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Wells Fargo Regional Foundation will become part of the Philadelphia Foundation


Wells Fargo Regional Foundation will become part of the Philadelphia Foundation
Harold Brubaker, The Philadelphia Inquirer
© HEATHER KHALIFA/The Philadelphia Inquirer/TNS
The newly renovated Esperanza Health center at Allegheny Avenue and Kensington in Philadelphia, PA is photographed on Tuesday, Oct. 1, 2019. The health center is in the former Kensington Trust Bank. Esperanza is among the Philadelphia community-development organizations that the Wells Fargo Regional Foundation has supported.
Wells Fargo Regional Foundation, which makes grants and loans to neighborhood development nonprofits in eastern Pennsylvania, New Jersey, and Delaware, will move its $100 million in assets into a new entity under the Philadelphia Foundation, the two organizations announced Friday. ....

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Wells Fargo transferring $100 million in charitable assets to Philadelphia Foundation


Wells Fargo Regional Foundation and Wells Fargo Regional Community Development Corporation announced Friday that they will transfer their programmatic activities and $100 million in charitable assets to a new Regional Foundation LLC, which will be operated as a component of the Philadelphia Foundation.
The Regional Foundation LLC will begin operations in the coming weeks.
“There is no better time to have a bold, robust, and inspiring public-private partnership than now given the impact particularly that the pandemic has had on communities of color,” said Aldustus Jordan, national community co-head of the Wells Fargo Social Impact and Sustainability Group.
“This partnership will provide resources directly to neighborhoods involving residents and thought leadership partnerships with key institutions to drive impact and change in communities. ....

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