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The family of George Floyd has launched a nonprofit foundation and will make the formal announcement Sunday during the annual National Homeless Day event in Minneapolis.

The George Floyd Memorial Foundation, according to a news release, aims to promote social change, bridge the gap between the community and law enforcement, initiate sustainable police reform and reverse racism while fighting for justice.

"We are honored to launch the George Floyd Memorial Foundation at an annual event that our brother was proud to participate in every year," said Floyd's sister, Bridgett Floyd, president of the foundation. "He spent his life giving back to others, and this is the best way to observe his memory and keep his legacy alive."

The event will begin at 5 p.m. Sunday at 1010 Currie Av. in Minneapolis.

The new foundation, based in Charlotte, N.C., is part of a broader response in philanthropy to Floyd's death. In Minnesota, organizations from the Vikings to the University of Minnesota Law School have established scholarships in Floyd's honor while foundations have boosted racial justice funding. In July, more than 20 foundations and philanthropic organizations backed a new coalition aiming to reform philanthropy, denounce racism and raise $25 million for Black-led nonprofits and advocacy groups.

Floyd, 46, regularly attended National Homeless Day events before his May 25 death while in Minneapolis police custody. Sunday's event, hosted by Minnesota Acts Now and the Spiritual Church of God, will feature speakers from the Floyd family along with the mothers of Philando Castile and Jamar Clark, two other local Black men who were killed during interactions with police.

"Mr. Floyd spent his time caring for people. People who didn't have a place to stay, he helped make a way for them," said Bishop Harding Smith of the Spiritual Church of God. "We want to hold this event to not just end homelessness, but also bring attention to systemic racism and other issues that often lead members of our community to these places in their lives."

Several elected officials will speak at the socially distanced outdoor event. The group also plans to serve up to 100 meals.

To donate to the foundation, go to georgefloydmemorialfoundation.org.

Staff writer Kelly Smith contributed to this report.