About the Foundations: Purpose and Organization

The purpose of the Foundations is to provide financial assistance, within the limits of their budgets and the discretion of their Trustees, to certain educational, cultural, scientific and religious institutions. Such aid is, by charter, granted to and expended by institutions and organizations which are tax-exempt under Section 501(c)(3) of the IRS Code, are not private foundations within the meaning of Section 509(a) of the 1969 Tax Reform Act, and are located within the United States and its possessions.

The Board of Trustees’ current practice is to award grants primarily in the areas of private higher education, secondary education, graduate theological education, health care and public television.

Today, two individual foundations comprise the Arthur Vining Davis Foundations, and are designated respectively as Foundations No. 2 and No. 3. Created by Mr. Davis' will to receive the major share of his estate, they began operations in 1965, awarding their first grants in 1967. Organized in 1952 during the lifetime of Mr. Arthur Vining Davis, Foundation No. 1 existed for 48 years before being merged with Foundation No. 2 in 2001.

Bank of New York Mellon serves as corporate Trustee for Foundation No. 2. SunTrust Banks, Inc. serve Foundation No. 3 in a similar fiduciary capacity. The Foundations' assets are invested in a broadly diversified portfolio consisting primarily of common stocks and bonds. No single company’s securities account for more than five percent of the combined total.

Operation

The two Foundations' assets are invested by the corporate Trustees and administered as separate legal entities. All funds are handled separately by the designated banks and subject to the various individual reporting requirements of federal and state laws.

For grantmaking purposes, however, the two Foundations function as a single philanthropic institution. The same individual Trustees serve without remuneration on both Foundations' Boards. The Board meets three times a year to consider grants, review investments, and assess programs and policies. The Foundations also share the cost of an administrative office located in Jacksonville, Florida. The plural form of the name, "The Arthur Vining Davis Foundations," is the preferred designation. Grant applicants should address proposals to the common office in Jacksonville. By following this procedure, earliest possible consideration of proposals is ensured.

Source of Grants and Cost of Administration

In general, grants are made regularly out of annual income, with minimal commitments into later years. Operating costs related to evaluation of proposals and the handling of grants are kept at modest levels commensurate with efficient administration.

Official Reports

Each Foundation prepares an individual U.S. Treasury Department form 990-PF (Return of Private Foundations). Copies may be requested from the Foundations' offices in Jacksonville and will be furnished upon receipt of prescribed copying and mailing charges.