The Virginia Museum of Natural History’s board was told Nov. 15 that the museum foundation has received a multi-part historic gift that raised the foundation’s endowment into the multimillion-dollar range and will fund near-term projects, including a planned Young Explorer Center.

Presenter (S5), who gave the foundation update, said the gift arrived in three allotments that initially totalled about $4,500,000 and that the overall endowment figure discussed during the meeting was about $5,700,000. He described a spending approach that begins with a 5% annual allocation, transitioning to a three-year averaging policy intended "to insulate us from market fluctuations." The board was told trustees and foundation staff will work together to set priorities for the funds.

"Largest gift ever with the foundation," Presenter (S5) said during the meeting, describing the donation as transformative for the museum’s work.

The presenter identified four named funds within the endowment that will guide allocations: a general endowment fund, the Henning Memorial Fund supporting research in Virginia, the Richard Hoffman Fund, and a Key Point Self Fund for research and collections. Presenter (S5) also reported other pending estate gifts and an anonymous donor in the Williamsburg region; staff said they do not yet have full documentation for those items.

Staff and trustees emphasized that the 5% draw is a starting policy and that the trustees will review priorities annually. No formal vote or binding allocation was taken at the Nov. 15 session; trustees said they expect follow-up reporting and full gift paperwork before making final allocations.

The board’s discussion flagged the need for additional clarity on donor names and the legal paperwork that will accompany the endowment transfers; staff committed to circulate more detailed information to trustees in advance of the next meeting.