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CONTACT: SILICON VALLEY COMMUNITY FOUNDATION EXCEEDS $242 MILLION IN GRANTMAKING IN FIRST YEAR MOUNTAIN VIEW, CA – In its first year, Silicon Valley Community Foundation awarded more than $242 million in grants. Grants provided in 2007 included $174 million through donor advised funds and $8 million from the community foundation’s endowment. This amount is a slight increase over the combined grantmaking total of its parent foundations — Community Foundation Silicon Valley and Peninsula Community Foundation—in 2006. An additional $60 million in grantmaking was completed through corporate, nonprofit and supporting organization funds. The community foundation’s endowment grants awarded in 2007 included more than $4 million in the fourth quarter to 80 organizations. “This is an exceptional first-year milestone for us and confirms our commitment to meeting community needs,” said Emmett D. Carson, Ph.D., CEO and president. “Many donors have invested their philanthropic dollars to support the common good of our communities and it is our responsibility to identify and better meet the challenges in San Mateo and Santa Clara counties, the nation and our world.” The community foundation partners with more than 1,500 fund advisors with donor advised funds. A variety of assets, including cash, stock and real estate, may be used to open or add to a donor advised fund. Fund advisors make payouts from their fund in the form of grants to local or international nonprofits. The $8 million in endowment grants to local nonprofit organizations are provided through the community endowment fund. Donors give to the endowment fund in order to support a permanent, charitable resource for the region’s changing needs. Since the merger of the parent foundations took effect on Jan. 1, 2007, the new community foundation has continued to make endowment grants based on the parents’ guidelines on an interim basis. The community foundation will announce a new grantmaking structure this year. “Each organization that received a grant from Silicon Valley Community Foundation helps fulfill our mission to create access and opportunity and improve the quality of life in the communities we serve,” said Eleanor Clement Glass, chief of donor engagement and giving. “Their contributions are vital to building a stronger community overall.” Read A New Way Forward (PDF), a look at Silicon Valley Community Foundation’s first year.
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