The Foundation was set up in November 2010 in honor of Victorino Noval (September 4, 1931 Asturias, Spain), the grandfather of Franco, Hunter, Victor and Jake Noval. The foundation has been involved in many charitable and humanitarian projects but does not solicit funds and is financed exclusively from the grandchildren’s inheritance. The foundation is uncharacteristic in that is actually an LLC that does not solicit donations for itself and in fact donates to charities along with hosting events for them for free, and encouraging others to donate in turn. It is in good standing according to the California Secretary of State and has never applied for tax deductible, IRS charitable status as it does not solicit funds for its use. The assets of the Foundation, which never solicits funds for itself, are over $1.2 billion.