Lilly Endowment Inc., headquartered in Indianapolis, Indiana, is one of the world's largest private philanthropic foundations and among the largest endowments in the United States. It was founded in 1937 by Josiah K. (J. K.) Lilly Sr. and his sons, Eli Jr. and Josiah Jr. (Joe), with an initial gift of Eli Lilly and Company stock valued at $280,000 USD ($4,616,759 in 2015 chained dollars). As of 2014 its total assets are worth $9.96 billion. J. K. Lilly Sr. initially served on the foundation's board and became its largest contributor. Over time he donated Eli Lilly and Company stock worth a total of $86.8 million to the foundation, including a $30 million bequest following his death in 1948. J. K's sons, Eli and Joe, contributed additional Eli Lilly and Company stock that had a combined value of $6.8 million. Eli also managed the foundation in its early years. The Lilly Endowment's first full-time staff members, Josiah K. Lilly III and G. Harold Duling, were hired in 1951. By the mid-1970s the foundation's staff had increased to seventy-five and it had moved to larger headquarters at 2801 North Meridian Street in Indianapolis. As required under the Tax Reform Act of 1969, the Lilly Endowment diversified its holdings, but its assets consist primarily of Eli Lilly and Company stock. In 1998 the Lilly Endowment became the wealthiest philanthropic endowment in the world in terms of assets (estimated value of $15.4 billion) and charitable giving. As of 2014 it remains among the top five in terms of total assets ($9.96 billion). The private family foundation is a separate entity from the Eli Lilly and Company pharmaceutical firm, and maintains its headquarters in a different location. With the exception of the Eli Lilly and Company stock that the foundation holds in its portfolio, the Lilly Endowment is not linked to the Lilly pharmaceutical company. The non-profit foundation has its own board of directors to manage its affairs and an executive committee (trustees) that reviews grant requests. The Lilly Endowment has historically focused on three primary grant areas: community development, education and Christianity. It is the largest private foundation in the United States that funds almost exclusively in its home city and state, and is one of few major foundations to fund religion.