Silicon Valley Community Foundation

{{Infobox organization

| name =

| logo = New_Silicon_Valley_Community_Foundation_logo.png

| logo_size =

| logo_alt = Logo of the Silicon Valley Community Foundation.

| logo_caption = Silicon Valley Community Foundation

| formation = {{start date and age|2007|1|3}}

| merger =

| type = Donor-advised fund, charitable organization

| purpose =

| headquarters = Mountain View, California

| region = Santa Clara County and San Francisco Peninsula

| services =

| products =

| methods =

| fields =

| key_people = President & CEO
Nicole Taylor{{cite web | url =https://sanjosespotlight.com/racial-inequity-a-focus-for-new-silicon-valley-community-foundation-panel/ | title =Racial inequity a focus for new Silicon Valley Community Foundation panel | last =Devin | first =Collins | date =October 16, 2020 | website =sanjosespotlight.com | access-date =June 16, 2021}}{{cite web | url =https://www.philanthropy.com/article/a-test-of-leadership/ | title =A Test of Leadership | last =Gunther | first =Marc | date =March 31, 2020 | website =The Chronicle of Philanthropy | access-date =June 8, 2021}}

Chair of the Board
Greta S. Hansen{{cite web|url=https://www.siliconvalleycf.org/board-of-directors|title = Board of Directors| work=Silicon Valley Community Foundation |date = 2 June 2011|accessdate = 2021-07-20}}

| revenue = $1.4 billion

| revenue_year = 2017

| disbursements = $1.3 billion (2017){{cite web|url=https://www.siliconvalleycf.org/sites/default/files/publications/SVCF-FAQ-2018.pdf |title = 2017: Silicon Valley Community Foundation by the Numbers |publisher = Silicon Valley Community Foundation |accessdate = 2018-07-04}}

| expenses =

| expenses_year =

| endowment = $13.5 billion

| endowment_year = 2017

| website = {{Official website|https://www.siliconvalleycf.org}}

}}

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.Business Insider - [https://www.businessinsider.com/silicon-valleys-biggest-charity-is-a-cautionary-tale-2018-7 Silicon Valley's Biggest Foundation Shows What Can Go Wrong When Charities Are Obsessed With Growth]

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.{{cite web|url=http://foundationcenter.org/pnd/news/story.jhtml?id=164500034|title=Peninsula Community Foundation, Community Foundation Silicon Valley Complete Merger|publisher=Foundation Center|date=2006-12-14|accessdate=2013-04-20}}

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).{{cite web |url=http://foundationcenter.org/pnd/news/story.jhtml?id=227100030 |title=Silicon Valley Community Foundation to Award $1 Million for Food, Shelter, and Basic Needs |date=2008-09-11| accessdate=2013-04-20}}

=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.{{cite news |url= https://www.huffingtonpost.com/2012/12/18/mark-zuckerberg-donation--silicon-valley-community-foundation_n_2326083.html |title = Mark Zuckerberg's Donation To Silicon Valley Community Foundation Is His Biggest Yet |accessdate = 2013-04-20|date = 2012-12-18|work = The Huffington Post}}{{cite news |url= https://www.nytimes.com/2012/12/19/technology/zuckerberg-gives-nearly-500-million-to-silicon-valley-community-foundation.html|title = Zuckerberg Plans Large Gift to Charity|work = The New York Times|accessdate = 2013-04-20|date = December 18, 2012}}{{cite news |url=http://foundationcenter.org/pnd/news/story.jhtml?id=402400005|title = Facebook Founder Announces $500 Million to Silicon Valley Community Foundation| accessdate = 2013-04-20|date = December 20, 2012 | work = Foundation Center}}{{cite web|url=http://www.nbcbayarea.com/news/tech/Zuckerberg-Donates-500-to-Silicon-Valley-Foundation-184113041.html|date = 2012-12-19|accessdate = 2013-04-20|publisher = NBC Bay Area News|title = Zuckerberg Donates $500M to Silicon Valley Foundation| last = Fernandez|first = Lisa}}

