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October 08, 2015

$20-Million Bequest Creates Charity Fund at Va. Foundation

A retired tobacco executive has left $20 million to the Community Foundation Serving Richmond and Central Virginia to establish a fund supporting a host of community groups and initiatives in the region, writes the Richmond Times-Dispatch.

James M. Frye, who died in April at age 84, retired in 1988 as director of government relations for Philip Morris (now the Altria Group) and subsequently grew his fortune through savvy investments. Darcy Oman, who recently stepped down as the foundation's chief executive officer, said Mr. Frye had been quietly giving for years to groups that will now benefit from the bequest.

About two-thirds of the money will go into restricted endowments to provide ongoing help to more than 30 eligible organizations. Two million dollars will fund direct grants to selected nonprofits and $4.5 million will go into an unrestricted grant fund.