Howard Hughes Medical Institute
In 1953, Hughes launched the Howard Hughes Medical Institute in Miami, Florida, and currently located in Chevy Chase, Maryland, formed with the express goal of basic biomedical research, including trying to understand, in Hughes' words, the "genesis of life itself." Hughes' first will, which he signed in 1925 at the age of 19, stipulated that a portion of his estate should be used to create a medical institute bearing his name. When a major battle with the IRS loomed ahead, Hughes gave all his stock in the Hughes Aircraft Company to the institute, thereby turning the aerospace and defense contractor into a for-profit entity of a fully tax-exempt charity. Hughes' internist, Dr. Verne Mason, who treated Hughes after his 1946 aircraft crash, was chairman of the institute's medical advisory committee. The Howard Hughes Medical Institute's new board of trustees sold Hughes Aircraft in 1985 to General Motors for US$5.2 billion, allowing the institute to grow dramatically.
The deal was the topic of a protracted legal battle between Hughes and the Internal Revenue Service, which Hughes ultimately won. After his death in 1976, many thought that the balance of Hughes' estate would go to the institute, although it was ultimately divided among his cousins and other heirs, given the lack of a will to the contrary. The HHMI was the 4th largest private organization as of 2007 and the largest devoted to biological and medical research, with an endowment of US$16.3 billion as of June 2007.
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Famous quotes containing the words howard, hughes, medical and/or institute:
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“Clean the spittoons.
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And the smoke in hotel lobbies,
And the slime in hotel spittoons:
Part of my life.”
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