Silicon Valley Community Foundation

Last updated
FormationJanuary 3, 2007;17 years ago (2007-01-03)
Type Donor-advised fund, charitable organization
Headquarters Mountain View, California
Region
Santa Clara County and San Francisco Peninsula
Key people
President & CEO
Nicole Taylor [1] [2]
Chair of the Board
Greta S. Hansen [3]
Revenue (2017)
$1.4 billion [4]
Disbursements$1.3 billion (2017) [4]
Endowment (2017)$13.5 billion [4]
Website Official website

The Silicon Valley Community Foundation (SVCF) is a donor-advised community foundation serving the Silicon Valley region. It is the largest charitable foundation in Silicon Valley. [5]

Contents

History

Early history: 2006–2011

Silicon Valley Community Foundation was formed on July 12, 2006, through the merger of two community foundations in the San Francisco Bay Area: the Peninsula Community Foundation (headquartered in San Mateo, California) and Community Foundation Silicon Valley (headquartered in San Jose, California). Silicon Valley Community Foundation launched officially on January 3, 2007 (headquartered in Mountain View, CA. [6]

In September 2008, Silicon Valley Community Foundation announced five key grantmaking strategies: Economic Security, Education, Immigrant Integration, Regional Planning and a Community Opportunity Fund to address time-sensitive community needs including safety-net services (2008-2013). [7]

2012

On December 18, 2012, Facebook founder and CEO Mark Zuckerberg and his wife Priscilla Chan announced a donation of 18 million Facebook shares to the Silicon Valley Community Foundation, which at the time of the donation were worth a total of about $500 million. [8] [9] [10] [11]

Silicon Valley Community Foundation raised a total of $985 million in 2012. Assets under management grew to about $2.9 billion, and the foundation awarded a total of $292 million in grants in the year 2012. [12]

In December 2012, SVCF helped relaunch Caltrain's Holiday Train, a nine-year tradition was brought back after a two-year hiatus.

2013

On December 19, 2013, Zuckerberg announced a donation of 18 million Facebook shares to the Silicon Valley Community Foundation, to be executed by the end of the month, totaling $990 million. On December 31, 2013, the donation was recognized as the largest charitable gift on public record for 2013. [13] [14] [15]

2014

In 2014, Jan Koum, founder of WhatsApp donated close to $556 million [16] to the Silicon Valley Community Foundation to set up a donor-advised fund. [17]

Silicon Valley Community Foundation created and hosted Silicon Valley Gives, the Bay Area's first 24-hour giving day, on May 6, 2014. The event was sponsored by John S. and James L. Knight Foundation, Microsoft, NBC Bay Area, and more than 100 other individuals, foundations, and companies. The event raised $8,000,833 with 14,889 unique donors and more than 21,869 donations. [18] [19] SVCF also hosted more than 20 trainings for more than 650 local nonprofits to help them capacity build leading up to the event. [20] [21]

On October 2, 2014, Nicholas and Jill Woodman, founders of GoPro, announced that they would donate $500 million to Silicon Valley Community Foundation. [22]

October 23, 2014, Paul Allen announced that he would open a fund for Tackle Ebola with Silicon Valley Community Foundation. [23]

2018

In April 2018, the foundation hired a law firm to investigate the claims made by Mari Ellen Loijens describing sexual harassment over the course of many years. [24] A few days later, the CEO, Emmett Carson, was placed on paid leave. [25] [26] Two months later, the CEO's employment "ended" and the resignation of the head of H.R. was accepted, as an investigation "found that many allegations from current and former employees were substantiated". [27] [28]

In November 2018, the board of directors of the foundation named Nicole Taylor as president and CEO. [29]

2024

Netflix co-founder and executive chairman Reed Hastings gifted two million of his company shares worth $1.1 billion to the foundation in January 2024. [30]

Taxation

SVCF is a 501(c)(3) organization that publishes annual reports of its financial transactions and grantmaking. [31]

As a donor-advised fund sponsor, the IRS allows donors to claim a tax benefit immediately upon donating the assets to the donor advised fund, but may defer when the assets are distributed as grants to charities. [32] The fund is not legally required to distribute any assets, like family foundations are, so there is little pressure to move money. [33]

The timing of prominent donations to the foundation has led to accusations of the foundation being used as a tax loophole. Both Mark Zuckerberg and Nick Woodman donated near the same time as their companies' IPOs, and the founders of WhatsApp donated shortly after their company's acquisition. [34]

See also

Related Research Articles

<span class="mw-page-title-main">Reed Hastings</span> American entrepreneur and education philanthropist (born 1960)

Wilmot Reed Hastings Jr. is an American billionaire businessman. He is the co-founder and executive chairman of Netflix, and currently sits on a number of boards and non-profit organizations. A former member of the California State Board of Education, he is also an advocate for education reform through charter schools.

