The NoVo Foundation, led by Peter Buffett and known for its generous support of Hudson Valley nonprofits, is about to gain a remarkable $144 million contribution from his father, Warren Buffett. The senior Buffett, recognized as one of the most accomplished investors globally, has declared his intention to gift 300,000 Class B shares of Berkshire Hathaway Inc. to the foundation.
As of November 25, the trading value of Berkshire Hathaway’s Class B shares was approximately $482.18 each. In the previous year, the NoVo Foundation allocated over $195 million to numerous nonprofits across the nation, with upwards of $46 million directed toward organizations within the Hudson Valley. The foundation’s donations to local groups encompassed significant funding for various areas, including education, the arts, healthcare, and community development.
Buffett enhances NoVo’s philanthropic initiatives
Among the prominent contributions were $2 million to Bardavon 1896 Opera House Inc., $1,075,000 to Bard College, $5,692,500 to Radio Kingston, $2 million earmarked for the Kingston Library capital project, and $1 million donated to the Wild Earth Wilderness School. Additionally, the foundation supported a variety of community programs, including the Kingston Emergency Food Collaborative, the Hudson Valley Farm Fresh Food Initiative, and the Kingston City Land Bank.
Prior to immersing himself in philanthropy and moving to Ulster County, Peter Buffett led a “typical” life in Omaha as a composer and musician. With the new influx of funds from his father, the NoVo Foundation, under Peter Buffett’s stewardship, is poised to remain a transformative influence in philanthropy and community support throughout the Hudson Valley and beyond. This significant gift from Warren Buffett to his son’s foundation highlights the family’s dedication to community engagement and bolstering causes that positively affect individuals’ lives.
As the NoVo Foundation progresses in its mission, the Hudson Valley can look forward to even greater investments in local nonprofits and projects aimed at enhancing residents’ quality of life.
