Valley Rock Foundation's Statement on Settlement
The Valley Rock Foundation has issued a statement following the announcement of a settlement with the California Attorney General's Office. This development marks the end of a lengthy inquiry that, according to the Foundation, resulted in no charges or court actions. The Foundation expressed relief at this resolution, allowing them to focus on their charitable objectives.
Details of the Settlement
Counsel for the Valley Rock Foundation, Jeff Tsai from DLA Piper LLP, stated that the inquiry led by the Attorney General's Office was costly and ultimately unfounded. The investigation revealed that the Foundation and its directors, Robert White and Celeste White, had adhered to their fiduciary responsibilities. Tsai specifically mentioned that concerns raised during the inquiry about the Foundation's financial practices lacked merit.
Clarifications on Financial Practices
Tsai further clarified claims made by the Attorney General's Office regarding the Foundation's IRS filings. He emphasized that the implications of non-compliance were entirely baseless. The Foundation has consistently fulfilled all obligations related to its IRS Form 990-PF, ensuring complete transparency about all expenses, including those associated with its investment entity, Veritas Refuge.
Future Plans for the Foundation
Looking ahead, the Valley Rock Foundation aims to advance its mission of donating all assets to charitable causes. With the resolution of this inquiry, the Foundation plans to sunset operations within the lifetime of director Celeste White. The addition of the President of Westmont College to the Foundation's board signifies a commitment to enhance its charitable efforts, reinforcing the Foundation's dedication to serving communities throughout the state.
About the Valley Rock Foundation
The Valley Rock Foundation has been instrumental in supporting various charitable initiatives, having garnered recognition for its contributions to communities across California. As it moves forward post-settlement, the Foundation is prepared to channel its remaining resources into impactful charitable work, striving to make a lasting difference.
Contact Information
For further inquiries, interested parties can reach out to Jeff Tsai at DLA Piper LLP. Alternatively, Sam Singer of Singer Associates Public Relations is also available for media-related questions.
Frequently Asked Questions
What led to the settlement with the California Attorney General's Office?
The settlement was reached after an inquiry that did not result in any charges or legal actions against the Valley Rock Foundation.
Who is involved in the Valley Rock Foundation's management?
Key directors of the Foundation include Robert White and Celeste White, who are responsible for its fiduciary duties.
What are the future plans for the Valley Rock Foundation?
The Foundation intends to donate its remaining assets to charitable causes and plans to sunset operations soon.
How does the Foundation ensure transparency in its operations?
The Valley Rock Foundation complies with all IRS requirements and has consistently disclosed all financial activities in its tax filings.
Who can be contacted for media inquiries regarding the Foundation?
Media representatives can contact Jeff Tsai at DLA Piper LLP or Sam Singer of Singer Associates Public Relations for assistance.
