Charitable trust founded by Paul Goodloe McIntire to be terminated

In February 1941, Paul Goodloe McIntire created a charitable trust to benefit schools in Albemarle County.

In May, Wells Fargo filed a petition with Albemarle County Circuit Court seeking to terminate the trust because the funds have run out. The company serves as the trustee.

“The Trustee currently distributes the net income of the Trust to the Albemarle County School Board distributes the net income of the Trust to the Albemarle County School Board,” reads a legally-required notice published in the July 29, 2025 Charlottesville Daily Progress.

The notice cites Virginia code that allows for such a termination.

“The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration,” reads § 64.2-732(B).

When the trust is terminated, the assets will go to the Albemarle County School Board.

McIntire was born in 1860 and died in 1952 and made his fortune in finance before retiring to Charlottesville in 1918. He donated much of his wealth to various causes including the University of Virginia where both the McIntire School of Commerce and the McIntire Department of Music carry his name.

For many years, Albemarle County Public Schools have classified the funds as the Albemarle Trust according to page F-40 of the budget.

“The Albemarle County Award recognizes and awards $500 to high school graduates at each high school based on their outstanding character and scholarship,” reads the budget. “An allotment per school is awarded based on the school’s graduating class size.”

There’s about $210,000 left in the fund, according to Jennifer Butler, the acting chief communication officer for Albemarle County Public Schools.

Before you go: This story was first published in the July 30, 2025 edition of Charlottesville Community Engagement and then published here. One thing I really need to do is move to a content management system where it is all integrated. Will I do this thing? Stay tuned and click here to learn more about how I’m trying to get to another level.