Verma Legacy Trust, a subsidiary of Phoenix-based Vermaland LLC has donated $1.2 million through its newly formed Verma Charitable Foundation to establish scholarships for underprivileged students, as well as to build a religious retreat center.
Vermaland is among Arizona’s largest land owners, with a portfolio that includes commercial, residential and agricultural parcels as well as utility-scale renewable energy projects. Vermaland, which has been in business for more than a decade, has one of the largest holdings of 50- to 1,200-acre parcels in metro Phoenix.
The foundation was established by Anita Verma-Lallian and Jennifer Verma, daughters of Kuldip Verma and Binu Verma, who are trustees of the Verma Legacy Trust.
Jennifer had the initial idea in business school as she was studying the charitable efforts of other large companies.
The donation was made as part of the Arizona Community Foundation, a statewide family of charitable funds supported by thousands of Arizonans. ACF is among the top 25 community foundations in the nation with more than $500 million in trust and endowment assets.
