JACKSONVILLE, Florida – July 25, 2012 – J. Wayne and Delores Barr Weaver have converted the Weaver Family Foundation into a $23.7 million advised fund at The Community Foundation in Jacksonville.
The move relieves the Weavers of the responsibilities of managing a private foundation — from reviewing and processing grant requests to filing informational tax returns with the Internal Revenue Service — while allowing them to continue to enjoy their philanthropy.
“Wayne and I want to take this time in our lives to enjoy our family, relax and travel, not to worry about managing a private foundation,” Delores Weaver said. “We have complete confidence in The Community Foundation and its stewardship, and know that the staff will provide the services we need to continue our philanthropy in Jacksonville and beyond.”
To establish the advised fund, the Weavers contributed the assets of the Weaver Family Foundation to The Community Foundation. They will serve as advisors of the fund, to be called the Weaver Family Foundation Fund, and will recommend grants to be made from the fund based on their philanthropic interests. The fund will not accept unsolicited proposals.
Converting private foundations into funds at community foundations is a common practice, particularly among family foundations, many of which do not have paid staff to manage operations. As a private foundation, trustees are required to meet federal requirements for annual grantmaking, oversee the investment of the assets, file annual tax returns and a host of other tasks.
Once the assets are given to a community foundation, these requirements either disappear or become the responsibility of the community foundation. By creating an advised fund, the donors may continue to exercise their philanthropy by recommending grants from the fund to the organizations of their choice.
The Weaver Family Foundation has been an important player in Northeast Florida philanthropy. It typically awarded $1 million or more in grants a year, with almost all of the funds going to organizations based in Northeast Florida. The foundation was a strong supporter of programs benefitting girls and women, the senior population and many other worthy causes. The foundation also made major grants to United Way of Northeast Florida, Teach For America KIPP Jacksonville, and WJCT public television.
“We plan to stay involved in Jacksonville and continue our philanthropic goal to help make life better for those less fortunate,” Delores Weaver said. “We love this community and its people and look forward to continuing our support, but in a different way.”
The Community Foundation in Jacksonville works to stimulate philanthropy to build a better community. The Foundation helps donors invest their philanthropic gifts wisely, helps nonprofits serve the region effectively, and helps people come together to make the community a better place. As of December 31, 2011, the Foundation has assets of $164 million, manages 392 charitable funds and last year awarded 1,359 grants valued at $14.6 million.