DRF is incorporated as a non-stock Virginia corporation
DRF is endowed with $200 million from the Danville Regional Health System from the proceeds of the sale of the local hospital, Danville Regional Medical Center
$17M was earmarked for four initial grants as stipulated by the IRS under the terms of the sale.
(Caswell County Senior Center, Chatham Community Center, Danville Community College Health Sciences Building and the Institute for Advanced Learning & Research)
$183M was invested in a diversified portfolio
The Great Recession hits and by early 2009 the value of DRF's investment portfolio drops below $150M
2009 - 2013
Investment market conditions improve and by third quarter 2013, DRF's portfolio reaches the original grant amount of $200M
End of first quarter and DRF's investment portfolio is valued at $232M
DRF's sole revenue is our investment earnings. In order to maintain our endowment, we must earn enough from our investment to cover our spending.
DRF is classified as a private non-operating foundation and we're required to spend 5% of our assets either on grants and other eligible expenses, such as program and administrative costs.
Initial Endowment $200M
2006 - First Quarter 2018
Investment Earnings $150M
Paid Grants ($ 89M)
Other Expenses ($ 29M)
Value of Endowment at 3/31/18 $232M
Capacity Building $15,286,731
Economic Development $19,621,244
*(Committed means signed but not fully paid out)