Total cash giving by 35 corporate foundations and company charitable arms active in Orange County dropped 6.4% from a year ago. But discounting two major, one-time giving efforts in 2012 from the largest giver on that year’s list, Wells Fargo & Co. there was a fractional boost for the year—the fourth straight of positive increases, the Business Journal’s list shows.
Giving in Orange County by the groups was up 3.1% with no adjustment.
The Business Journal ranked 35 corporate foundations and charitable arms of businesses with headquarters or significant operations in the county.
Overall, three in five foundations and charitable organizations increased their giving year-over-year—20 up and 14 down—and one gave the same amount both years.
Fourteen organizations gave more in cash donations in Orange County, nine gave less, and 10 didn’t break out numbers for one or both years and two didn’t give in Orange County.
Four “More” Years
This year’s overall tally shows a drop from $1.3 billion to $1.2 billion based on the most recent data.
But excluding $84 million between two donations in 2012 from the list’s top giver, Wells Fargo, turns the drop to an increase for the year—though still by less than 1%.
Wells Fargo gave $77 million in 2012 to NeighborWorks America in Washington, D.C., to help fund down payments in U.S. communities most affected by ongoing effects of the 2008 housing crisis, said Jack Toan, community affairs manager for the company who oversees philanthropy and volunteerism for it in Orange and San Diego counties and the Inland Empire.
An additional $7 million went to Opportunity Finance Network, which helps community development nonprofit organizations in low-income communities offer banking services to people in those areas, he said.
Locally, Toan said he expects giving to increase in support of veterans’ housing needs and that next month its annual United Way giving program begins with a goal of $10 million in employee donations from Toan’s region.
“Wells Fargo matches gifts from that campaign to accredited educational institutions,” he said.
Local Devotion
Three charitable arms of local companies posted higher giving locally and overall, in all but one case, hitting double digits with their increased largesse.
• No. 12, Edwards Lifesciences Foundation, gave 22.2% more overall and 18.2% more locally.
• Giving by No. 16, Broadcom Foundation, was up 23.4% overall and 9.9% in Orange County.
• No. 19, Western Digital Foundation, was up 32.6% overall and 27.1% locally.
Each grew based on how companies connected with them make contributions.
Edwards Lifesciences Foundation generally gives 1% to 1.5% of the heart valve maker’s pretax income, excluding special items, said Amanda Fowler, its executive director.
“We often exceed that level,” she said. “As we have more success, we give more.”
For instance, the parent company recently received money in a patent settlement, resulting in $50 million going to the foundation.
One specific project is the foundation’s Every Heartbeat Matters program to provide heart valve treatment for 1 million people by 2020.
Broadcom Foundation launched in 2009 with $50 million in funding from the company and a plan to give away $2.5 million a year.
This year, it gave $4.3 million overall. Its assets came to $102.6 million, for the first time topping $100 million.
Executive Director Paula Golden said the company supports middle school students, encouraging them to commit to STEM (science, technology, engineering, math) learning—and for graduate students in those areas.
“We want to expand our programs, and the corporation has committed additional resources in Orange County and the world,” she said.
Specifically, Broadcom Foundation supported after-school programs by THINK Together in Santa Ana and an at international science and engineering fair in Los Angeles.
Western Digital’s charitable arm works slightly differently, said its executive director, Rose Krupp.
The foundation doesn’t build an endowment; it budgets giving for the entire year; and it aims to give away all or most of its money each fiscal year, she said.
“We fortunately have been able to increase corporate philanthropy year-over-year for several years,” Krupp said.
“Ideally, we wouldn’t have a balance at the end of the year,”
Western Digital Foundation had just $264,927 in assets at the end of its last fiscal year.
The three foundations said they give most of their money where the companies have a significant presence and where employees live.
Altogether, Now
The 35 foundations and corporate charitable arms reported assets of $793 million, down about 3% from $814 million a year ago.
That can be a good sign, since the purpose of a foundation is to give.
The top five foundations on the list—Wells Fargo, JPMorgan Chase Foundation, Wal-Mart Foundation Inc., Boeing Company’s Global Corporate Citizenship, and Bank of America Charitable Foundation Inc.—are responsible for more than $1 billion of the giving, or 80%.
