Skip to main content
Philanthropy Journal Home

Philanthropy Journal News

Golden Leaf on track – Assets to grow $100M

 | 

By Todd Cohen

ROCKY MOUNT, N.C. — North Carolina’s new Golden Leaf Foundation has named a chief financial officer and is developing its investment and grantmaking strategies.

Expected to get $2.3 billion over the next 25 years from the $206 billion settlement between 46 states and the tobacco industry, the foundation already has received $120 million and should get another $100 million this year.

The foundation announced $5.2 million in grants in December, and will announce another $8 million to $10 million in November, says Valeria Lee, the foundation’s president.

The foundation, which has set up its headquarters in Rocky Mount, has hired Joseph H. Gray Jr., former manager of finance in the fossil-generation department of Carolina Power & Light Co., as vice president for finance and operations.

The foundation soon will hire an investment consultant to help it choose financial firms to manage its assets.

Grants will be made in three priority areas — education, economic development and agriculture. In March, the board will review proposed guidelines for making grants within those areas.

Lee says she hopes to hire her first program officer by the end of March.

Leave a Response

Your email address will not be published. All fields are required.