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.{{cite news |url=http://foundationcenter.org/pnd/news/story.jhtml?id=405700005 |title = Silicon Valley Community Foundation Raised $985 Million in 2012|date = 2013-01-17|accessdate = 2013-04-20| work = Foundation Center}}

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.{{cite news |url= http://www.mercurynews.com/business/ci_24760678/facebooks-mark-zuckerberg-makes-1-billion-donation |title = Facebook's Mark Zuckerberg makes $1 billion donation|last = Bailey|first = Brandon|date = December 19, 2013|accessdate = December 20, 2013| work = San Jose Mercury News}}{{cite news |url=https://www.telegraph.co.uk/technology/facebook/10528624/Mark-Zuckerberg-donates-1bn-to-charity.html | title = Mark Zuckerberg donates $1bn to charity | work = The Telegraph |date = December 19, 2013 |accessdate = December 20, 2013}}{{cite news |title=Zuckerberg's Other Billion-Dollar Idea: 2013's Biggest Charitable Gift|url=http://mashable.com/2014/01/02/zuckerberg-charitable-donation-2013 |work=Mashable | accessdate=3 January 2014|author=Kurt Wagner|date=3 January 2014}}

=2014=

In 2014, Jan Koum, founder of WhatsApp donated close to $556 million{{cite web |title=SEC Form 4 Filing - Jan Koum to SVCF |url=https://www.sec.gov/Archives/edgar/data/1326801/000112760214030682/xslF345X03/form4.xml |website=Securities & Exchange Commission |publisher=SEC.gov |ref=sec-form-4-filing-svcf-transaction}} to the Silicon Valley Community Foundation to set up a donor-advised fund.{{cite web | title = No. 4: Jan Koum - Philanthropy | date = 8 February 2015 | url=https://philanthropy.com/article/No-4-Jan-Koum/151867 | publisher= Philanthropy.com}}

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.{{Cite web|url=https://flipflashpages.uniflip.com/3/88537/339448/pub/html5.html|title=2014-SVGives-report-2|website=flipflashpages.uniflip.com}}{{cite web|url=http://www.mercurynews.com/News/ci_25716819/Pizarro:-Silicon-Valley-Gives-raises-79|title=Pizarro: Silicon Valley Gives raises $7.9 million in 24 hours|date=7 May 2014|publisher=|accessdate=12 March 2015}} SVCF also hosted more than 20 trainings for more than 650 local nonprofits to help them capacity build leading up to the event.{{cite web|url=http://www.siliconbeat.com/2014/04/28/tech-industry-others-gear-up-for-silicon-valley-gives-areas-first-giving-day/|title=SiliconBeat – Tech industry, others gear up for Silicon Valley Gives, area's first 'giving day'|work=SiliconBeat |date=28 April 2014 |publisher=|accessdate=12 March 2015}}{{cite web|url=http://www.mercurynews.com/News/ci_25687739/Pizarro:-Nonprofits-band-together-for-Silicon|title=Pizarro: Nonprofits band together for Silicon Valley Gives crowdfunding effort|date=2 May 2014|publisher=|accessdate=12 March 2015}}

On October 2, 2014, Nicholas and Jill Woodman, founders of GoPro, announced that they would donate $500 million to Silicon Valley Community Foundation.{{cite web|title=GoPro Founders Give $500-Million to Silicon Valley Community Foundation|url=http://philanthropy.com/article/GoPro-Founders-Give/149215/|accessdate=12 March 2015|work=The Chronicle of Philanthropy}}

October 23, 2014, Paul Allen announced that he would open a fund for Tackle Ebola with Silicon Valley Community Foundation.{{cite news|url=https://www.nytimes.com/2014/10/24/business/paul-allen-to-give-100-million-to-tackle-ebola-crisis.html|title=Paul Allen to Give $100 Million to Tackle Ebola Crisis|first=Stephanie|last=Strom|newspaper=The New York Times|date=23 October 2014|publisher=|accessdate=24 January 2018}}

