About the Foundation

The Kronkosky Charitable Foundation was established by a Trust Agreement dated January 7, 1991. The Foundation received its principal funding of $295 million as a distribution from the estate of Mr. Albert Kronkosky, Jr. in August 1997.

The Kronkosky family first moved to New Braunfels, Texas in the 1860s. Mr. Kronkosky's father was born in New Braunfels in 1868 and his mother, the former Augusta Graebner, was a native of San Antonio. Albert Kronkosky, Jr., an only child, was born in Boerne, Texas in 1908. The family involved itself over the years in a number of successful local business ventures. These included the Gebhardt Chili Powder Company and the San Antonio Drug Company. Mr. Albert Kronkosky, Jr. married Bessie Mae Dever in May 1936. Albert and Bessie Mae Kronkosky had no children. Mr. Albert Kronkosky, Jr. died at the age of 87 in October 1995. Mrs. Kronkosky passed away in September 2010.

The Foundation will operate in perpetuity. Funds distributed, including operating expenses, will be made in the amount of approximately five percent of its asset value each year. Bank of America, the Trustee of the Foundation, has management responsibility for the operation of the Foundation and investment of its assets. The Trust Agreement specifies that a Distribution Committee consisting of three persons has the responsibility for approving grants to be made by the Foundation within specified charitable purposes and geographic limitations. Because of the size and scope of the Foundation and in order to provide clear and distinguishable recognition for the Kronkoskys, Bank of America has established a separate office to operate the Foundation.