The boards of the Community Foundation Silicon Valley in San Jose, California, and the Peninsula Community Foundation in San Mateo, California, have signed the final merger agreement creating the Silicon Valley Community Foundation, the fourth-largest community foundation in the United States.
The new foundation, which officially begins its operations on January 2, will have 1,400 philanthropic funds and more than $1.5 billion in assets under management, and will conduct business as one entity with offices in San Mateo and San Jose. The merger of the two foundations will enable the new foundation to grow its resources and expand its focus to all of San Mateo and Santa Clara counties, creating impact on a broader scale than CFSV or the Peninsula Commuity Foundation could do separately.
The board of the new foundation also anticipates other advantages to emerge, including programs and initiatives that result in a deeper and broader impact on the community; the ability to educate and involve the public in key policy and community issues; greater capacity to engage donors in supporting causes locally and globally; streamlined grant programs and improved technical assistance for local nonprofits; greater program expertise and capacity; better investment options and management of assets, leading to greater donor satisfaction and increased giving; and increased operational efficiency.
"This community foundation has the opportunity to pioneer a new standard for civic engagement," said Emmett Carson, CEO and president of the new foundation. "Merging these two well-run and successful foundations is not only innovative and unique, but will better allow us to support, encourage, and partner with leaders from the nonprofit, public, and private sectors to advance the best ideas and solve problems across the region."