The NoVo Foundation is set to receive more than $200 million in Berkshire Hathaway stock to fund operations this year. But because of recent declines in the stock market, the annual gift from Berkshire Hathaway CEO Warren Buffett, father of NoVo co-founder Peter Buffett, will be less than in years past.

NoVo was founded in 2006 by Peter Buffett and wife Jennifer. Since 2014, the foundation has invested heavily in the Hudson Valley and particularly in the City of Kingston. The foundation’s mission is premised on the idea that climate change and other catastrophic events will lead to widespread disruptions in the global economy and supply chain that can best be endured by communities with strong, self-sustaining local institutions. NoVo funding has flowed into existing local institutions like the YMCA and United Way, as well as a constellation of institutions and initiatives founded by and largely or wholly supported by the foundation like the Hudson Valley Farm Hub and Radio Kingston. The foundation also supports cultural organizations including the O+ Festival and social justice initiatives like Rise Up Kingston.

The foundation has also directed funding towards local government. In Kingston, the foundation has paid for a coordinator for the city’s Health and Wellness programs, the development of the city's recently adopted Arts and Culture Master Plan, and a consultant for a new 10-year plan to address climate change and reduce the city’s carbon footprint. Ulster County government meanwhile has received millions in NoVo funds for initiatives including an experimental Universal Basic Income program and a diversion program for juveniles in the criminal justice system. A 2021 magazine article estimated that NoVo has invested between $160 and $250 million in the Hudson valley since 2014.

NoVo is funded through regular infusions of Berkshire Hathaway stock, tying the foundation’s fortunes to those of the stock market. The most recent gift came this week when Buffett transferred 770,218 Berkshire Hathaway “B” shares to the foundation. The infusion which as of Monday, had a cash value of $213,735,495 was part of a package of charitable contributions of Berkshire Hathaway stock with a cash value of $3.2 billion. Other recipients include the Bill and Melinda Gates foundation and charitable foundations headed by Buffett heirs Susan Thompson Buffett and Howard G. Buffett. In a statement to Kingston Wire on Wednesday, foundation officials said that the gift was routine in accordance with Warren Buffett’s longstanding commitment to NoVo and not linked to this week’s descent into a bear market.

“The annual gift of Berkshire Hathaway stocks received yesterday is part of the pledge made by Warren Buffett in 2006 and was expected to be made this month,” the statement reads. “Based upon the value of the stocks today, the gift is less than last year. The amount fluctuates with the stock market. For example, the value of the stock is less now than it was this morning.”