Eli Lilly (industrialist) - Legacy

Legacy

As a man of great wealth and numerous interests, Lilly devoted a great deal of time and money in support of organizations involved in history, archaeology, historic preservation, education, and religion in his home state of Indiana. In addition, Lilly took an active role and maintained close personal relationships with leaders in the organizations that he supported financially. While Lilly gave away millions during his lifetime, on his own or through the Lilly Endowment, the bulk of his wealth was distributed following his death in 1977. In addition to his financial contributions to the Lilly Endowment, Lilly was a longtime supporter of archeological research as well as the archaeological work at Angel Mounds in southern Indiana. Lilly also contributed to the establishment of the Glenn A. Black Laboratory at Indiana University in Bloomington, which was dedicated in 1971. In addition, Lilly was supportive of historic preservation efforts in Indiana and at Shakertown, Kentucky. Major benefactors of Lilly's generosity included Indiana University, who received Lilly's home on Sunset Lane in Indianapolis as well as his father's home next door.

Following his death, thirteen of Lilly's "most favored institutions" received 80 percent of his stock holdings in the pharmaceutical company. Butler University, the Children's Museum of Indianapolis, Christ Church, the Indianapolis Museum of Art, the Indiana Historical Society, Earlham College, the Philadelphia College of Pharmacy, and Wabash College each received 309,904 shares of Eli Lilly and Company stock worth an estimated $13.5 million at the time of his death. Five other institutions each received 123, 961 shares of pharmaceutical stock: Historic Landmarks Foundation of Indiana, Orchard School Foundation, Park-Tudor Foundation, Saint Pauls Episcopal Church, and Trinity Episcopal Church. In addition, eleven of Ruth Lilly's special interests received the remaining 20 percent of her husband's shares in Eli Lilly and Company stock: the American Committee for Keep, the Children's Museum of Indianapolis, Cooperative for Relief Everywhere, Day Nursery Association of Indianapolis, Episcopal Diocese of Indianapolis, Fellowship in Prayer, Save the Children Federation, the Washington Cathedral, and three schools in Georgia, Mississippi, and Kentucky.