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Foundation awards $182 million in grants

 

The Silicon Valley Community Foundation announced Monday that it awarded $182 million in grants in 2007, its first full year of existence.

The foundation administered an additional $60 million worth of grants from corporate, nonprofit and supporting organization funds for a 2007 total of $242 million in awarded grants.

"This is an exceptional first-year milestone for us and confirms our commitment to meeting community needs," foundation CEO Emmett Carson said. "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 the world."

The largest share of the grants, $174 million, was made through the more than 1,500 donor advised funds.

The foundation is the result of the 2006 merger of the former Community Foundation Silicon Valley and the Peninsula Community Foundation. Since the merger took effect the combined foundation has continued to make grants to local nonprofit organizations based of the guidelines established by the two original foundations. The foundation is scheduled to announce a new grant-making structure later this year.

— Bay City News Service

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