The Alleghany Foundation aims to provide financial support primarily benefiting activities in the Alleghany Highlands of Virginia. Established following the sale of a community non-profit hospital to a for-profit entity, it now operates as a Virginia nonstock corporation exempt from income taxation under Section 501(c)(3) of the Internal Revenue Code, managed by a Board of Directors comprised of community residents.
The Alleghany Foundation grant program focuses on bolstering the region's assets to offer dynamic opportunities for its residents. It targets proposals that align with strategic areas including economic transformation, educational excellence, health and wellness, community capacity, leadership and civic vitality, and the VISION 2025 Initiative. This initiative, supported in partnership with local organizations, is a community-led effort aimed at the economic revitalization of the Alleghany Highlands, incorporating real estate and utility development, small business support, community beautification, and the establishment of an industrial heritage and technology discovery center.