Company making progress against $400 million philanthropy goal set for 2018
SAN FRANCISCO--(BUSINESS WIRE)--According to a new survey on corporate giving from the Chronicle of
Philanthropy, the
Wells Fargo Foundation is the No. 2 corporate cash giver in the U.S.
and the top financial institution in overall giving.
The rankings, based on 2017 data, reflect more than $286.5 million in
cash contributions distributed by Wells Fargo to over 14,500 nonprofits.
The funding supports such important causes as affordable housing, small
business growth, job readiness and environmental sustainability. Earlier
in 2018, the Wells Fargo Foundation announced it would contribute $400
million to communities across the U.S. – a 40 percent increase in giving
– and it is currently on track to reach that milestone.
“We wholeheartedly believe that business can and should play a role in
building stronger communities,” said Jon R. Campbell, president of the
Wells Fargo Foundation. “In fact, leadership in corporate citizenship is
one of our six company goals, and our team members know and embrace this
commitment by not only supporting our philanthropy but also donating
more than two million hours of volunteer time in local communities. For
nonprofits of all sizes, we know that cash donations are vital so we
will continue to do our part to work together to bring hope and
stability to people and underserved communities.”
Recent contributions from the Wells Fargo Foundation include:
-
The
Tribal Solar Accelerator Fund – a three-year, $5 million
philanthropic commitment to help GRID Alternatives expand solar energy
to tribal communities across the U.S. The fund will catalyze solar
projects on tribal lands, greatly reducing energy bills, and train
tribal members in solar jobs.
-
The
NeighborhoodLIFT® program – in collaboration with NeighborWorks®
America and its network members, this program recently expanded to Boston;
Kansas
City, Mo.; Chicago;
and Des Moines, Iowa to boost homeownership. In 2018, Wells Fargo has
committed more than $75 million to extend its reach. Since the
program’s inception, the down payment assistance and homebuyer
education initiative has helped more than 18,000 families achieve
homeownership.
-
Financial Capability – with more than $21 million in funding in the
last year, financial counseling and coaching for underserved
communities, families and struggling small business owners has put
more people on a pathway to financial stability. Our most recent $3.5
million commitment helps participants set long-term goals and provides
a local expert to coach them towards success.
Beginning in 2019, Wells Fargo will invest two percent of its after-tax
profits for philanthropy.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, insurance, investments, mortgage, and
consumer and commercial finance through more than 8,300 locations,
13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 38 countries and territories to support customers who conduct
business in the global economy. With approximately 265,000 team members,
Wells Fargo serves one in three households in the United States. In
2017, Wells Fargo donated $286.5 million to 14,500 nonprofits and Wells
Fargo team members volunteered a record 2 million hours. In 2018, Wells
Fargo is ranked as the No. 2 corporate cash donor in the U.S., according
to the Chronicle of Philanthropy. Wells Fargo’s corporate social
responsibility efforts are focused on three strategic priorities:
diversity and social inclusion, economic empowerment, and environmental
sustainability. News, insights and perspectives from Wells Fargo are
also available at Wells
Fargo Stories.