The Silicon Valley Community Foundation has announced that it awarded $1.3 billion to nonprofit organizations in 2017 and received gifts totaling $1.4 billion. Gifts combined with appreciated assets boosted SVCF's charitable assets under management to approximately $13.5 billion.
The foundation's grantmaking included $436 million (34 percent) in support of nonprofits in its nine-county service area. SVCF also continued its tradition of international grantmaking, awarding a total of $105 million to charities in sixty-six countries outside the U.S. In addition, the foundation's corporate donors continued to make a significant impact on the issues they care about most — including STEM/STEAM education, economic and community empowerment, and environmental protection consistent with the United Nations Sustainable Development Goals — with corporate-advised funds accounting for $62 million in grants.
According to the Chronicle of Philanthropy, SVCF's assets under management now place it among the five largest foundations in the U.S. And as the foundation has grown, its reach has broadened into other areas of the country. In 2017, for example, the foundation's assets originating from the New York City area jumped from $267 million to nearly $400 million. According to the Chronicle, part of the foundation's pitch to hedge fund managers and financiers is that it can process complex financial instruments and handle virtual currencies and shares of privately companies as they prepare to go public.
Emmett D. Carson, SVCF's president, told the Chronicle that the foundation's growth demonstrates how donors are changing and how community foundations need to adapt to those changes. "People who might have once opted to create a private foundation now feel far more comfortable that a community foundation can meet their needs. We want to be a full-stop, full-service shop for people with a multitude of interests and that has enabled us to grow from donors locally and increasingly meet the needs of donors in other places."
(Photo credit: Silicon Valley Community Foundation)