By THALIA BEATY | Associated Press
Nicole Taylor has an insider’s view of philanthropic trends from her seat as the president and CEO of the Silicon Valley Community Foundation. Located in Mountain View, the community foundation’s donors gave out nearly $4.6 billion in 2023, a significant increase from the $2.6 billion granted the previous year.
Related Articles
Business |
Supreme Court allows White House to press social media companies to remove disinformation
Business |
California bill advances that would make Google, Facebook pay news companies whose stories appear on their platforms
Business |
Opinion: When it comes to defense, beware the techno-optimists of Silicon Valley
Business |
Former Google CEO sells Silicon Valley mansion for $20 million-plus to mystery buyer
Business |
California YIMBY group endorses Silicon Valley billionaire’s California Forever project
That spike, Taylor said, was thanks to some large donors “who really doubled down big on some things that they cared about.”
She said it’s hard to predict what will happen this year, “Are there going to be more wars? We have a huge election coming up. We fully expected donors to be active. Whether it’s going to be $4 billion again? Hard to say.”
The foundation doesn’t comment on specific donors or donations, but its reported grants reveal its clients include some of the wealthiest and most powerful people in Silicon Valley. That includes Meta CEO Mark Zuckerberg and his wife Priscilla Chan, other Facebook alumni, and those whose wealth comes from the booming business of artificial intelligence.
Taylor, who was the first Black woman to lead the foundation when she joined in December 2018, spoke with The Associated Press about the role of philanthropy in democracy, threats to racial justice advocacy and the growth of donor-advised funds. The interview has been condensed.
_____
Q: A large and growing share of charitable giving is going to donor-advised funds. How does SVCF get donors to actually move those dollars to charities?
A: Donor-advised funds have allowed many, many people to get into get into the game as I like to say. Get off the sidelines and get into the game and really be able to have an impact in ways that weren’t accessible to them before. You don’t have to be wealthy. You don’t have to set up your own private foundation, and it allows you to accumulate some resources and get them out or get them out immediately.
We actually don’t have to do much to encourage our donors to give it out. … We set up issue area funds so that if they’re not quite sure what they want to give to, they can …read more
Source:: The Mercury News – Entertainment
