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The Community Foundation for Rockbridge, Bath and Alleghany has received an estate gift of more than $1.2 million from the Derrick Family Foundation.
The gift, arranged by his daughter Beth Wofford, has established the Derrick Family Foundation Fund, a permanent, donor-advised endowment within the Community Foundation.
“We are blessed to receive such an honorable estate. Buddy Derrick was a highly respected member of our community. The fund will be a catalyst for addressing community needs today, but also for investing in exciting opportunities for future generations,” said Buddy Bryan, Community Foundation board of directors chairman.
The Derrick Family Foundation (originally named the Homer Sr. and Mabel Derrick Foundation) was established in 1991 by Homer Derrick Sr. as a family charitable trust. He and his wife, Mabel, moved from their home state of South Carolina to Lexington in 1955, where they established the First National Bank of Lexington.
Homer Derrick Sr. enjoyed a long and successful career in banking and insurance, retiring in 1973. Toward the end of his life, he decided to create a charitable trust to allow contributions for scientific, educational, charitable or religious purposes. To that end, he established the Derrick Family Foundation, with a board of trustees consisting of his son, H. E. (Buddy) Derrick Jr., and three grandchildren: Beth D. Wofford, Betsy Calvo Anderson, and H. Rick Morris.
After Homer Derrick Sr.’s death in 1994, the board of trustees began the philanthropic tasks of managing the trust for both growth and giving, learning of opportunities for contributing, and seeing the impact that charitable giving can have on a community. Of the four board members, Buddy Derrick Jr. was the only resident of Lexington, and his lifelong passion for serving in his community made him a natural for carrying the Foundation forward in both growth and gifting.
Buddy Derrick was known as a successful businessman, but he was most admired for his community service to Lexington and Rockbridge County. He served as mayor of Lexington from 1988 to 2000. During his time in office, he helped establish Threshold, a program to acquire and rehabilitate houses for low- to moderate-income families. He was instrumental in the formation of the Virginia Horse Center and the consolidated Lexington/Rockbridge County High School. Among many other civic activities, he served as chairman of the board of Stonewall Jackson/ Carilion Rockbridge Community Hospital, and as president of the Lexington/Rockbridge Chamber of Commerce. He was awarded an honorary Doctor of Letters degree by Washington and Lee University for promoting cooperation between the city and W&L. He also played a critical role in the establishment of the Community Foundation in 2001.
Under Buddy Derrick’s guidance and leadership for almost three decades, the trust thrived, while also establishing multiple college scholarships, sustaining charities that care for the most fragile members of society, supporting the arts, contributing to free clinics for medical and mental health crises, and contributing to many civic and community organizations throughout the Southeast. Probably the greatest blessing to the Derrick board members was the ability to see the powerful impact that financial support over many years can have on those in need, said a spokesperson., After Buddy Derrick’s death in late 2022, his daughter and surviving trustee, Beth, began the search for an appropriate place for the trust’s funds. Her father’s love for, and commitment to the community was foremost in her mind. She wanted very much to honor what is now a third-generation family foundation that was created in Lexington, and has served the community over many years.
Beth Wofford researched every aspect of the Community Foundation, with its history of strong local support, efficient management, and expertise. She decided that a donor-advised fund, under the stewardship of the Community Foundation, met all of her criteria which included expert fund management, accountability, and local support of the community. The Community Foundation offers the Derrick Family Foundation a place in the legacy of giving that is at the heart of CFRBA, said Lori Turner, Community Foundation executive director.
Turner called the gift a reminder of how the Community Foundation has impacted generations of family members in our area.
“When you see generations of family giving to the community and choosing our foundation as the vehicle for that legacy, it’s quite an honor,” said Turner.
The fund is expected to award over $50,000 in grants annually to benefit causes important to the family within our community.
The Community Foundation holds over $8 million in endowed assets from over 80 funds, which were established by individuals, families, and businesses to support arts and culture, community betterment, education, health, and human services. Due to strong community support and growth, the Foundation has been able to grant a cumulative $3.4 million to nonprofit organizations, projects and programs. In 2022, its annual grants supported over 95 organizations totaling $380,000.
