June 8, 2008
Howard Hughes: Patron Of Science?
Medical Research Institute Is America's Second Largest Charity
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Howard Hughes' Lasting Gift
The late billionaire's money is being used to probe life's medical mysteries through the Howard Hughes Medical Institute, America's second largest charity. Lesley Stahl reports.
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Howard Hughes (CBS)
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Photo Essay
The Real Aviator
The life and career of pilot and industrialist Howard Hughes
Howard Hughes was once the richest man in the world-he was also one of the strangest, a complete recluse for the last 20 years of his life.
Hughes died more than a quarter-century ago, but, as correspondent Lesley Stahl first reported back in 2003, his vast fortune is still making a powerful impact on the world.
In suburban Washington, D.C., hidden behind trees so big and signs so small that even some neighbors don't know it's there, is the Howard Hughes Medical Institute - one of the richest and quietest charities ever created.
How large is the endowment? Tom Cech, the institute's president, says it's $11 billion, making the Hughes Institute the second-largest philanthropy in the country, behind Bill Gates' foundation.
The institute's mission: to unlock the secrets of life. Hughes funds hundreds of the best biologists and geneticists in America.
Some of its great discoveries include: the discovery of the genes responsible for cystic fibrosis; muscular dystrophy; a non-invasive test for colon cancer; a new drug that fights leukemia; breakthroughs in AIDS research; work that may lead to a cure for spinal cord injuries; and much more.
All of these discoveries were made by "Howard Hughes investigators." There are 303 in the U.S., and they're the cream of the scientific crop and include 12 Nobel Prize winners at the moment. Tom Cech won his own Nobel for his work on RNA.
How much does Howard Hughes spend a year funding all these projects? "It's about a million dollars per investigator per year. About $450 million a year," says Cech. "Who would have thought that the Howard Hughes fortune would end up supporting biomedical research?"
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Posted by NPR_OPOGANDA at 10:05 AM : Jun 09, 2008
University endowments are typically used for things such as buildings (infrastructure) and retention/recruitment packages for faculty, rather than yearly research costs. NIH isn''t going to pony up $100 million for a new biology building. The biomedical researchers are basically self-employed in a sense and are expected to compete for their research dollars at NIH (and other funding agencies) rather than expecting the universities to give it to them from their endowments. I think this is appropriate since all grant applications to NIH or NSF (for example) undergo rigorous peer-review, ensuring only the best proposals get funded (~10-15% these days). This wouldn''t happen if universities gave professors access to their endowments. So yes, Harvard is obscenely wealthy... but it also has a pretty good track record of accomplishment and is arguably the best university in the world.