LETTER FROM THE CEO:
TAKING UP NEW OPPORTUNITIES

For many of us, the beginning of the year is filled with resolutions and plans to do better and break new ground.  As a community foundation, we are also setting new goals.

Reflecting on 2007, we made big progress but there were some stumbles.  We have outlined the achievement of several milestones and some lessons learned in our latest publication, “A New Way Forward.”  I am very pleased with a number of accomplishments: the culture building among staff; our strong, 9.6% investment performance; the new space at our Mountain View headquarters, which has become a central meeting location for many nonprofit groups; our $8 million in unrestricted grantmaking; and the launch of our new magazine, ONE: Innovation Through Philanthropy.

Entering our second year, I am excited about a number of projects currently underway that are both unique opportunities and challenges.  These include:

• Delivering improvements to our donor services and offering a new selection of donor events.
• Working with new board leadership and integrating new board members.
• Developing a new set of grantmaking guidelines.  We know there is both excitement and anxiety in the community, and we appreciate your patience as we carefully review all the data and feedback from our Community Input Process.
• Beginning the first step of data conversion where we will merge our two databases into one. This is a highly complicated process where the short-term solution has no good options. However, the conversion will be a key link to merging investment portfolios.
• Partnering with Joint Venture: Silicon Valley Network on our first State of the Valley conference on Feb. 22.

Stepping forward into a new year, I am optimistic but not unmindful of the challenges ahead. Mergers happen in stages and over time.  The full merger process will not be complete for several years. A few months ago, business consultant Web McKinney spoke with the board and senior staff regarding the HP-Compaq merger.  One of his key insights was: “The biggest danger is declaring success before the merger is done.”  We do not want to fall into such a trap. We have many more miles to go, and in partnership with you, we will continue to achieve our mission to strengthen the common good, improve quality of life and address the most challenging problems in our vibrant community.

Finally, I would like to thank departing board chair Greg Avis and board member Rick Jones for their time, dedication and commitment to helping to guide us through a largely successful first year.  

Emmett D. Carson, Ph.D.
CEO and President