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In page The Duke Endowment:
"The Endowment was established by a trust indenture that specifies how the funds were to be used. First, $6 million was to be used to either found a Duke University or to enhance Trinity College, located at Durham, North Carolina, if that school changed its name to Duke University within three months. The remaining funds were to be invested (primarily in Duke Power Company) stock. Of the income generated annually by these funds, 20% were to be reinvested, each trustee was to receive 0.2%, and the rest was to be paid out in the following allocation:
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