parent-Child Interaction Therapy and Trauma-Focused Cognitive Behavioral $250,584 To evaluate the child component of the Mothers Therapy. Overcoming Violence through Education and Empowerment program. Durham Center for Child and Family Health Durham Center for Child and Family Policy $1,686,895 To sustain and expand Parent-Child Interaction Therapy across North Carolina and South $1,054,752 To effect a measurable reduction in child Carolina. abuse and neglect rates of young children and families in Durham. Nebo Southmountain Children and Family Services $1,094,835 To effect a measurable reduction in child $375,000 To expand Trauma-Focused Cognitive Behavioral abuse and neglect rates of young children and Therapy into five western North Carolina families in Durham. counties.

Duke University Health System Raleigh Prevent Child Abuse North Carolina $431,781 To support training and coaching for Together $157,400 To support infrastructure to implement Facing the Challenge, a foster care treatment Incredible Years and Strengthening Families program. in North Carolina.

ILR, Inc. $150,662 To design and conduct an evaluation of the Strengthening Organizations Catawba County pilot project for reforming the child welfare system. Asheville eliada Homes $325,000 To establish a post-secondary residential Hickory Catawba County Department vocational school and transitional living of Social Services program. $498,655 To develop and conduct a pilot project in Catawba County for reforming the child welfare Charlotte Council for Children’s Rights system. $600,000 To develop the capacity to plan, coordinate and advocate for children’s services and related Raleigh Benchmarks policy development. $80,000 To launch a regional pilot for strengthening public/private partnerships and enhancing the United Family Services quality and outcomes of out-of-home care. $33,750 To support a program for assessing allegations of child abuse and neglect. SAFEchild Inc. $109,000 To implement the Mothers Overcoming Violence Crossnore Crossnore School through Education and Empowerment program. $81,000 To expand development efforts.

Raleigh Prevent Child Abuse North Carolina Replicating Success — Effective Practices $200,000 To build public support for evidence-based family strengthening programs. Raleigh north Carolina Department of Juvenile Justice and Delinquency Prevention Shelby Children’s Homes of Cleveland County $380,000 To support North Carolina Reclaiming Futures, $50,000 To create a transitional living resource center a substance abuse and juvenile justice for youth aging out of child welfare services in recovery program. Cleveland County. Thomasville baptist Children’s Homes of North Carolina Statesville barium Springs Home for Children $50,000 To support the Mother/Child program. $200,000 To offset transitional costs associated with recent mergers and acquisitions. Winston-Salem Winston-Salem Foundation $594,793 To support the Forsyth County Youth in Transition initiative.

4 THE DUKE ENDOWMENT C H I L D C A R E HIGH E R EDUC A T ION

2011 GRANTS

south carolina Illinois

Strengthening Organizations Advancing Innovation Beaufort hope Haven of the Lowcountry Chicago Chapin Hall Center for Children $70,000 To support a program manager position. $45,000 To evaluate the Child Abuse and Neglect Columbia sC Campaign to Prevent Teen Pregnancy Initiative being conducted in Durham. $237,803 To hire a project manager to oversee a statewide effort to assess the impact and sustainability of adolescent pregnancy prevention programs. NEW YORK

Greenville miracle Hill Ministries Advancing Innovation $195,000 To expand the foster care program in the Ithaca Cornell University Upstate. $511,124 To implement and evaluate CARE, a North Charleston Carolina Youth Development Center research-based residential group care model. $55,000 To integrate a career services and independent living skills program into the residential program.

5 THE DUKE ENDOWMENT 2011 GRANTS HEALTH CARE

The Duke Endowment works through hospitals and health care providers to expand preventive and early intervention programs, to improve the quality and safety of services and to increase access to care.

New Grants $47,537,778

Distributed in 2011 $31,661,657*

* Distributions in 2011 include ongoing multi-year commitments approved before 2011.

6 THE DUKE ENDOWMENT H E A L T H C A R E R U RAL C H U R C H

2011 GRANTS

North Carolina $373,042 To support the North Carolina Center for Rural Health Innovation and Performance. Advancing Innovation Chapel Hill university of North Carolina at Chapel Hill Asheville mission Hospitals $815,089 To expand the North Carolina Area Health $2,615,491 To implement the patient-centered medical Education Center program supporting primary home model in western North Carolina. care practices. $850,000 To develop ‘health homes’ for patients with Raleigh foundation for Nursing Excellence severe mental illness. $1,370,000 To increase the number of Bachelor of Science in Nursing graduates in North Carolina. Durham duke University Health System $335,000 To educate and train primary care physicians.

