In 2014, the Boys & Girls Club of Central Orange Coast created pilot program College Bound to introduce club members to the idea of attending college. Many came from families whose idea of a college education was a dream rather than a given. They were smart, though, hard-working and capable. With the right support, including one-on-one case management, there might be no stopping them.
The program needed money to get going, and Pacific Investment Management Co. stepped in with a significant grant.
“We invested in it because we knew if it succeeded, the impact would be significant,” says PIMCO Vice President, Corporate Responsibility Amber Skalsky.
Pimco is known for philanthropic endeavors. Through the PIMCO Foundation, it supports nonprofit groups and causes that empower people to reach their full potential. The Newport Beach-based investment powerhouse says it’s focused on making a measurable difference, a goal that aligns with a corporate mission of maximum optimization.
“We know the best ideas and solutions to some of the world’s greatest issues are advanced by leveraging strategic partnerships focused on mission alignment, multi-layered engagement, and rigorous evaluation,” Skalsky says by email. “We also know that right outside our doors, there are families and individuals facing homelessness, hunger, lack of employment, education—the list goes on. This is what drives us to invest all we have on long-term strategies aimed at social good.”
That belief helped PIMCO capture special recognition in the large company category on the Business Journal’s second annual Civic 50 list.
Range of Support
The PIMCO Foundation formally launched in 2001, and in the nearly two decades since, it’s committed over $38 million to organizations around the world. The program focuses on issues related to hunger and gender equality, as well as homelessness and college and career readiness, among others.
Last year, the foundation awarded more than $2.1 million to over 70 U.S. organizations to help address critical community needs. In Orange County, recipients included Casa Teresa, Families Forward, the Friendship Center, Human Options, Illumination Foundation and Working Wardrobes.
The foundation also supports nonprofit organizations through a range of other initiatives. Last year, it committed more than $2.6 million in global support of nonprofits through its Innovation Fund; Community Support; Volunteer; Global Pro Bono; Disaster Assistance; and employee match programs.
Pimco started its corporate volunteer program in 2007. It says approximately 60% of employees in its Orange County office take part, drawn by the opportunity to effect positive, long-lasting change in the community.
To leverage employees’ outreach interests, it created its Global Week of Volunteering in 2009 to heighten the impact of their volunteer efforts. This year alone, employees from Newport Beach to Tokyo and everywhere in between participated in more than 100 volunteer projects, including teaching job interview skills, painting group homes, reading to children, planting gardens, providing financial literacy classes, and tutoring college-bound high school students, among many other activities.
Global Week of Volunteering is an extensive coordinated effort, but PIMCO employees give back most every day. In fact, last year Newport Beach-based employees donated 13,000 hours to nonprofits and charities with missions close to their hearts.
“Service is transformative,” Skalsky writes. “For example, we see this within our board-placement program. Board service offers a high-impact way to dedicate time and expertise to shaping the future of nonprofits, and it’s also a powerful opportunity to build one’s own skills and expertise. Through board service, PIMCO colleagues can add value that is meaningful and productive toward the causes they care deeply about.”
Investment Pays Off
Pimco apparently knows a good community investment when it sees it. The foundation’s investment in College Bound has paid off in ways that will likely have ripple effects.
From the initial investment in 2014, hear from 2017 College Bound graduate Monica. She was an active participant program while a Boys and Girls Club member for five years.
“I believe that joining College Bound has helped me stay focused more on achieving my goals and striving for good grades,” she writes. “I don’t have anyone in my family that I can look up to or ask for advice on what is going to happen after high school. Nevertheless, I won’t let that get in the way of me and my future.”