<span class="mw-page-title-main">Sean Parker</span> American entrepreneur and philanthropist

Sean Parker is an American entrepreneur and philanthropist, most notable for co-founding the file-sharing computer service Napster, and was the first president of the social networking website Facebook. He also co-founded Plaxo, Causes, Airtime.com, and Brigade, an online platform for civic engagement. He is the founder and chairman of the Parker Foundation, which focuses on life sciences, global public health, and civic engagement. On the Forbes 2022 list of the world's billionaires, he was ranked No. 1,096 with a net worth of US$2.8 billion.

<span class="mw-page-title-main">Mark Zuckerberg</span> American businessman (born 1984)

Mark Elliot Zuckerberg is an American businessman. He co-founded the social media service Facebook, along with his Harvard roommates in 2004, and its parent company Meta Platforms, of which he is chairman, chief executive officer and controlling shareholder.

The Tulsa Community Foundation (TCF) is one of the largest community foundations in the United States. Headquartered in Tulsa, Oklahoma, as of January 2011 it was reported to have approximately four billion dollars in assets, and to have donated more than $580 million to local charities and government projects.

Philanthrocapitalism or philanthropic capitalism is a way of doing philanthropy, which mirrors the way that business is done in the for-profit world. It may involve venture philanthropy that actively invests in social programs to pursue specific philanthropic goals that would yield return on investment over the long term, or in a more passive form whereby "social investors" benefit from investing in socially-responsible programs.

GiveWell is an American non-profit charity assessment and effective altruism-focused organization. GiveWell focuses primarily on the cost-effectiveness of the organizations that it evaluates, rather than traditional metrics such as the percentage of the organization's budget that is spent on overhead.

<span class="mw-page-title-main">Dustin Moskovitz</span> American billionaire internet entrepreneur (born 1984)

Dustin Aaron Moskovitz is an American billionaire internet entrepreneur who co-founded Facebook, Inc. with Mark Zuckerberg, Eduardo Saverin, Andrew McCollum and Chris Hughes. In 2008, he left Facebook to co-found Asana with Justin Rosenstein. In March 2011, Forbes reported Moskovitz to be the youngest self-made billionaire in the world, on the basis of his then 2.34% share in Facebook. As of October 2023, his net worth is estimated at US$18.0 billion by the Bloomberg Billionaires Index.

Charity: water is a non-profit organization founded in 2006 that provides drinking water to people in developing nations. As of 2019, the organization has raised $370 million. According to the organization, it has funded 111,000 water projects in 29 countries though it does not know how many of the projects are still functional.

<span class="mw-page-title-main">Philanthropy in the United States</span> Overview article

Philanthropy in the United States is the practice of voluntary, charitable giving by individuals, corporations and foundations to benefit important social needs. Its long history dates back to the early colonial period, when Puritans founded Harvard College and other institutions. Philanthropy has been a major source of funding for various sectors, such as religion, higher education, health care, and the arts. Philanthropy has also been influenced by different social movements, such as abolitionism, women’s rights, civil rights, and environmentalism. Some of the most prominent philanthropists in American history include George Peabody, Andrew Carnegie, John D. Rockefeller, Henry Ford, Herbert Hoover, and Bill Gates.

<span class="mw-page-title-main">Holden Karnofsky</span> American nonprofit executive

Holden Karnofsky is an American nonprofit executive. He is a co-founder and Director of AI Strategy of the research and grantmaking organization Open Philanthropy. Karnofsky co-founded the charity evaluator GiveWell with Elie Hassenfeld in 2007 and is vice chair of its board of directors.

Good Ventures is a private foundation and philanthropic organization in San Francisco, and the fifth largest foundation in Silicon Valley. It was co-founded by Cari Tuna, a former Wall Street Journal reporter, and her husband Dustin Moskovitz, one of the co-founders of Facebook. Good Ventures adheres to principles of Effective Altruism and aims to spend most or all of its money before Moskovitz and Tuna die. Good Ventures does not have any full-time staff, and instead distributes grants according to recommendations from Open Philanthropy.

