Important News about the Wells Fargo Regional Foundation

Posted by Philadelphia Foundation on December 22, 2020

Wells Fargo Regional Foundation and Wells Fargo Regional Community Development Corporation (collectively the “Wells Fargo regional foundations”) announced that they will transfer their programmatic activities and $100 million in charitable assets into a new Regional Foundation, LLC, operated as a component of Philadelphia Foundation. Regional Foundation, LLC will begin its operations in the coming weeks. This charitable transfer will continue and expand upon the Wells Fargo regional foundations’ original commitment to addressing community needs in Pennsylvania, New Jersey and Delaware. Wells Fargo & Company will also provide an additional $500,000 donation to Philadelphia Foundation to support the transition, needs, and mission of the Regional Foundation, LLC.

The boards of the Wells Fargo regional foundations and the Philadelphia Foundation recently signed a memorandum of understanding regarding this move, which will bring the collective expertise in strategic philanthropy and community engagement of these long-standing institutions together to enhance the Wells Fargo regional foundations’ long term, resident-driven neighborhood revitalization programs.

This move does not affect Wells Fargo & Company’s local philanthropy and social impact through the Wells Fargo Foundation. The Wells Fargo Foundation will continue with its focus on housing affordability, financial health and small business growth.

The Wells Fargo regional foundations are independent 501c3 organizations affiliated with Wells Fargo & Company. They focus on improving the quality of life for those living in low-income communities by funding comprehensive, neighborhood-based economic and community development initiatives.

“Over the past 22 years the Wells Fargo regional foundations have been proud to support some of the most forward-thinking and innovative grass-roots community organizations in the northeast United States,” said John Thurber, Esquire, Wells Fargo Regional Foundation board chair. “The funding focus will continue to embrace a resident-driven, long-term approach to neighborhood revitalization and act as a catalyst for systemic change in building stronger communities.”

“Since its inception in 1998, the Wells Fargo regional foundations have made 800 grants totaling almost $107 million dollars, primarily in the local three-state region,” said Aishah Miller, Wells Fargo & Company vice president and current executive director of the Wells Fargo Regional Foundation.  “We are proud to have collaborated with local groups and residents to improve neighborhoods in such cities as Philadelphia, Newark, Camden, Wilmington, Allentown and Reading and the Regional Foundation, LLC will retain this geographic focus in operating the legacy programs.”

For more than a century, Philadelphia Foundation has grown and stewarded effective and permanent philanthropic investment in our region,” said Pedro A. Ramos, President & CEO, Philadelphia Foundation.  “We are excited to welcome the Wells Fargo regional foundations and to be a part of assuring that its legacy of extraordinary commitment and innovation in supporting communities continues and grows.