Valley Rock Foundation Sees Closure After Settlement with California Attorney General's Office
On February 3, 2025, the Valley Rock Foundation, based in Napa Valley, released an official statement concerning its recent mutual settlement with the California Attorney General's Office, following an extensive investigation that spanned several months. The inquiry was prompted by allegations that questioned the Foundation's financial practices and transparency.
According to Jeff Tsai, the Foundation's counsel from the law firm DLA Piper LLP, this settlement marks the conclusion of a potentially costly investigation that ultimately yielded no charges or substantive findings against the Foundation. "The Foundation, along with its directors, Robert White and Celeste White, can confirm that we diligently adhered to our fiduciary duties throughout this inquiry," Tsai stated, emphasizing the integrity of their operations.
Tsai provided additional context regarding the motivations behind the Attorney General's inquiry, stating that the concerns raised were unfounded. He cited specific instances where the Foundation's investments led to significant cost savings. According to an independent audit, the real estate improvements referenced by the Attorney General actually allowed the Foundation to save thousands in rental expenses.
Furthermore, the Foundation responded to claims made in a press release by the Attorney General's office that suggested a lack of transparency in its IRS Form 990-PF filings. Tsai dispelled these assertions by confirming that the Foundation had fully complied with all reporting requirements, disclosing all expenses related to its operations and investment activities.
Following the resolution, Tsai outlined the Foundation's future plans. With the settlement reached, the Valley Rock Foundation has set its sights on fulfilling its primary objective: to donate all remaining assets to charitable causes. This is particularly significant as director Celeste White intends for the Foundation to sunset within her lifetime. In an exciting development for the organization, the President of Westmont College is set to join the Foundation's Board, poised to help guide its remaining charitable efforts.
The Valley Rock Foundation expressed pride in its accomplishments, highlighting its impactful contributions to numerous communities across California. With the inquiry resolved, and a clear path forward now established, the Foundation is optimistic about continuing its mission to support charitable endeavors, demonstrating resilience and commitment to its core values.
As this chapter closes, the Valley Rock Foundation looks forward to focusing on its charitable goals and enhancing its contributions to the community, underscoring the nobility of its purpose and the importance of ethical governance in the nonprofit sector.
According to Jeff Tsai, the Foundation's counsel from the law firm DLA Piper LLP, this settlement marks the conclusion of a potentially costly investigation that ultimately yielded no charges or substantive findings against the Foundation. "The Foundation, along with its directors, Robert White and Celeste White, can confirm that we diligently adhered to our fiduciary duties throughout this inquiry," Tsai stated, emphasizing the integrity of their operations.
Tsai provided additional context regarding the motivations behind the Attorney General's inquiry, stating that the concerns raised were unfounded. He cited specific instances where the Foundation's investments led to significant cost savings. According to an independent audit, the real estate improvements referenced by the Attorney General actually allowed the Foundation to save thousands in rental expenses.
Furthermore, the Foundation responded to claims made in a press release by the Attorney General's office that suggested a lack of transparency in its IRS Form 990-PF filings. Tsai dispelled these assertions by confirming that the Foundation had fully complied with all reporting requirements, disclosing all expenses related to its operations and investment activities.
Following the resolution, Tsai outlined the Foundation's future plans. With the settlement reached, the Valley Rock Foundation has set its sights on fulfilling its primary objective: to donate all remaining assets to charitable causes. This is particularly significant as director Celeste White intends for the Foundation to sunset within her lifetime. In an exciting development for the organization, the President of Westmont College is set to join the Foundation's Board, poised to help guide its remaining charitable efforts.
The Valley Rock Foundation expressed pride in its accomplishments, highlighting its impactful contributions to numerous communities across California. With the inquiry resolved, and a clear path forward now established, the Foundation is optimistic about continuing its mission to support charitable endeavors, demonstrating resilience and commitment to its core values.
As this chapter closes, the Valley Rock Foundation looks forward to focusing on its charitable goals and enhancing its contributions to the community, underscoring the nobility of its purpose and the importance of ethical governance in the nonprofit sector.
Topics General Business）
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