The Alleghany Foundation is a non-profit, private foundation established in 1995 with $35 million from the sale of Alleghany Regional Hospital.  The money was placed in a permanent endowment to support improvements in the quality of life in the Alleghany Highlands of Virginia within the former service area of the hospital.

The primary work of the foundation is making grants to area non-profits or local government entities. Over its first twenty years, the foundation awarded 513 grants to 73 organizations for a total of $50 million.

In 2009 the board of The Alleghany Foundation underwent a Reflective Practice exercise facilitated by MDC, Inc. of Durham, NC.  As a result, the Foundation’s board began to explore ways to become more of a catalyst for change in turning around negatuve trends–such as job losses, declining population, and declining school enrollment–becoming visible in our rural community.

To achieve its mission the Foundation began to focus its grant awards on five areas that all contribute to a healthy community:
Economic Transformation – Harnesses our region’s strengths to develop a vibrant, diverse and higher-wage economy that can compete in the global marketplace.
Educational Excellence – Builds the human capital base for a new economy that provides all Alleghany Highland residents with a fair chance of success.
Health and Wellness – Helps the residents of the Alleghany Highlands lead healthier lives and access the comprehensive health care they need.
Community Capacity – Grows local institutions and organizations with the vision, will, wisdom, and skills to work together to build a more prosperous, equitable, just and sustainable community.
Leadership and Civic Vitality – Develops broad-based inclusive leadership that can sustain a forward-looking agenda for the community.
The Alleghany Foundation is a Virginia non-stock corporation exempt from income taxation under Section 501(c)(3) of the Internal Revenue Code.  It is managed by a Board of Directors, all the members of which are residents of the community.