ASHEVILLE, N.C. – The Asheville-based Janirve Foundation, which under the terms of its trust must spend all its assets and close by October 2012, is making a $10 million gift to the Community Foundation of Western North Carolina.
Since it was launched in 1984 by Janet and Irving Reuter, who had been president of Oldsmobile, the Janirve Foundation has distributed over $100 million to nonprofits in the region.
Its gift will create the Janirve Legacy Fund, which the community foundation will administer over 25 years.
While grant guidelines for the new fund have not been set, the goal is to “provide a flexible funding source so that critical nonprofits have a place to turn during times of crisis,” the community foundation says in a statement.
Elizabeth Brazas, president of the community foundation, says the leadership of the Janirve foundation, in creating the new fund, “have kept the best interest of the people of Western North Carolina at the heart of every decision made.”
Janirve plans to make grants through 2011 on a scale that reflects the level of assets after creation of the new fund.
The foundation will accept no applications after the fourth-quarter deadline in September 2011.
Created in 1978, the community foundation has assets of $160 million, manages 950 active funds and has awarded a total of more than $120 million in grants.
The wishes of the founders of the Janirve Foundation have been carried out by an advisory committee consisting of Asheville residents with the oversight of the trustee, Wachovia, A Wells Fargo Company.
Brazas says Janirve and the community foundation, whose growth and development Janirve has supported, “share a common goal of stronger and better-funded nonprofits to serve our region.”