IBJNews

Lilly Endowment takes stock of year with $270.3M in grants

Back to TopCommentsE-mailPrintBookmark and Share

Indianapolis-based Lilly Endowment Inc. paid grants of $270.3 million to charitable organizations in 2013, more than two-thirds of which were located in Indiana, according to its annual report released Friday.

The assets of the philanthropic organization grew to $7.7 billion at the end of 2013, from about $7.4 billion on Dec. 31, 2012. The endowment’s holdings are primarily comprised of shares of Eli Lilly and Co., whose value increased about 5 percent in 2013.

Founded in 1937 by the pharmaceutical company namesake’s son and grandsons, Lilly Endowment is one of the largest private foundations in the country. Over 76 years, it has distributed $8.2 billion to more 9,000 organizations.

In 2013, it paid out $270.3 million, the report said. Education grants accounted for $127.1 million (47 percent), religion grants accounted for $75.7 million (28 percent), and community development grants totaled $67.5 million (25 percent).

Organizations in Indiana received a total of $186.4 million (69 percent). Of those grants, about $50 million went to groups in Marion County.

In 2012, the endowment paid out $230 million in grants, including $72.6 million to Indianapolis entities and $79.9 million elsewhere in the state.

In 2013, the endowment also approved another $260.8 million in new grant funding. Of the newly approved grants, $117.1 million will go toward education groups, $75.7 million for religion, and $68 million for community development.

Worth $15.6 billion in 2000, the endowment lost value as Lilly shares swooned after the drugmaker lost patent protection for its blockbuster antidepressant Prozac.

In 2006, the endowment announced plans to diversify its holdings—and mitigate its risk—by selling Lilly stock. At the end of 2013, its “other” equity investments were worth $613 million, up from $476.5 million the previous year.

Late last month, Lilly Endowment sold 150,000 shares of Eli Lilly and Co. stock for about $8.8 million, resuming its asset diversification plan that was suspended when stock prices swooned in 2008.

The endowment lost 26 percent of its value in 2008, falling from $7.7 billion to $5.7 billion. It bottomed out at $5.3 billion (2009 and 2010) before posting gains along with the company.

Now the foundation is looking to cash in on the recovery, as officials contemplate selling as much as $500 million in stock in 2014, “with the amount subject to change as the year progresses,” according to a statement released on April 28.
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

  3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

  5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.

ADVERTISEMENT