Valley Rock Foundation of Napa Valley Statement Regarding Settlement with California Attorney General's Office
"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 in its January 23, 2025, release 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."
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