Ties between the Stowers Institute for Medical Research and American Century Investments may seem old hat to Kansas City. But the unique tale still finds new audiences.
For example, Barron’s highlights the story in this weekend’s edition.
It recounts how American Century founder James E. Stowers Jr. and his wife, Virginia, both cancer survivors, gave their ownership of the mutual fund company to the institute. Barron’s dives a little deeper to point out a quirk in the tax code that made their choice even more beneficial.
What has followed is more than $1 billion in dividends and a $2 billion endowment that have allowed all the work the Stowers Institute does.
It’s a successful marriage of a non-profit and a for-profit operation.
“Also cool: The institute is picking up promising research shelved by less well-endowed organizations,” Barron’s said.
To reach Mark Davis, call 816-234-4372. Follow him on Facebook and Twitter @mdkcstar