In 1937 the Eli Lilly family donated millions of dollars in stock to fund a not-for-profit charitable organization. Such organizations are typically called ________.

Question

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The term used to describe a not-for-profit charitable organization that receives funds from a donation is an endowment. An annuity refers to a type of investment that provides a regular income stream, while a mutual fund is an investment vehicle that pools money from multiple investors to invest in various securities. A personal trust is a legal arrangement in which a trustee holds and manages assets for the benefit of one or more beneficiaries.

In 1937 the Eli Lilly Family Donated Millions of Dollars