Mission Statement:

• Stimulate the establishment of endowments to serve the people of Virginia Beach now and in the future.
• Respond to changing, emerging community needs.
• Provide a vehicle and a service for donors with varied interests.
• Serve as a resource, broker, catalyst and leader in the community.

History:

The Virginia Beach Foundation, Inc., is a nonstock corporation under the provisions of Chapter 10 of Title 13.1 of the Code of Virginia of 1950, as amended.

The By-Laws of The Virginia Beach Foundation, Inc., establish a Board of Directors consisting of at least seven (7) and no more than seventy (70) persons who shall be U.S. citizens residing in or near or otherwise closely identified with the City of Virginia Beach. Members are elected on the basis of their knowledge of the educational, cultural, civic, moral, public and other charitable needs of the city's residents.

The Virginia Beach Foundation is a community foundation (IRS 501[c][3]), established in 1987 to increase charitable resources in Virginia Beach and the surrounding area. The Foundation accepts contributions from individuals, businesses, foundations and other nonprofit organizations. These funds are held in trust and pooled together for investment purposes. The income earned on these funds is distributed annually in the form of grants to nonprofit agencies enhancing the quality of life for area citizens. Any nonprofit serving the needs of Virginia Beach citizens, regardless of locale, may submit a grant proposal for consideration; however, emphasis is given to those projects locally operated and managed.

The Executive Committee consists of the officers of the Foundation (Chairman, Vice-Chair, First Vice-Chair, Treasurer and Secretary), the immediate past Chairman of the Board, the Chairman of the Distribution Committee, four (4) at-large Board members nominated by the Chairman and elected by the Board of Directors, and the Chairman of committees.

Standing Committee Chairmen (Investment, Professional Advisors, Projects, Marketing, Fund Developement, Nominating) are appointed by the Board Chair and hold a seat on the Executive Committee for the duration of their service as Committee Chairs.

The immediate past Chair and all past Chairs are ex-officio members of the Executive Committee.

The Board of Directors consists of sixty-nine (69) members, whereas the Executive Committee consists of fifteen (15) members.

The Board of Directors meets semi-annually (May and November) to conduct such business as may properly come before it. Special meetings of the Board may be called by the Chairman of the Board and shall be called by him upon the request of one-third of the Board members then in office. One-third of the members of the Board shall constitute a quorum.

The Executive Committee manages the Foundation. During intervals between the meetings of the Board, the Executive Committee exercises all of the powers of the Board in management of the Corporation. A majority of the members of the Executive Committee present at any meeting constitutes a quorum. All action of the Executive Committee is reported to the Board at its next scheduled meeting.

The Distribution Committee, an appointed body, directs the application of income and the assets of the Corporation in all cases in which the respective donors thereof may not specifically make provisions therefore.

The Investment Committee oversees the investment strategy of the investment managers. The Committee establishes investment guidelines, periodically reviews investment performance and may offer advice on investment instruments. The Committee normally meets quarterly and may meet at the call of the Chairman. Full disclosure is made to the Board at its next scheduled meeting.

Other committees--Marketing, Projects, Fund Development, and Nominating--meet as the need arises. Their reports are, likewise presented to the Executive Committee and the Board of Directors.

The Virginia Beach Foundation has a formalized Grant process, which requires the submission of a detailed proposal. Once the proposal is received, a professional staff member reviews the documents for completeness, after which two visits are made to the submitting body. One visitation is by appointment, and the second is an unannounced visit. The rationale being that on the scheduled visit all will be proper, whereas the subsequent visit may uncover previously unseen problem areas.

The Foundation staff member then prepares a proposal abstract (single page) which is attached to the document as received. This is forwarded to members of the Foundation's Distribution Committee for their assessment prior to the decision meeting. Committee members are strongly encouraged to visit the submitting organization. The Foundation Distribution Committee is composed of seven leading citizens of Virginia Beach: three are appointed by the Foundation Chairman, and one each by the City Council of Virginia Beach, the Virginia Beach Circuit Court, the U.S. District Court Eastern Division of Virginia and a representative of the Foundation's financial managers.

Abstract books are prepared and distributed to fund holders so that they may make recommendations for Distribution Committee decision. The accompanying cover letter provides specifics of the fund and a date for the response.

The Distribution Committee, normally meeting in April of each year, addresses each sub-mission, assesses community impact and, after considerable discussion, makes its decision on each submission. Particular attention has been and is paid to impoverished areas of Virginia Beach and programs impacting those areas.

Grants are awarded on a competitive basis without regard to category. The governing criterion is the community need.

Once an award is made, a staff member monitors the project. Recipients are required to submit a completed Project Report within 12 months of the award; extensions, in unusual situations, may be granted.