The Greater Kanawha Valley Foundation Team
BY JOE SEVERINO FOR THE CHARLESTON GAZETTE-MAIL
The Greater Kanawha Valley Foundation will soon have more money for its charity work after its funds are converted into a corporate format, the organization says.
The organization will give out $3.2 million in aid this year, but the foundation estimates it may have around $300,000 more to give to the community by next year.
This comes after the foundation filed a petition in Kanawha County Circuit Court to have existing trust funds converted into corporate funds, according to a statement from the foundation.
Trust funds attract more administrative fees from banks causing the total value of the funds given from the donors to the foundation to drop. Converting funds into corporate format allows the organization to retain more of a fund’s money, officials with the nonprofit said…
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