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 project will expand no-cost solar to reservations, 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 programs 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 Fargos 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 Fargos 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.