Medtronic became a founding donor to the Smithsonian's National Museum of African American History and Culture when the company's philanthropic arm donated $2 million.
Here are five key notes:
1. Medtronic Philanthropy committed $2 million over five years to the Smithsonian National Museum of African American History and Culture.
2. This is the Smithsonian's 19th museum and scheduled to open next year. The building is currently under construction on the National Mall in Washington, D.C., adjacent to the Washington Monument.
3. Medtronic commits 1.5 percent of its global profits to philanthropic projects. Last year the company invested more than $80 million in charitable causes.
4. Former President George W. Bush signed legislation into law in 2003 that created the National Museum of African American History and Culture. The total cost of the project is $540 million with Congress covering half of the cost and the museum raising $270 million for the rest.
5. Medtronic has also recently participated in projects in Minnesota, where the company was formerly headquartered. Medtronic sponsored the Twin Cities marathon and purchased naming rights to a plaza near the stadium where the Minnesota Vikings play.
"The museum will surely be a great national institution and asset, one that will give us all better insight on how the dreams, relentless tenacity and contributions of American people of African descent have helped shape this great country, and thereby the world," said Jacob Gayle, MD, vice president of Medtronic Philanthropy.