In 1989 West Texas leaders envisioned a public foundation that would sustain the valuable spirit of philanthropy in our local communities for years to come. With a charitable investment of $400,000, Permian Basin Area Foundation was established. Its mission: To partner with donors in creating permanent charitable funds to enrich the quality of life in West Texas communities.
The Foundation seeks to meet charitable needs in West Texas by providing a flexible vehicle for donors with varied philanthropic desires.
The charitable impact of the Foundation in the Permian Basin has been profound. Thanks to the prudent stewardship of donors’ gifts, Permian Basin Area Foundation has grown permanent assets to an estimated $175 million through December 31, 2017. Since its inception, the Foundation has returned nearly $100 million to West Texas communities through grants and scholarships.
Among the Foundation’s fiduciary responsibilities to donors, none is more important than the prudent investment of assets. The Foundation’s Investment Committee is comprised of astute financial managers, leaders from the Board of Governors and the business community-at-large. Included in the committee’s responsibilities are the important tasks of setting investment policy and overseeing the performance of the investment managers which are reviewed quarterly.
Copyright 2019 Permian Basin Area Foundation