A Buffett family foundation will devote $90 million to supporting girls of color

Warren Buffett does most of his philanthropic giving through the Bill & Melinda Gates Foundation — eradicating diseases and supporting communities in the developing world.

A new philanthropic endeavor from Buffett's son is bringing that giving closer to home. The NoVo Foundation, established by the Omaha billionaire as a charitable trust, will devote $90 million over the next seven years to support young women and girls of color in the United States.

Peter Buffett and his wife Jennifer Buffett, will distribute the $90 million through the NoVo Foundation. The foundation, which works on advancing adolescent girls' rights, ending violence against girls and women, helping local economies, supporting Indigenous communities, and researching social and emotional learning, first announced its $90 million commitment a year ago.

Since then, the nonprofit has talked to advocates and communities about how to ensure the funding is put to its best use. In practice, the money will go to community-based organizations, to communities in the Southeast, and to policy and research groups working on issues related to the lives of women and girls of color. The foundation expects to award about $13 million in its first year.

The influx of funding for initiatives in the Southeast could be a big deal, since the foundation chose the region after seeing it had often been ignored by philanthropy.

Community groups, local organizers, and advocates on the policy side can all apply for grants over the next few weeks.