A new philanthropic organization set up by Warren Buffett's son called the NoVo foundation will devote $90 million over seven years to support young women and girls of color in the United States. Most of Warren Buffett's philanthropy typically goes towards helping the Bill & Melinda Gates Foundation eliminate diseases and supporting the developing world.
Peter Buffett and his wife Jennifer will distribute the $90 million through their foundation. The foundation works to advance adolescent girls' rights, ending violence against them, helping local economies, supporting Indigenous communities, and researching social and emotional learning. They first announced their $90 million commitment last year.
The nonprofit has talked to advocates and communities about how to ensure the funding is put to its best use. In practice, the money will go to community-based organizations and communities in the southeastern US. The money will also go to the policy and research groups working on issues related to the lives of women and girls of colors. The foundation expects to award around $13 million in its first year.
The funding for initiatives in the southeastern region could help a area that is traditionally ignored by philanthropy. The various community groups, local organizers, and policy advocates will be able to apply for grants throughout the next few weeks.