The Greater Kanawha Valley Foundation is charitable community trust organized in 1962 to accept contributions, create and administer funds, and make grants for the benefit of the people of the Greater Kanawha Valley. The Foundation is a collection of many separate Funds varying in size from ten thousand dollars to more than fifty million dollars. At the end of 2015, there were more than 500 Funds. Each Fund is separate with its own agreement, its own donors, and its own philanthropic purposes. The Greater Kanawha Valley Foundation was designated a public foundation under the Tax Reform Act of 1969 and enjoys many tax advantages not granted to private foundations.
The Foundation, through its trustee banks and managers, invests the principal of each Fund for the continued production of distributable income. It distributes that income, and under certain circumstances, a portion of the principal itself, in accordance with the provisions of the instrument that created the Fund. Each Fund’s income is distributed in the form of grants to a wide variety of organizations and individuals. The areas in which the Foundation makes these grants include arts & culture, education, health, basic needs, land use, recreation, or other charitable areas of interest.
Responsibility for policy and direction is vested in a volunteer Board of Trustees, some of whom are appointed by civic and public organizations and some of whom are elected by the Board of Trustees. Six trustee banks, eight investment managers, and an investment advisory company facilitate the investments of the Foundation and carry out the duties assigned to them by the Board of Trustees.
The Greater Kanawha Valley Foundation has been serving this community for more than 50 years. The Foundation holds agency endowment funds that benefit local nonprofits with annual income distributions while preserving a long term funding source for the agencies. Some of the benefits of establishing an agency endowment with The Greater Kanawha Valley Foundation include:
- Oversight by a Board of respected local citizens
- Elimination of agency board liability for assets
- Reduced administrative burden and cost
- Low-cost diversified professional money management
- Protection of principal from future agency Boards
- Greater local visibility through inclusion in Foundation reports
- Agency Board serves as advisor for distributions from Fund