INDIANAPOLIS (AP) - Lilly Endowment saw its assets drop almost 13 percent last year with a decline in the stock value of its Indianapolis-based namesake drugmaker.
The endowment says its total assets dropped from about $11.8 billion to $10.3 billion during 2016. The Indianapolis Business Journal reports (https://bit.ly/2rwXM0N ) about two-thirds of the group’s nearly $453 million in 2016 grants went to Indiana-based organizations.
The drop in the endowment’s assets comes after more than doubling the $5.3 billion it had at the end of 2010.
Lilly Endowment is one of the largest grant-making foundations in the United States and concentrates its giving to community development, education and religious causes. It was founded in 1937 with Eli Lilly and Co. stock from three Lilly family members and is a separate entity from the company.
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Information from: Indianapolis Business Journal, https://www.ibj.com
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