What is The Norfolk Foundation?
The Norfolk Foundation is the largest grantmaker and scholarship provider in southeastern Virginia.

The Norfolk Foundation is a permanent charitable endowment established in 1950 to benefit residents of southeastern Virginia. With more than $200 million in assets, it is among the largest community foundations in the country. It is the oldest community foundation in Virginia and is classified as a public charity under provisions of the Internal Revenue Code.

The Foundation is made up of more than 180 component funds, each retaining the identity and purpose of the original donor. Individuals have created the great majority of these funds during their lifetime or through their estates. Other funds have come from private foundation transfers or from nonprofit organizations that serve the local community.

How do Foundation funds work?
All the Foundation's funds share certain common elements. The funds must be used exclusively for charitable purposes such as grants to nonprofits or scholarships for students. Unless a donor specifies otherwise, funds are combined for efficient investment. The funds are components of the Foundation, and provide maximum public charity tax advantages to donors. The funds share on a pro rata basis modest administrative expenses, which avoids the substantial costs of establishing and maintaining separate foundations.

Who governs the Foundation?
A nine-member Board of Directors governs the Foundation and approves all grant and scholarship distributions from funds. These members are chosen for their leadership, experience and knowledge of the community and its charitable needs. Current members are Joshua P. Darden Jr., chairman; Harry T. Lester, vice chairman; John O. "Dubby" Wynne, treasurer, Rev. Harold J. Cobb Jr., Paul O. Hirschbiel Jr., Mary Louis LeHew, Louis F. Ryan, Toy D. Savage Jr. and Jody M. Wagner.

How are Foundation funds invested?
The assets of the Foundation are held and invested by financial institutions or investment firms. The Board of Directors sets overall investment policy and monitors the performance of these funds. The Foundation's accounts are audited annually by an independent accounting firm and published in the Foundation's annual report.

How are gifts made to the Foundation?
Gifts or bequests to the Foundation may be made outright or through a variety of methods, including charitable remainder trusts and charitable lead trusts. The primary intention is to continue adding permanent funds to the Foundation through these means. Funds of $25,000 or more may carry the name of the donor or memorialize another person, if desired. The Foundation welcomes gifts of all sizes. Smaller gifts are added to The Community Fund, a general grantmaking fund, or can be placed in other existing Foundation funds. In either case, gifts are permanent and will grow with time unless the donor directs otherwise.
 

What types of funds can be established at the Foundation?
The Foundation offers a variety of simple, flexible and effective options for those who wish to help their community through philanthropy. Donors may establish any of four basic types of funds.

• Unrestricted funds give the Distribution Committee discretion as to use and provide maximum flexibility for the Foundation to meet changing needs in the community.
  

• Field of Interest funds allow donors to address specific areas of concern, such as the arts or family and child welfare, while allowing the Foundation to choose specific nonprofits to receive grants.
  

• Restricted funds are established by donors who give specific instructions on how funds are to be used. Restricted funds include designated funds that permit donors to target one or more nonprofit organizations, scholarship funds that provide resources for college scholarships or other educational opportunities, and organizational funds that are established by nonprofit organizations to generate funds for their own uses.
  

• Donor advised funds offer community investors the opportunity to remain involved with grantmaking. Donor advisors make suggestions to the Foundation's Distribution Committee on potential grants to be made from funds they established.

How does the Foundation benefit the community?
It provides grants for specific capital needs and projects for tax-exempt, nonprofit organizations in the local community and nearby areas of Virginia. The Foundation also awards scholarships from funds designated for that purpose. In 2007 the Foundation distributed more than $8 million for charitable purposes.
 

What is the vision of the Foundation?
The Foundation's vision is to be the premier provider of philanthropic services in southeastern Virginia offering:

• Charitable gift planning and grantmaking consultation to donors
  
• Financial and technical resources to nonprofit organizations
  
• Leadership in problem solving to the communities we serve