<span class="mw-page-title-main">Nick Woodman</span> American businessman, founder and CEO of GoPro

Nicholas D. Woodman is an American businessman, and the founder and CEO of GoPro.

<span class="mw-page-title-main">Joe Green (entrepreneur)</span> US social entrepreneur & investor (b.1983)

Joe Green is a serial social entrepreneur and investor based in San Francisco, CA. He is the co-founder and President of the Psychedelic Science Funders Collaborative, a nonprofit donor network that supports research on psychedelic medicine. Green is also the co-founder of Treehouse, a company that develops community living apartment complexes in Los Angeles, CA.

GivingTuesday, often stylized as #GivingTuesday for the purposes of hashtag activism, is the Tuesday after Thanksgiving in the United States. It is touted as a "global generosity movement unleashing the power of people and organizations to transform their communities and the world". An organization of the same name is an independent 501(c)(3) nonprofit that supports the global movement.

<span class="mw-page-title-main">Jan Koum</span> Ukrainian-born American entrepreneur, co-founder of WhatsApp

Jan Koum is a Ukrainian-American billionaire businessman and computer programmer. He is the co-founder and former CEO of WhatsApp, a mobile messaging app which was acquired by Facebook in 2014 for US$19.3 billion. According to Forbes, he has an estimated net worth of US$15.2 billion as of October 2023, making him one of the richest people in the world. Koum was ranked 44th on the Forbes' list of richest Americans in 2023 with a net worth of $15.1 billion.

Brian Acton is an American computer programmer and Internet entrepreneur. Acton is the executive chairman of the Signal Technology Foundation, which he co-founded with Moxie Marlinspike in 2018. As of January 10, 2022, Acton also serves as interim CEO of Signal Messenger LLC.

<span class="mw-page-title-main">Founders Pledge</span> English charitable non-profit

Founders Pledge is a London-based charitable initiative, where entrepreneurs commit to donate a portion of their personal proceeds to charity when they sell their business. Inspired by effective altruism, the mission of Founders Pledge is to "empower entrepreneurs to do immense good".

<span class="mw-page-title-main">Priscilla Chan</span> American pediatrician and philanthropist (born 1985)

Priscilla Chan is an American philanthropist and a former pediatrician. She and her husband, Mark Zuckerberg, a co-founder and CEO of Meta Platforms, established the Chan Zuckerberg Initiative in December 2015, with a pledge to transfer 99 percent of their Facebook shares, then valued at $45 billion. She attended Harvard University and received her medical degree from the University of California, San Francisco.

<span class="mw-page-title-main">Charitable activities related to the COVID-19 pandemic</span>

The COVID-19 pandemic has greatly impacted the international and domestic economies. Thus, many organizations, private individuals, religious institutions and governments have created different charitable drives, concerts and other events to lessen the economic impact felt.

