The Community Foundation said the move frees the Weavers of responsibilities associated with the foundation, such as reviewing grants, and allows them more opportunities to enjoy their philanthropy.
The Weavers transferred the foundation’s assets to The Community Foundation and they will serve as advisers of the fund, which will be called the Weaver Family Foundation Fund.
In that capacity, they will recommend grants to be made from the fund based on their philanthropic interests.
The fund will not accept unsolicited proposals.
“Wayne and I want to take this time in our lives to enjoy our family, relax and travel, not to worry about a private foundation,” Delores Weaver said in the news release. “We have complete confidence in The Community Foundation and its stewardship, and know that the staff will provide the services we need to continue our philanthropy in Jacksonville and beyond.”
The Community Foundation is the oldest such foundation and benefits nonprofit organizations through charitable gifts and grants, according to its website.
It has $164 million in assets, manages 392 charitable funds and last year awarded 1,359 grants valued at $14.6 million, according to the release.
The Weavers’ transfer increases those assets.
The $23.7 million gift to The Community Foundation is the second single largest donation in its 28-year history.
Combined with a $21 million donation in June 2007, the Weavers are the largest donor ever to the organization.
The Weaver Family Foundation typically awarded $1 million in grants a year, with almost all the funds provided to Northeast Florida organizations, including those that benefit girls, women and seniors, among others.
“This gift really helps this foundation,” said Community Foundation President Nina Waters.
Former Jacksonville Jaguars owners Wayne and Delores Barr Weaver have converted their philanthropic Weaver Family Foundation into a $23.7 million advised fund at The Community Foundation in Jacksonville.