Replicating Success — Effective Practices $9,000,000 To assist with neuroscience faculty recruitment. Charlotte Carolinas HealthCare Foundation $438,000 To support the implementation of a Fayetteville fayetteville Area Health community-wide childhood obesity prevention Education Foundation plan in Mecklenburg County. $337,727 To provide behavioral health continuing education for physician assistants and Durham duke University Health System nurse practitioners. $500,000 To implement a coordinated care program. Greensboro moses H. Cone Memorial Hospital Eden Morehead Memorial Hospital $457,701 To expand a community network of care for the $361,000 To expand a community network of care for the low-income, uninsured in Guilford County. low-income, uninsured in Rockingham County. Jefferson ashe Memorial Hospital Elizabeth City albemarle Hospital Foundation $373,038 To establish a community network of care for $355,000 To expand a community network of care for the the low-income uninsured in Ashe County. low-income, uninsured in Northeastern North Carolina. Morganton blue Ridge HealthCare System $1,200,000 To develop a new osteopathic postgraduate Fayetteville Cumberland County Hospital System residency program. $500,000 To establish a community network of care for the low-income, uninsured in Cumberland Morrisville north Carolina Institute of Medicine County. $600,000 To publish the North Carolina Medical Journal.

Hickory Catawba Valley Medical Center Raleigh north Carolina Department of $300,000 To develop PACE, a program for the elderly. Human Resources $300,000 To expand a medication assistance program Salisbury Rowan Regional Medical Center Foundation for the low-income, uninsured in North $100,000 To expand a free clinic serving the low-income, Carolina. uninsured in Rowan County. North Carolina Department of Health Winston-Salem north Carolina Association of Free Clinics and Human Services $850,000 To expand a statewide medication assistance $600,000 To implement ‘Just Culture,’ promoting patient program. safety in North Carolina state operated health care facilities.

Strengthening Organizations North Carolina Public Health Foundation $563,040 To implement Healthy North Carolina 2020 Asheville WNC Health Network $426,200 To expand WNC Data Link, a regional health Wilmington Coastal Carolinas Health Alliance information network in western North Carolina. $1,463,257 To implement a regional health information exchange network. Cary North Carolina Hospital Foundation $210,000 To implement the LEAN Management Program in eastern North Carolina.

$354,900 To support a web-based data collection program for hospitals.

7 THE DUKE ENDOWMENT H E A L T H C A R E R U RAL C H U R C H

2011 GRANTS

South Carolina Clinton laurens County Health Care System $250,000 To establish a rural health center. Replicating Success — Effective Practices Columbia health Sciences South Carolina Beaufort beaufort Memorial Hospital $11,250,000 To support the South Carolina Center for $500,000 To establish a community network of care for Healthcare Quality. the low-income, uninsured in Beaufort and Jasper counties. South Carolina Hospital Research & Education Foundation Columbia Palmetto Health $50,000 To support the Small & Rural Hospital $3,000,000 To develop a medical home model for disease Conference management and prevention. $300,000 To expand Welvista, a medication assistance program for low-income, uninsured patients. Georgetown georgetown Memorial Hospital $500,000 To establish a community network of care South Carolina Hospital for the low-income, uninsured in Georgetown Research Foundation County. $725,000 To establish a health policy institute. Greenville greenville Hospital System Fairfax allendale County Hospital $323,463 To expand the Memory Disorders Program. $98,500 To establish a summer enrichment program $350,000 To expand a perinatal program in South to enhance the diversity of Baccalaureate of Carolina. Science Nursing students.

$625,000 To establish a community network of care Lexington south Carolina Office of Rural Health for the low-income, uninsured in Greenville $500,000 To expand the Rural Health Revolving Loan County. Program.

Greenwood self Regional Healthcare Manning Clarendon Memorial Hospital $600,000 To assist with gene sequencing technology. $250,000 To establish a rural health center.

Seneca oconee Medical Center $625,000 To establish a community network of care for the low-income, uninsured in Oconee County NEW YORK and the greater Clemson area.

Strengthening Organizations

Replicating Success — Proven Programs New York national Organization on Disability Columbia sisters of Charity Providence Hospitals $50,000 To provide career placement for wounded $195,404 To establish a care transition program Army soldiers in North Carolina in the Army for seniors. Wounded Warriors Career program.

Strengthening Organizations

Charleston musC Foundation $496,926 To establish a telemedicine program to support primary care providers in underserved rural communities in South Carolina. $600,000 To expand a regional health information network.

South Carolina Area Health Education Consortium $600,000 To increase the number of minority students entering the health field in South Carolina.

