In 1951, and established the Nicholas Noyes Jr. Memorial Foundation in honor of their eldest son, who died in 1939 at age 27 in a fire while asleep in the boathouse of the family summer home in Les Cheneaux, Michigan. He had worked in sales at .
The Nicholas Noyes Jr. Memorial Foundation assists nonprofit organizations with a focus on culture, education, health and human services, civic and community service, and religion. The foundation primarily supports the organization in Indiana, with an emphasis on Marion County. It may fund other areas of interest that were of special importance to the founders.
Nicholas Noyes Sr. was the first comptroller and a member of the board of directors of Eli Lilly and Company from 1913 to 1976. Noyes served the community as campaign chairman of the and vice chairman of the board of governors of the .
Noyes family members continue to govern the foundation. As of 2019, the foundation assets were approximately $57 million.
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