Harvest Foundation

The foundation was capitalized in 2002 from the sale of Memorial Health System of South Bend, Indiana, to a for-profit entity. The proceeds endowed the foundation to serve Martinsville and Henry County, Virginia, the former hospital's historical service area. This health-conversion structure is a common but finite wealth origin — the assets represent a one-time liquidation, not an ongoing operating business.

No. In 2023, the board adopted a Long-Term Transformation plan that commits to spending down roughly one-third of the foundation's assets — approximately $100M — over a two-year cycle. This limits the effective lifespan of the corpus and distinguishes Harvest from perpetual endowments that seek to preserve intergenerational purchasing power.

The foundation exclusively serves Martinsville and Henry County, Virginia. This is a tightly bounded geographic mandate tied to the original hospital's service area. All grants are place-based; the foundation does not make national or international grants.

The largest recorded grant is a $12M commitment in December 2024 to establish a regional early childhood education hub. Other major grants include $10.3M for the Martinsville-Henry County Family YMCA and $5.4M to the New College Institute. These three grants alone account for over $27M of the accelerated spending plan.

Yes. The foundation maintains an open grant application process, but eligibility is restricted to organizations serving Martinsville-Henry County, Virginia. Grantmaking is organized around health, education, and community vitality. The accelerated multi-year spending plan has compressed both the dollar volume and the deadline pressure for applicants.