Preliminary financial results show that Silicon Valley Community Foundation, the largest community foundation in the nation, awarded more than $4 billion in grants to more than 5,500 organizations worldwide thanks to its generous donors, and gave more to the Bay Area than any other philanthropic entity in the state
Mountain View, CA, March 29, 2024 (GLOBE NEWSWIRE) — According to preliminary calculations, Silicon Valley Community Foundation (SVCF) distributed $3.1 billion in grants directly to nonprofits in the Bay Area in 2023, more than any other entity in the state of California. In total, SVCF granted $4.58 billion to more than 5,500 nonprofits and community organizations worldwide.
The top issue areas funded by SVCF and its donors include: health, sciences, education, public safety, environment, community development, civic participation, arts and culture and human services.
“I’m always impressed at our donors’ generosity but what they gave in 2023 went beyond anything I had imagined,” said Nicole Taylor, President and CEO of Silicon Valley Community Foundation. “Because of them, hundreds of organizations focused on improving lives in the Bay Area received vital funding and are making tangible changes to benefit our residents.”
In 2023, SVCF distributed $4.58 billion in total grants, of which:
● $3.1 billion supported organizations in the 10 Bay Area Counties, $186 million of which supported nonprofits in SVCF’s two core counties — San Mateo County and Santa Clara County
● $145.8 million supported organizations in California outside of the Bay Area
● $1.1 billion supported U.S. organizations outside of California
All figures are preliminary and unaudited. Grantmaking figures exclude any distributions made from SVCF into donor advised funds at other institutions.
SVCF ranks just behind the Bill & Melinda Gates Foundation as one of the largest grantmaking foundations in the country. Unlike private foundations, however, SVCF is a community foundation that focuses its support on a specific geographical area. The vast majority of grants distributed by SVCF come from “advised funds,” including donor advised and corporate advised funds established at the community foundation by individuals, families and companies. Advised funds allow donors and companies to support charitable efforts locally, nationally and internationally. SVCF encourages and advises donors to be active philanthropists and to give on a continual basis. Under its rigorous policy to discourage inactive funds, if after two years a donor has not recommended any grants from their advised fund, SVCF will pool and distribute the funds through its Community Endowment Fund.
“Our donors demonstrate year after year that they are actively giving from their funds,” said Taylor. “Their generosity enables us to be the largest supporter of local, Bay Area and California nonprofits.”
SVCF also makes discretionary grants from its own community endowment funds; these are staff-directed and board-approved, and support nonprofit organizations serving those living in San Mateo and Santa Clara counties.
In Santa Clara County, Second Harvest of Silicon Valley was one of the top recipients of SVCF grants in 2023. They received funds from the foundation’s discretionary grantmaking program and from donor advised funds.
“With the high cost of living in Silicon Valley and throughout the Bay Area, the food insecurity crisis continues to impact so many of our neighbors,” said Leslie Bacho, CEO of Second Harvest of Silicon Valley. “We are here to ensure everyone can put food on the table, but we can’t do it alone. We are so fortunate to receive this generous funding from local philanthropists via SVCF, as well as SVCF’s direct support. It allows us to continue to provide nutritious food to the 1 in 6 people in Santa Clara and San Mateo counties turning to Second Harvest for help.”
SVCF is committed to serving its neighbors through initiatives focused on supporting local leaders and organizations that prioritize racial equity and social justice. SVCF shifted its strategy in 2020 to provide more general operating support and capacity-building grants to a broader range of organizations that focus on building equitable communities. These include smaller and emerging organizations that amplify the voices and agency of historically underrepresented communities, including Black, Latinx, Indigenous and other communities of color and undocumented residents.
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About Silicon Valley Community Foundation
Silicon Valley Community Foundation is a regional catalyst, connector and collaborator. We bring together the resources and skills of donors, business, government and community to solve some of our region’s toughest challenges. We promote philanthropy in our region and support philanthropists to invest with impact. Through advocacy, research, policy and grantmaking, we seek systemic solutions to drive enduring community change.
More than 1,000 individuals and families and over 60 companies partner with Silicon Valley Community Foundation using our donor advised fund (DAF) services. More than a third of donor advised funds held at SVCF have balances of $25,000 or less. We encourage and advise donors to be active philanthropists and to give on a continual basis. Under our rigorous policy to discourage inactive funds, if after two years a donor has not recommended any grants from their DAF, SVCF will pool and distribute the funds through our Community Endowment Fund.
Learn more at siliconvalleycf.org.
CONTACT: Chau Vuong Silicon Valley Community Foundation 6504505426 cvuong@siliconvalleycf.org
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