CONTACT:
Denise A. Bridges, Communications Associate
Silicon Valley Community Foundation
650.450.5450 or dabridges@siliconvalleycf.org

COMMUNITY FOUNDATION EXCEEDS $5 MILLION ENDOWMENT CHALLENGE

MOUNTAIN VIEW, CA - November 4, 2009 - Five years after Skoll Foundation issued a challenge to match an initial gift of $5 million, Silicon Valley Community Foundation announced that it has exceeded the challenge and raised $11.7 million in contributions for its endowment from more than 100 donors. The endowment is used to support causes and nonprofit organizations in San Mateo and Santa Clara counties.

The campaign began in 2004 when one of Silicon Valley Community Foundation’s parent foundations, Community Foundation Silicon Valley, also known as CFSV, launched a five-year campaign to create a charitable savings account for the community. The Skoll Foundation challenge in 2004 and resulting matching contributions created the Community Investment Fund, an unrestricted endowment to support future initiatives and current community needs.

“We are thankful for the Skoll Foundation’s leadership and the generous donors who helped us not just meet but exceed the challenge. They understand the value of having a flexible, unrestricted endowment to address critical local needs,” states Emmett D. Carson, CEO and President.

Jeff Skoll, founder and chairman of the Skoll Foundation, states, “The Skoll Foundation’s focus is driving large-scale change on pressing global issues by investing in, connecting and celebrating social entrepreneurs. But, as members of the community, we also felt helping the Silicon Valley Community Foundation reach a more stable financial footing would be an important contribution to the region. I also remain grateful to the community foundation for helping us launch the eBay Foundation.”

Skoll, the first president of eBay, spearheaded the creation of the eBay Foundation at Community Foundation Silicon Valley in 1998. One year later, he created the Skoll Foundation, which was incubated at CFSV. More recently, in January 2009, the eBay Foundation became an independent, private foundation and continued its partnership with the community foundation by creating a corporate advised fund to conduct its grantmaking. This new structure made eBay Foundation the first fee-for-service client of the community foundation’s business services department.

“This matching gift campaign was a critical step in increasing CFSV’s unrestricted endowment. At the time, 97% of CFSV’s assets were directed to specific designations by our generous donors. The matched contributions will now be a key source for our unrestricted grantmaking to local nonprofits,” said Mari Ellen Loijens, chief of staff and chief of development and communications for the community foundation. Loijens served as director of development for Community Foundation Silicon Valley when the matching gift campaign was first announced.

Silicon Valley Community Foundation’s 2009 grantmaking budget totals approximately $8 million.

“We provide grants from our unrestricted funds to benefit numerous local nonprofits. During economic downturns, such as the one we are currently experiencing, there is a strain on community resources. Having an endowment helps us allocate emergency support to local nonprofits when they need it most,” said Carson.

The community foundation awards grants to nonprofit organizations that apply under five grantmaking strategies: economic security, education, immigrant integration, regional planning and a community opportunity fund for safety-net services.

About Silicon Valley Community Foundation
Silicon Valley Community Foundation is a catalyst and leader for innovative solutions to our region’s most challenging problems. Serving all of San Mateo and Santa Clara counties, the community foundation has $1.5 billion in assets under management and 1,500 philanthropic funds. The community foundation provides grants through donor advised and corporate funds in addition to its own Community Endowment Fund. In addition, the community foundation serves as a regional center for philanthropy, providing donors simple and effective ways to give locally and around the world. Silicon Valley Community Foundation launched in January 2007 following the landmark merger of Community Foundation Silicon Valley and Peninsula Community Foundation and is now one of the largest community foundations in the nation. Find out more at www.siliconvalleycf.org