References

  1. ↑ Devin, Collins (October 16, 2020). "Racial inequity a focus for new Silicon Valley Community Foundation panel". sanjosespotlight.com. Retrieved June 16, 2021.
  2. ↑ Gunther, Marc (March 31, 2020). "A Test of Leadership". The Chronicle of Philanthropy. Retrieved June 8, 2021.
  3. ↑ "Board of Directors". Silicon Valley Community Foundation. 2 June 2011. Retrieved 2021-07-20.
  4. 1 2 3 "2017: Silicon Valley Community Foundation by the Numbers" (PDF). Silicon Valley Community Foundation. Retrieved 2018-07-04.
  5. ↑ Business Insider - Silicon Valley's Biggest Foundation Shows What Can Go Wrong When Charities Are Obsessed With Growth
  6. ↑ "Peninsula Community Foundation, Community Foundation Silicon Valley Complete Merger". Foundation Center. 2006-12-14. Retrieved 2013-04-20.
  7. ↑ "Silicon Valley Community Foundation to Award $1 Million for Food, Shelter, and Basic Needs". 2008-09-11. Retrieved 2013-04-20.
  8. ↑ "Mark Zuckerberg's Donation To Silicon Valley Community Foundation Is His Biggest Yet". The Huffington Post . 2012-12-18. Retrieved 2013-04-20.
  9. ↑ "Zuckerberg Plans Large Gift to Charity". The New York Times . December 18, 2012. Retrieved 2013-04-20.
  10. ↑ "Facebook Founder Announces $500 Million to Silicon Valley Community Foundation". Foundation Center . December 20, 2012. Retrieved 2013-04-20.
  11. ↑ Fernandez, Lisa (2012-12-19). "Zuckerberg Donates $500M to Silicon Valley Foundation". NBC Bay Area News. Retrieved 2013-04-20.
  12. ↑ "Silicon Valley Community Foundation Raised $985 Million in 2012". Foundation Center . 2013-01-17. Retrieved 2013-04-20.
  13. ↑ Bailey, Brandon (December 19, 2013). "Facebook's Mark Zuckerberg makes $1 billion donation". San Jose Mercury News . Retrieved December 20, 2013.
  14. ↑ "Mark Zuckerberg donates $1bn to charity". The Telegraph . December 19, 2013. Retrieved December 20, 2013.
  15. ↑ Kurt Wagner (3 January 2014). "Zuckerberg's Other Billion-Dollar Idea: 2013's Biggest Charitable Gift". Mashable. Retrieved 3 January 2014.
  16. ↑ "SEC Form 4 Filing - Jan Koum to SVCF". Securities & Exchange Commission. SEC.gov.
  17. ↑ "No. 4: Jan Koum - Philanthropy". Philanthropy.com. 8 February 2015.
  18. ↑ "2014-SVGives-report-2". flipflashpages.uniflip.com.
  19. ↑ "Pizarro: Silicon Valley Gives raises $7.9 million in 24 hours". 7 May 2014. Retrieved 12 March 2015.
  20. ↑ "SiliconBeat – Tech industry, others gear up for Silicon Valley Gives, area's first 'giving day'" . Retrieved 12 March 2015.
  21. ↑ "Pizarro: Nonprofits band together for Silicon Valley Gives crowdfunding effort". 2 May 2014. Retrieved 12 March 2015.
  22. ↑ "GoPro Founders Give $500-Million to Silicon Valley Community Foundation". The Chronicle of Philanthropy. Retrieved 12 March 2015.
  23. ↑ Strom, Stephanie (23 October 2014). "Paul Allen to Give $100 Million to Tackle Ebola Crisis". The New York Times. Retrieved 24 January 2018.
  24. ↑ JOHN WOOLFOLK (19 April 2018). "She helped raise $8.3 billion, then resigned in disgrace". The Mercury News. Retrieved 12 July 2018. The senior official at the center of sexual harassment allegations that have rocked one of the world's biggest philanthropic organizations resigned Thursday, marking a swift and dramatic downfall for a Silicon Valley fundraiser
  25. ↑ Megan O’Neil (26 April 2018). "Silicon Valley Fund's CEO Placed on Leave". The Chronicle of Philanthropy. Retrieved 12 July 2018. it has placed its chief executive, Emmett Carson, on paid administrative leave. It comes amid an investigation, initiated by the board, into allegations of misconduct by Carson's recently departed No. 2 executive, Mari Ellen Loijens, as well as broader workplace-culture problems at the wealthy California foundation
  26. ↑ Dolan, Kerry A. "Mark Zuckerberg-Connected Charity At Risk Of Implosion". Forbes .
  27. ↑ "Update from Silicon Valley Community Foundation Board of Directors". 27 June 2018. Retrieved 12 July 2018. The investigation found that many allegations from current and former employees were substantiated
  28. ↑ "Emmett Carson ousted as CEO of Silicon Valley Community Foundation". SFChronicle.com. 2018-06-28. Retrieved 2021-01-20.
  29. ↑ "Silicon Valley Community Foundation names Nicole Taylor as president and CEO". Silicon Valley Community Foundation. 2018-11-08. Retrieved 2020-06-14.
  30. ↑ Francis, Theo (January 29, 2024). "Netflix Co-Founder Gives $1.1 Billion in Shares to Silicon Valley Charity Favored by Billionaires". The Wall Street Journal.
  31. ↑ "Financials". 29 July 2020.
  32. ↑ "The Price of Privacy: What's Wrong with the New Shadow Giving System". HistPhil. 2018-08-01. Retrieved 2018-09-21.
  33. ↑ "How Tech Billionaires Hack Their Taxes With a Philanthropic Loophole" . Retrieved 2018-09-21.
  34. ↑ "Warehousing tech elite's wealth? New path urged for Silicon Valley charity". The Mercury News. 2018-08-01. Retrieved 2018-09-21.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.