‘I like to take into consideration neighborhood as an ecosystem,’ says CEO Nicole Taylor
Over the final decade, Silicon Valley Community Foundation has change into one of many favourite locations for tech philanthropy.
Counting Mark Zuckerberg, Jack Dorsey and Reed Hastings amongst its donors, SVCF has quietly change into a philanthropic powerhouse. As a neighborhood basis, it made $126 million in grants in 2018 in San Mateo and Santa Clara counties (the most recent 12 months for which numbers had been accessible), however its true energy comes from the practically $9 billion in donor-advised funds (also called DAFs) it oversees.
DAFs have change into in style amongst rich donors in recent times as a result of they carry the tax advantages of a donation with out requiring that a direct donation be made. They additionally courted controversy, with critics accusing them of being a automobile for tax sheltering.
Not so, says Nicole Taylor, SVCF’s CEO and president. Appointed a 12 months in the past after her predecessor was ousted in scandal, Taylor is working to change the picture of DAFs whereas difficult her donors to tackle the Bay Area’s distinctive challenges, like housing, inequality and transportation. I spoke to Taylor about how the tech sector can do higher with its giving.
TechCrunch: Let’s begin by explaining how a neighborhood basis works?
Nicole Taylor: Community foundations are a automobile for individuals who need to give that include a much better tax benefit and advising benefit than organising non-public foundations [whose] overhead is expensive. Most folks don’t need to go there; they need a spot that helps them with their giving they usually need to have that connection again to their local neighborhood.
Community foundations had been began within the Midwest and are over 100 years outdated. There are over 800 of us. We serve explicit geographic areas. Our core focus [at SVCF] is the Silicon Valley area, the 2 counties right here – Santa Clara and San Mateo.