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Tuesday, Mar 19, 2024
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Corporate Foundations Boost Giving 1.4% to $1.3B

Corporate foundations active in Orange County continued what’s now a six-year trend of increasing overall cash contributions to OC charities.

They contributed a little less than $1.25 billion in their most recent fiscal years to national and international charities, up 1.4%, or about $17.6 million, year-over-year, as they increased contributions to OC programs by about 6% to a little more than $20 million.

The Business Journal ranked 35 of the corporate foundations and charitable arms of businesses with headquarters or significant operations in the county by overall contributions. The list also shows dollar amounts contributed to OC programs, though those contributions don’t affect the rankings.

Twenty-one of the foundations increased contributions, five by more than $1 million. Ten reported a drop in contributions, three by more than $1 million. Contributions by three foundations held steady, and the Business Journal estimated one foundation’s giving.

The Top 5

• Perennial No. 1, Wells Fargo & Co.’s Irvine office, contributed about $322.6 million, up about $2.5 million. The bank foundation gave almost $100 million more overall than the No. 2 donor. The group’s donations to OC causes dropped 6.5% to about $5.8 million. It doesn’t list assets.

• JPMorgan Chase Foundation in Irvine ranks No. 2 with about $223.9 million in contributions, down 6.7%. The $16.1 million decrease was the largest dollar drop on the list. The Business Journal couldn’t determine the foundation’s contributions to OC groups because it doesn’t list benefitting cities. It also doesn’t list assets.

The bank started a $75 million New Skills for Youth program this year to help children develop skills for high-paying technical jobs in the fields of aviation mechanics, nursing and information technology.

It will award grants to states that have created career and technical programs matching area employers’ needs, such as medical sciences, robotics or coding.

• Boeing Company’s Global Corporate Citizenship in Chicago was No. 3 with $188 million, up 6.8%. The foundation doesn’t list benefitting cities or its assets.

• Bank of America Charitable Foundation Inc. in Charlotte, N.C., crept up one spot to No. 4 with about $175.7 million in contributions, up 9.5%. The $15.2 million jump was the greatest dollar increase on the list. The foundation reported a 76% drop in assets to about $4 million.

• Wal-Mart Foundation Inc. in Bentonville, Ark., dropped to No. 5 with about $166 million in giving, down 1.5%. It more than tripled its OC contributions to $158,500. It reported about $40.7 million in assets, up about 119%.

Notable Changes

• United Health Foundation in Minnetonka, Minn., moved up one spot to No. 7 with about $23.5 million in contributions, up 18%. It reported a 136% increase in assets to about $90 million. It didn’t provide beneficiaries’ cities.

• Taco Bell Foundation in Irvine jumped two spots to No. 10 with about $8.6 million in giving, up 33.8%. It reported a 28% drop in assets to $7.5 million.

• The Allergan Foundation in Irvine leapt three spots to No. 11 with $7.5 million in contributions, up 34%. It also increased contributions to OC causes by 6% to about $1.6 million. It reported assets of $39.5 million, down $301,000.

• Masimo Foundation for Ethics, Innovation, and Competition in Healthcare in Santa Ana is No. 20 with about $2.8 million in giving. The group contributed about $1.4 million in OC; its 2014 donation and assets amounts were unavailable. In its most recent fiscal year, it reported assets of about $4.8 million.

• Anaheim Ducks Foundation in Anaheim is No. 31 with $372,864 in contributions, up about 205%, the largest percentage increase on the list. It reported assets of $895,271, up 23%.

• The Walt Disney Co. Foundation ranks No. 12 with about $7 million in giving, down about 21%. Its $1.8 million decrease in overall giving was the third largest on this year’s list. It reported assets of about $3.2 million, down about 19%.

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