Peter Buffett’s NoVo Foundation, a prolific funder of Hudson Valley nonprofits, is set to receive a $144 million windfall from his father, Warren Buffett. The elder Buffett, one of the world’s most successful investors, announced he will donate 300,000 Class B shares of his Berkshire Hathaway Inc. to the foundation.
As of November 25, Berkshire Hathaway’s Class B shares were trading at around $482.18 each. In 2022, the NoVo Foundation distributed over $195 million to various nonprofits across the country, with more than $46 million going to organizations in the Hudson Valley. The foundation’s contributions to local entities included substantial funding amounts to a wide range of causes, such as education, the arts, health care, and community development.
Buffett boosts NoVo’s charitable efforts
Some of the notable donations included $2 million to the Bardavon 1896 Opera House Inc., $1,075,000 to Bard College, $5,692,500 to Radio Kingston, $2 million to the Kingston Library capital project, and $1 million to the Wild Earth Wilderness School. The foundation also provided support to various community initiatives, such as the Kingston Emergency Food Collaborative, the Hudson Valley Farm Fresh Food Initiative, and the Kingston City Land Bank.
Before becoming deeply involved in philanthropy and relocating to Ulster County, Peter Buffett lived a “normal” life in Omaha and was known for his work as a composer and musician. With the new infusion of funds from his father, Peter Buffett’s foundation will continue to be a transformative force for philanthropy and community support in the Hudson Valley and beyond. The substantial donation from Warren Buffett to his son’s foundation is a testament to the family’s commitment to giving back to the community and supporting causes that make a positive impact on people’s lives.
As the NoVo Foundation continues its work, the Hudson Valley region can expect to see even more significant investments in local nonprofits and initiatives that aim to improve the quality of life for residents.
