Alfred I. duPont Testamentary Trust
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| Abbreviation | AIDTT |
|---|---|
| Motto | "A Mission without End" |
| Formation | April 28, 1935 |
| Type | Charitable foundation |
| Purpose | Pediatric health |
| Headquarters | Jacksonville, Florida, US |
| Location |
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| Coordinates | 30°19′12″N 81°40′25″W / 30.319935°N 81.673632°W |
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Region served
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Delaware, Florida, Pennsylvania & New Jersey |
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Chairman
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Hugh Durden |
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Main organ
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Board of Trustees |
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Budget
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3% of endowment value |
| Endowment | US$4.6 billion |
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Staff
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12 |
| Website | www |
The Alfred I. duPont Testamentary Trust is a non-profit organization created by philanthropist Alfred Irénée du Pont in 1935, devoted to supporting the trust's sole charitable beneficiary, the Nemours Foundation. As of December 31, 2008, the trust’s value was $3.25 billion. At the end of January 2009, it had improved to $4.6 billion, but was still down from $5.5 billion in 2007. The organization's official website states it oversees approximately $5 billion in assets.
The Alfred I. duPont Testamentary Trust was created as per Alfred I. du Pont's will after his death in 1935.
"It has been my firm conviction throughout life that it is the duty of everyone in the world to do what is within his power to alleviate human suffering. It is, therefore, natural that I should desire after having made provision for the immediate members of my family and others whom I have seen fit to remember, that the remaining portion of my estate be utilized for charitable needs." — Will of Alfred I. du Pont
At the time, du Pont's assets included seven Florida National Banks, significant landholdings in Northwest Florida, E. I du Pont de Nemours Company shares, and the Nemours and Epping Forest estates. The value of the assets was approximately $40 million (equivalent to approximately $1.72 billion in 2014). The duPont Trustees, specifically du Pont's brother-in-law Edward Ball, created the St. Joe Paper Company and began operating a paper mill in 1938. The trust had a 1939 value of $72.5 million.
Du Pont's will specifically requested funds be used to help disabled children. In 1940, funds from the trust were used to open the Alfred I. duPont Hospital for Children in duPont's hometown of Wilmington, Delaware.
A federal law was enacted in 1966 that barred non-profit organizations from owning both operating companies and banking institutions. Ed Ball fought the legislation for several years, even testifying before a congressional subcommittee, but in the end, he reluctantly sold the banks.
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Wikipedia