Lilly was also known for his philanthropic activities and as founder of the Indianapolis-based Lilly Endowment Inc. along with his father J. K. Lilly Sr. and his brother J. K. Lilly Jr. In 1937 Lilly with his father and his brother, established the endowment with initial gifts of 17,500 shares of their personal stock in Eli Lilly and Company, valued at $280,000, and made additional financial gifts through 1971. In total, their combined gifts were 32 million shares of pharmaceutical stock, valued at $94 million, with several non-family members contributing additional shares of stock worth an estimated $1.1 million. Lilly served as the Lilly Endowment's secretary/treasurer from 1937 to 1966, as its president from 1966 to 1972, as chairman 1972 to 1975, and as honorary chairman from 1975 to 1977. As of December 31, 2011, the Lilly Endowment "held $6.2 billion in unrestricted assets" and "approved $208.7 million in new grants" to support "community development, education and religion."