Most of America’s 50 Richest Funds Pay Their Board Members

Paul Steiger

Paul Steiger, one of 14 trustees at the John S. and James L. Knight Foundation, was compensated $28,800.

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Paul Steiger, one of 14 trustees at the John S. and James L. Knight Foundation, was compensated $28,800.

When James Buchanan Duke signed his name to the document that would create the Duke Endowment in 1924, the tobacco and hydroelectric-power tycoon gave clear instructions that are still followed nearly 90 years later. The fund continues to have 15 trustees who meet 10 times a year, and its founding document is still read aloud on an annual basis.

And it also still follows Mr. Duke’s order to pay its board members.

Duke is hardly alone. A Chronicle analysis finds