It sure is. Hughes launched the HHMI in 1953, possibly as a tax-shelter for the monies from his aviation businesses. Upon his death in 1976, the remainder of his estate was given over the the institute - thus by 2004, HHMI was worth 12 billion. HHMI is the largest private foundation solely based on biomedical research.
This is actually a very interesting story (HH is full of em). The Air Force was pissed at him that he was acting so erratic, and they were concerned it would affect all the contracts they had with Hughes Aircraft. They gave him 90 days to give up control of the company. Well, he stuck it to them by putting controlling interest in his company to the medical Institute trust (I believe was already extant, but in a very limited capacity. He had it start doing more research with the IRS started calling B.S. on his use of it as a tax sheter), with him as the sole trustee.
Since he left no will, the courts appointed trustees of estate to manage the trust. It sold off Hughes Aircraft in the mid 80's, leaving them with butt loads of cash. Then someone had the idea of using the money to fund HH scholars.
I'm interseted in applying to the program, but I was wondering what parts of the application do they consider to be the most important?
I assume grades and rec letters are among them, any suggestions on how to best prepare an application for submission? Would board scores be looked at? When I'll be applying to do the fellowship between my 3rd and 4th year.