Orange County’s largest corporate foundations increased their donations by 1.4% this year, contributing a combined $15.3 million in cash and in-kind support. Much of that funding targeted pediatric healthcare and youth education.
Newport Beach-based Pacific Life Foundation topped this year’s list.
It’s affiliated with the second-largest private company in Orange County, Pacific Life Insurance Co., which had $16 billion in revenue in 2024.
For Pacific Life, the foundation’s giving is tied to the company’s growth, according to Pacific Life Chief Executive Darryl Button.
“As Pacific Life continues to grow, so will our contributions to the community,” Button told the Business Journal.
While OC donations at Pacific Life Foundation fell 8.8% to $4.5 million, its total giving increased 8.2% to $9.1 million. Its assets climbed 6.3% to $134.5 million.
In January 2024, the foundation notably gifted $1 million to the Hoag Hospital Foundation in support of the hospital’s $1.2 billion campus expansion in Irvine. At the time, Pacific Life said “commitment to seeing Orange County communities and workers thrive made supporting Hoag’s Irvine campus a natural fit.”
The foundation has committed to giving $750,000 over five years to support Orange County United Way’s SparkPoint financial literacy center at Kinoshita Elementary School in San Juan Capistrano.
Pacific Life supports other youth education organizations including the Boys and Girls Clubs of Central Orange Coast, Pretend City Children’s Museum and summer high school residential programs hosted at the University of California, Irvine.
The total assets of the 16 foundations on this list rose 7.7% to $7.3 billion, most of which is in the Bank of America Foundation.
Missing from this year’s list is Wells Fargo’s foundation; a spokesman said it’s unable to participate this year because it’s revising its local data. In 2023, it donated $1.4 million to Orange County charities.
The biggest increase was 262% at Irvine-based Taco Bell Foundation, which gave $470,000 in 2024.
This year, the foundation distributed community grants to 11 OC organizations, including a $75,000 grant to Orangewood Children’s Foundation and $70,000 to Boys & Girls Club.
“This year’s community grants reflect our commitment to inventing in the future of Orange County youth and helping them to reach their full potential,” Lisa Cardin, executive director of the Taco Bell Foundation, told the Business Journal.
Local Automakers Give Back
Corporate foundations of local automakers also gave to several youth-related initiatives, including pediatric healthcare and youth arts education.
Hyundai Hope on Wheels, the giving arm of Hyundai Motor America in Fountain Valley, increased its OC giving 22% to $365,000.
Founded in 1998, the foundation says it has donated more than $250 million to help upwards of 25,000 children fight cancer.
“For 27 years, Hyundai Hope on Wheels has filled a vital gap in supporting pediatric cancer research,” a spokesperson told the Business Journal.
In June, Hyundai and Hyundai Hope on Wheels announced a $200,000 donation to the Children’s Hospital of Orange County, now part of Rady Children’s Health.
Combined, Hyundai and Hyundai Hope on Wheels have donated approximately $12.9 million to CHOC, including Hyundai’s original $10 million investment in 2011 to establish the Hyundai Cancer Institute at CHOC.
Genesis Motor North America’s corporate foundation, Genesis Inspiration Foundation, also directed its giving to youth programs.
The foundation donated $3 million to 50 youth arts organizations last year. Recipients included Inner-City Arts, Amazing Grace Conservatory and A Place Called Home.
“Every child deserves to experience a quality education in the arts,” Genesis Motor North America CEO and President Randy Parker said in a statement.
This year, it’s committed to contribute the same amount to 83 organizations.
A portion of proceeds for every vehicle sold at a Genesis retailer goes to the foundation to provide more grants, according to the company.
Masimo Foundation Changes Name, Ownership
Dropping off the list this year was Masimo Foundation for Ethics, Innovation and Competition in Healthcare due to no longer being under Irvine-based medical device maker Masimo Corp. following last year’s departure of founder Joe Kiani.
Last year, it was ranked No. 6 on the Business Journal’s corporate giving list with total OC giving of $1.3 million for the year ended March 2023.
“We have been going through many changes since Joe Kiani left,” a spokesperson told the Business Journal.
It has changed its name to the Kiani Foundation and is now a family foundation.
Research Director Desmond Celo contributed to this report.