8 THE DUKE ENDOWMENT 2011 GRANTS HIGHER EDUCATION

The Duke Endowment works through select colleges and universities to advance the pursuit of educational excellence, make education more affordable for qualified students, and develop initiatives and programs to benefit local communities

New Grants $54,456,714

Distributed in 2011 $43,512,714*

* Distributions in 2011 include ongoing multi-year commitments approved before 2011.

9 THE DUKE ENDOWMENT C H I L D C A R E HIGH E R EDUC A T ION

2011 GRANTS

North Carolina SOUTH Carolina

Strengthening Organizations Strengthening Organizations

Charlotte Johnson C. Smith University Greenville furman University $1,200,000 To provide unrestricted operating support. $1,400,000 To provide unrestricted operating support. $35,000,000 To support the university’s capital campaign. $2,000,000 To support the Furman Fine Arts Initiative.

Davidson davidson College $162,714 To support the president’s institutional priorities. $1,400,000 To provide unrestricted operating support.

Durham duke University $20,000 To support a long-term evaluation of DukeEngage. $174,000 To help DukeEngage launch a Freedom School site in South Carolina. $600,000 To support Duke University’s Office of Durham and Regional Affairs. $12,500,000 To provide unrestricted operating support.

10 THE DUKE ENDOWMENT 2011 GRANTS RURAL CHURCH

The Duke Endowment works in collaboration with the North Carolina and Western North Carolina conferences of the United Methodist Church and Duke Divinity School to help rural churches serve their communities.

New Grants $7,867,283

Distributed in 2011 $11,350,636*

* Distributions in 2011 include ongoing multi-year commitments approved before 2011.

11 THE DUKE ENDOWMENT H E A L T H C A R E R U RAL C H U R C H

2011 GRANTS

North Carolina Greenville greenville District, North Carolina Conference, United Methodist Church Advancing Innovation $50,000 To support Passion In Partnership, a leadership ministry program. Wilmington Wilmington District, North Carolina Conference, United Methodist Church Hayesville hinton Rural Life Center $60,000 To support the ‘Let’s Talk’ program, a prevention $30,000 To support affordable housing projects. intervention for adolescents. Mills River mills River United Methodist Church $55,000 To support a senior adult outreach ministry Replicating Success — Effective Practices program. Advance bethlehem United Methodist Church Mooresville morrow’s Chapel United Methodist Church $20,000 To support Carpenters for Christ, a program to $50,000 To support a summer enrichment program. help provide housing for low-income families.

Stanley hill’s Chapel United Methodist Church Aulander all God’s Children United Methodist Church $30,000 To support a food ministry program. $77,000 To support an after-school program

Trinity Hopewell United Methodist Church Bear Creek meroney United Methodist Church $18,000 To support an after-school program. $30,000 To support food ministry programs.

Wilkesboro north Wilkesboro District, Burlington burlington District, North Carolina Western North Carolina Conference, Conference, United Methodist Church United Methodist Church $30,000 To support ABIDE, a program to develop $25,000 To support a backpack program and leadership in the rural church. food pantry. Cashiers Cashiers United Methodist Church $65,000 To support Blue Ridge Clinic, a free dental Replicating Success — Proven Programs clinic. Murphy first United Methodist Church Catawba brown’s Chapel United Methodist Church $11,670 To expand a food pantry. $30,000 To support a summer enrichment academy.

Charlotte Western North Carolina Conference, Strengthening Organizations United Methodist Church $36,000 To support the Circles program, a poverty Albemarle friendship United Methodist Church initiative. $35,000 To support Bridge to Recovery, an addiction recovery program. $50,000 To provide DISCIPLE bible study training to targeted rural United Methodist churches. Blowing Rock faith Bridge United Methodist Church $150,000 To build a multipurpose building. Durham duke Divinity School $984,000 To provide scholarships for the 2011 Field Boonville boonville United Methodist Church Education Assistant Pastors and Student Pastors program. $25,000 To support a preschool program. $1,247,000 To provide scholarships for the 2011 Summer $150,000 To build a fellowship hall and classrooms. Field Education Assistant Pastors program. Charlotte Western North Carolina Conference, Durham District, North Carolina Conference, United Methodist Church United Methodist Church $1,191,329 To provide pensions to retired ministers, and $25,000 To provide clergy fellowships at the Davidson widows and dependent children of deceased Clergy Center. ministers.

Society of St. Andrew Crumpler nathan’s Creek United Methodist Church $30,000 To support the Farmers’ Market Initiative, a $45,000 To support a food ministry program. food ministry program. Cullowhee Cullowhee United Methodist Church Garner north Carolina Conference, $17,500 To build a new playground. United Methodist Church $20,000 To support a food pantry. $150,000 To support Philanthropy of Community, a leadership program for rural churches.

