- July 31, 2020
- Posted by: Stratford Team
- Category: Markets
Brown-Forman Corporation (NYSE:BFB) (NYSE:BFA) announced plans today to contribute $20 million to the Brown-Forman Foundation. The Brown-Forman Foundation was created in 2018 to serve the company’s strategic charitable mission and ongoing philanthropic endeavors. The Foundation’s efforts focus on arts and culture, education, social services, reduction of alcohol-related harm, and environmental sustainability. Its community investments will center on the company’s hometown, with a special emphasis in west Louisville.
The $20 million planned contribution follows an initial $70 million donation from the company that provided the principal funding for the creation of the Foundation. The Foundation anticipates using the investment results from the combined approximate $90 million corpus beginning this year and for years to follow.
In 2020, Brown-Forman Corporation and the Brown-Forman Foundation’s combined charitable contributions totaled $13 million. Investment recipients included the Republic Bank Foundation YMCA, Volunteers of America, Actors Theatre of Louisville, and Simmons College Kentucky. COVID-19 response donations elevated this year’s total and included contributions to the One Louisville COVID-19 Relief Fund, the Restaurant Workers’ Community Foundation COVID-19 Crisis Relief Fund, and the United States Bartenders’ Guild (USBG) Foundation Emergency Assistance Program.
“We have been a proud corporate citizen of our hometown for our entire 150-year history,” said Lawson Whiting, President and CEO, Brown-Forman Corporation. “This gift of $20 million to the Brown-Forman Foundation will help it generate investment dollars to be used to further education and community-building in an area that has experienced the effects of systemic racism for far too long. This important investment is part of our commitment to be better and do better as individuals, leaders, and teams in Louisville and our west Louisville home.”
For 150 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including the Jack Daniel’s Family of Brands, Finlandia, Korbel, el Jimador, Woodford Reserve, Old Forester, Coopers’ Craft, Herradura, New Mix, Sonoma-Cutrer, Chambord, BenRiach, GlenDronach, Slane, and Fords Gin. Brown-Forman’s brands are supported by approximately 4,800 employees and sold in more than 170 countries worldwide. For more information about the company, please visit https://www.brown-forman.com/.
Brown-Forman established the Brown-Forman Foundation in 2018 to serve the company’s strategic charitable mission and ongoing philanthropic endeavors. Based in Louisville, Kentucky, the Brown-Forman Foundation amplifies the company’s generous culture to deliver transformative community impact, with focus on enhancing arts and cultural living, ensuring essential living standards, and empowering responsible and sustainable living.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200730005707/en/