Money moves: Wells Fargo regional foundations transfer $100M in charitable assets to Philadelphia Foundation - Generocity Philly

Funding

Dec. 22, 2020 5:05 pm

Money moves: Wells Fargo regional foundations transfer $100M in charitable assets to Philadelphia Foundation

Plus, Congreso de Latinos Unidos receives $5M grant, and the Eagles Social Justice Fund awards $460K to 24 nonprofits.

(Photo by Flickr user Incase, used under a Creative Commons license)

1. Wells Fargo Regional Foundation and CDC transfer programs and $100 million in assets to Philadelphia Foundation

Wells Fargo Regional Foundation and Wells Fargo Regional Community Development Corporation announced via a press conference on December 18, that they are transferring their programmatic activities and $100 million in charitable assets into a new Regional Foundation, LLC which will become a component of Philadelphia Foundation.

The new Regional Foundation, a public charity, will retain the originating foundations’ commitment to improving the quality of life for those living in low-income communities by funding comprehensive, neighborhood-based economic and community development initiatives. “Our values, focus and culture are very compatible,” Pedro Ramos, president and CEO of the Philadelphia Foundation told Generocity in an interview prior to the press conference. “Both organizations have as their core mission to improve the quality of life of the people in the region we serve.”

Regional Foundation LLC will also retain the orginating foundationss geographic focus — Pennsylvania, New Jersey and Delaware — where 800 grants totaling more than $100 million have been awarded since 1998.

“Over the past 22 years the Wells Fargo regional foundations have been proud to support some of the most forward-thinking and innovative grassroots community organizations in the northeast United States,” John Thurber, Wells Fargo Regional Foundation board chair said via the emailed announcement. “The funding focus will continue to embrace a resident-driven, long-term approach to neighborhood revitalization and act as a catalyst for systemic change in building stronger communities.” 

The Regional Foundation, LLC is expected to begin operations in the next few weeks. There are currently 47 Wells Fargo regional foundation active multiyear grants and, according to the emailed announcement, “those investments will continue without interruption. Investments currently being made by the Wells Fargo Regional Community Development Corporation will be maintained and there will be no changes to loan structures.” 

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The board of directors that oversaw the originating foundations will also oversee the new Regional Foundation, but will expand from nine members to 12. Ramos said that the Philadelphia Foundation will be providing the type of support that Wells Fargo had been providing for the regional foundations.

“[We] will support the board of the new Regional Foundation,” he said. “They will select their staff, but we will employ their staff.  Our role is to help them run, grow and thrive.”

2. Congreso de Latinos Unidos receives $5M Bezos Day 1 Families Fund grant

Congreso de Latinos Unidos ( announced December 9 that it has been selected to receive a $5 million grant from the Bezos Day One Families Fund established in 2018 by Amazon founder and CEO Jeff Bezos.

The annual award is given to organizations and civic groups working to provide shelter and hunger support to address the needs of young families that are unsheltered or at risk of becoming unsheltered. Congreso is one of 42 organizations in the nation to receive the grant this year, and the only one in the city and state.

According to Congreso’s website, the one-time grant will allow the service provider “to continue helping families in hard-to-reach populations rapidly resolve their housing crises. It will also allow Congreso to provide rehoused families with comprehensive supports that help ensure they remain housed.”

“COVID-19 is causing a housing emergency in our neighborhoods. We’re proud of the work Congreso has already done to ensure families can stay in their homes,” said Daisy Rose, vice president of family and housing services at the nonprofit. “This grant will allow us to serve so many more people on the verge of homelessness.”

3. Eagles Social Justice Fund awards $460,000 in grants to 24 nonprofits

In early December, the Eagles announced that the Eagles Social Justice Fund of the Philadelphia Foundation was awarding grants totaling $460,000 to 24 Philadelphia-area nonprofit organizations.

The Eagles Social Justice Leadership Council, which includes Jake Elliott, Zach Ertz, Brandon Graham, DeSean Jackson, Malik Jackson, Rodney McLeod, Darius Slay, and Carson Wentz helped identify the potential grant recipients.

The nonprofits receiving grant funding are focused on addressing educational equality, workforce development, poverty, community and police relations mentorship and leadership development, racial equality and youth development.

The recipients were:

Educational Equality

• Change Our Future

• Collective Success Network

• College Possible Philadelphia

• Education Law Center

• Free Library of Philadelphia

• Philadelphia Futures

• Steppingstone Scholars

Workforce Development

• Baker Industries

• Center for Employment Opportunities

• ManUpPHL

• MenzFit

• Philadelphia Youth Network

• Project HOME

• Why Not Prosper

Poverty

• Community Legal Services

• Face to Face

• Pennsylvania Legal Aid Network

• Philadelphia Auto and Parole

Community and Police Relations

• Pennsylvania Prison Society

• Police Athletic League of Philadelphia

Mentorship and Leadership Development

• Frontline Dads

• Girls on the Run Philadelphia

Racial Equality

• Big Brothers Big Sisters Independence

Youth Development

• Philly Ballhawks

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