12 THE DUKE ENDOWMENT H E A L T H C A R E R U RAL C H U R C H

2011 GRANTS

Denver Webb’s Chapel United Methodist Church Lincolnton landers Chapel United Methodist Church $150,000 To build a Family Life center. $20,000 To renovate the sanctuary.

Durham duke Divinity School Maiden Ivey Memorial United Methodist Church $100,000 To support the Director of Field Education and $150,000 To renovate the fellowship hall. to provide training and counseling service to Field Education students. Morganton oak Hill United Methodist Church $250,000 To support rural United Methodists attending $150,000 To build a multi-purpose building. continuing education events at Duke University Divinity School. Mount Holly new Covenant United Methodist Church $40,000 To support a preschool program. Elizabethtown Windsor United Methodist Church $17,500 To support a food ministry program. Princeton Princeton United Methodist Church $25,000 To support a Deacon for two churches. $150,000 To build a sanctuary. Rowland Rockingham District Native American Garner north Carolina Conference, Cooperative Ministry United Methodist Church $40,000 To support Every Member In Ministry, a $80,000 To develop United Methodist student leaders leadership program for clergy. through the Farmworker Institute. $817,284 To provide pensions to retired ministers, and Sanford sanford District, North Carolina Conference, widows and dependent children of deceased United Methodist Church ministers. $50,000 To support a Hispanic/Latino ministry.

Grandy Currituck United Methodist Church Shallotte Camp United Methodist Church $25,000 To support Safe Haven, a child care program $150,000 To build a sanctuary and classrooms. for victims of domestic violence. Spruce Pine Pine Grove United Methodist Church Hayesville hinton Rural Life Center $20,000 To support a community garden. $25,000 To support rural churches with internet technology. Stanley hill’s Chapel United Methodist Church $50,000 To support rural churches with internet $15,000 To support Clergy School of the Spirit, a technology. leadership ministry.

Hurdle Mills Walnut Grove United Methodist Church White Oak live Oak United Methodist Church $20,000 To support local mission work in partnership $150,000 To build a fellowship hall. with Habitat for Humanity. Wilkesboro north Wilkesboro District, Western Iron Station Tucker’s Grove United Methodist Church North Carolina Conference, $35,000 To support an after-school program. United Methodist Church $25,000 To distribute food across the district. LaGrange garris Chapel United Methodist Church $150,000 To build an education building. Wilmington Wrightsboro United Methodist Church $25,000 To support a home repair program in Laurinburg Rockingham District, North Carolina southeastern North Carolina. Conference, United Methodist Church $50,000 To support Partners In Ministry, a program to Yadkinville Crossfire United Methodist Church assist families in poverty. $50,000 To support Protein for the Poor, a food ministry program. Lexington macedonia United Methodist Church $150,000 To build a fellowship hall.

Reeds United Methodist Church $125,000 To expand a food pantry.

Tyro United Methodist Church $25,000 To support a learning center by building a playground.

13 THE DUKE ENDOWMENT 2011 GRANTS CROSS PROGRAM & Special opportunity The Duke Endowment’s Cross Program grants tap the resources and expertise of two or more of the Endowment’s program areas. Special Opportunity grants are made to organizations to further the Endowment’s core program priorities.

New Grants $10,270,600

Distributed in 2011 $17,648,165*

* Distributions in 2011 include ongoing multi-year commitments approved before 2011.

14 THE DUKE ENDOWMENT CROSS PROGRAM & SPECIAL OPPORTUNITY

2011 GRANTS

North Carolina SOUTH Carolina

Advancing Innovation Replicating Success — Proven Programs

Durham MDC Columbia Children’s Trust Fund of South Carolina $2,000,000 To implement The Benefit Bank of North $4,000,000 To support Nurse-Family Partnership sites in Carolina, a web-based program for state and South Carolina. federal entitlement programs.

Replicating Success — Proven Programs Other

Greensboro Children’s Home Society of North Carolina Replicating Success — Proven Programs $1,500,000 To provide matching support for the Social Innovation Fund to expand the Family Finding Denver nurse-Family Partnership National program throughout North Carolina. Service Office $2,400,000 To support Nurse-Family Partnership sites in North Carolina.

Strengthening Organizations

Multiple multiple Regional and National AffinityG roups $370,600 To support philanthropic advocacy organizations and affinity groups.

15 THE DUKE ENDOWMENT 100 North Tryon Street, Suite 3500 Charlotte, North Carolina 28202-4012 Telephone 704.376.0291 dukeendowment.org