=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.{{cite news |last1=JOHN WOOLFOLK |title=She helped raise $8.3 billion, then resigned in disgrace |url=https://www.mercurynews.com/2018/04/19/foundation-official-resigns-amid-sexual-harassment-allegations/ |accessdate=12 July 2018 |work=The Mercury News |date=19 April 2018 |quote=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}} A few days later, the CEO, Emmett Carson, was placed on paid leave.{{cite news |last1=Megan O’Neil |title=Silicon Valley Fund's CEO Placed on Leave |url=https://www.philanthropy.com/article/Silicon-Valley-Fund-CEO-Emmett/243253 |accessdate=12 July 2018 |work=The Chronicle of Philanthropy |date=26 April 2018 |quote=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}}{{Cite web|url=https://www.forbes.com/sites/kerryadolan/2018/05/02/silicon-valley-community-foundation-emmett-carson/|title=Mark Zuckerberg-Connected Charity At Risk Of Implosion|first=Kerry A.|last=Dolan|website=Forbes}} 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".{{cite web |title=Update from Silicon Valley Community Foundation Board of Directors |url=https://www.siliconvalleycf.org/blog/announcements/update-silicon-valley-community-foundation-board-directors |accessdate=12 July 2018 |date=27 June 2018 |quote=The investigation found that many allegations from current and former employees were substantiated}}{{Cite web|date=2018-06-28|title=Emmett Carson ousted as CEO of Silicon Valley Community Foundation|url=https://www.sfchronicle.com/business/networth/article/Emmett-Carson-ousted-as-CEO-of-Silicon-Valley-13031197.php|access-date=2021-01-20|website=SFChronicle.com|language=en-US |last1=Pender |first1=Kathleen }}

In November 2018, the board of directors of the foundation named Nicole Taylor as president and CEO.{{Cite web|date=2018-11-08|title=Silicon Valley Community Foundation names Nicole Taylor as president and CEO|url=https://www.siliconvalleycf.org/blog/announcements/silicon-valley-community-foundation-names-nicole-taylor-president-and-ceo|access-date=2020-06-14|website=Silicon Valley Community Foundation|language=en}}

=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.{{Cite news |last=Francis |first=Theo |date=January 29, 2024 |title=Netflix Co-Founder Gives $1.1 Billion in Shares to Silicon Valley Charity Favored by Billionaires |url=https://www.wsj.com/finance/investing/netflix-co-foundergives-1-1-billion-in-shares-to-silicon-valley-charity-favored-by-billionaires-aa8b4d47 |work=The Wall Street Journal}}

Taxation

SVCF is a 501(c)(3) organization that publishes annual reports of its financial transactions and grantmaking.{{Cite web|url=https://www.siliconvalleycf.org/annual-reports|title = Financials| work=Silicon Valley Community Foundation |date = 29 July 2020}}

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.{{Cite news|url=https://histphil.org/2018/08/01/the-price-of-privacy-whats-wrong-with-the-new-shadow-giving-system/|title=The Price of Privacy: What's Wrong with the New Shadow Giving System|date=2018-08-01|work=HistPhil|access-date=2018-09-21|language=en-US}} The fund is not legally required to distribute any assets, like family foundations are, so there is little pressure to move money.{{Cite news|url=https://www.nytimes.com/2018/08/03/business/donor-advised-funds-tech-tax.html|title=How Tech Billionaires Hack Their Taxes With a Philanthropic Loophole|work=The New York Times |date=3 August 2018 |access-date=2018-09-21|language=en |last1=Gelles |first1=David }}

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.{{Cite news|url=https://www.mercurynews.com/2018/08/01/warhousing-tech-elites-wealth-new-path-urged-for-silicon-valley-charity/|title=Warehousing tech elite's wealth? New path urged for Silicon Valley charity|date=2018-08-01|work=The Mercury News|access-date=2018-09-21|language=en-US}}