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St. Jude Children's Research Hospital, founded in 1962, is a pediatric treatment and research facility focused on children's catastrophic diseases, particularly leukemia and other cancers. The hospital costs about $2.4 million a day to run, and there is no cost to the patient to be treated. It is located in Memphis, Tennessee, and is a nonprofit medical corporation designated as a 501(c)(3) tax-exempt organization by the Internal Revenue Service.