Howard Hughes Medical Institute
In 1953, Hughes launched the Howard Hughes Medical Institute in Miami, Florida, and currently located in Chevy Chase, Maryland, formed with the express goal of basic biomedical research, including trying to understand, in Hughes' words, the "genesis of life itself." Hughes' first will, which he signed in 1925 at the age of 19, stipulated that a portion of his estate should be used to create a medical institute bearing his name. When a major battle with the IRS loomed ahead, Hughes gave all his stock in the Hughes Aircraft Company to the institute, thereby turning the aerospace and defense contractor into a for-profit entity of a fully tax-exempt charity. Hughes' internist, Dr. Verne Mason, who treated Hughes after his 1946 aircraft crash, was chairman of the institute's medical advisory committee. The Howard Hughes Medical Institute's new board of trustees sold Hughes Aircraft in 1985 to General Motors for US$5.2 billion, allowing the institute to grow dramatically.
The deal was the topic of a protracted legal battle between Hughes and the Internal Revenue Service, which Hughes ultimately won. After his death in 1976, many thought that the balance of Hughes' estate would go to the institute, although it was ultimately divided among his cousins and other heirs, given the lack of a will to the contrary. The HHMI was the 4th largest private organization as of 2007 and the largest devoted to biological and medical research, with an endowment of US$16.3 billion as of June 2007.
Read more about this topic: Howard Hughes
Famous quotes containing the words howard, hughes, medical and/or institute:
“He [Roosevelt] has made some speeches that indicate that he is going quite beyond anything that he advocated when he was in the White House, and has proposed a program which is absolutely impossible to carry out except by a revision of the Constitution.”
—William Howard Taft (1857–1930)
“Babe, you know how these things go, it’s like a crap game. When you’re hot you shoot everything, you shoot the works. Well, right now baby, I’m so hot I’m burning up all over.”
—Gus Van Sant, U.S. screenwriter, and Dan Yost. Bob Hughes (Matt Dillon)
“If science ever gets to the bottom of Voodoo in Haiti and Africa, it will be found that some important medical secrets, still unknown to medical science, give it its power, rather than the gestures of ceremony.”
—Zora Neale Hurston (1891–1960)
“Whenever any form of government shall become destructive of these ends, it is the right of the people to alter or to abolish it, & to institute new government, laying it’s foundation on such principles & organising it’s powers in such form, as to them shall seem most likely to effect their safety & happiness.”
—Thomas Jefferson (1743–1826)