Valley Rock Foundation Issues Statement Regarding Settlement with California Attorney General's Office

OAKLAND, Calif., Feb. 3, 2025 /PRNewswire/ -- Counsel for the Valley Rock Foundation of Napa Valley issued a statement today in response to the January 23, 2025, announcement by the California Attorney General's Office of a mutual settlement resolution.

"The Foundation's settlement ends a costly and wasteful AG inquiry that ultimately did not result in any charges or court action," said Jeff Tsai of DLA Piper LLP, counsel for the Valley Rock Foundation. "During the inquiry, we established that the Foundation and its directors Robert White and Celeste White fully and faithfully carried out their fiduciary duties."

"The concerns animating the AG's Office's inquiry were shown to lack substance," Tsai explained. "For example, the real-property improvements referenced by the Attorney General actually resulted in the Foundation saving thousands of dollars in rent expenses, as determined by an independent auditor."

Tsai also addressed the Attorney General's Office's press-release contention that the Foundation's IRS filings lacked transparency: "The Attorney General's Office's implication that the Foundation did not comply with its IRS Form 990-PF obligation is false. All expenses, including those related to the Foundation's investment entity Veritas Refuge, were properly disclosed on all required tax-filing forms."

The Foundation's counsel, Tsai, detailed the Foundation's next steps following the resolution with the Attorney General's Office: "This settlement allows the Foundation, as well as Robert White and Celeste White, to fulfill the charity's principal operating objective: donation of all assets to charitable causes and subsequent sunsetting of the Foundation within the lifetime of director Celeste White. The Foundation is pleased that the President of Westmont College is joining the Foundation board. The charitable work of the Foundation is nearly complete, and the Foundation is proud of what it has accomplished for numerous communities across California."

Contact
Jeff Tsai
DLA PiperLLP
[emailprotected]
415-615-6055
Or
Sam Singer
Singer Associates Public Relations San Francisco

SOURCE DLA Piper LLP