Philadelphia Foundation Welcomes the Wells Fargo Regional Foundation in New Partnership
PHILADELPHIA, PA – (12/18/20) Philadelphia Foundation is pleased to announce that the Wells Fargo Regional Foundation and the Wells Fargo Regional Community Development Corporation will become a component of the Philadelphia Foundation with a transfer of $100 million in charitable assets. Under the auspices of Philadelphia Foundation, the organization will be known as the Regional Foundation, LLC. As a longstanding, trusted philanthropic partner, Philadelphia Foundation will anchor, support and amplify the work of the Regional Foundation, which supports resident-driven and neighborhood revitalization programs in Eastern Pennsylvania, New Jersey and Delaware.
“For more than a century, Philadelphia Foundation has grown and stewarded effective and permanent philanthropic investment in this region,” said Pedro A. Ramos, President & CEO, Philadelphia Foundation. “It is a privilege to be recognized as the best place to ensure that the extraordinary legacy of the Wells Fargo Regional Foundation continues and grows.”
Wells Fargo and Philadelphia Foundation share a strong commitment to the vibrancy of the region’s communities and the health and well-being of the residents who call it home. The new Regional Foundation will combine expertise in strategic philanthropy and community engagement to address critical community needs.
“Over the past 22 years the Wells Fargo Regional Foundation and CDC 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.”
The 47 active multi-year grants and investments from the Wells Fargo Regional Foundation will continue without interruption. Investments currently being made by the Wells Fargo Regional Community Development Corporation also will be maintained.
This is a remarkable day for the region. As part of Philadelphia Foundation, the Regional Foundation’s assets will remain focused on its current tri-state geography, and it will become a public charity, which creates the opportunity for future growth from new contributions, allowing its impact to go further and deeper into the places and people where it is needed most.
There are many good things to come. “Our deep knowledge of the community makes us an ideal partner with the Regional Foundation,” Ramos said. “We have supported many of the same organizations over time and are familiar with the ongoing good they accomplish on a grass roots basis.”
“Listening to residents about neighborhood needs is essential to developing a vibrant region,” he added.
“We look forward to continuing and expanding the vital work of the foundation.”