Howard Hughes Medical Institute

The Howard Hughes Medical Institute (HHMI) is an American non-profit medical research organization based in Chevy Chase, Maryland. It was founded in 1953 by Howard Hughes, an American business magnate, investor, record-setting pilot, engineer, film director, and philanthropist, known during his lifetime as one of the most financially successful individuals in the world. It is one of the largest private funding organizations for biological and medical research in the United States. HHMI spends about $1 million per HHMI Investigator per year, which amounts to annual investment in biomedical research of about $825 million. The institute has an endowment of $22.6 billion, making it the second-wealthiest philanthropic organization in the United States and the second-best-endowed medical research foundation in the world. HHMI is the former owner of the Hughes Aircraft Company, an American aerospace firm that was divested to various firms over time. History The institute was formed with the goal of basic research including trying to understand, in Hughes's words, "the genesis of life itself." Despite its principles, in the early days it was generally viewed as a tax haven for Hughes's huge personal fortune. Hughes was HHMI's sole trustee and he transferred his stock of Hughes Aircraft to the institute, in effect turning the large defense contractor into a tax-exempt charity. For many years the Institute grappled with maintaining its non-profit status; the Internal Revenue Service challenged its "charitable" status which made it tax exempt. Partly in response to such claims, starting in the late 1950s it began funding 47 investigators doing research at eight different institutions; however, it remained a modest enterprise for several decades.