Wells Fargo Donates $315.8 Million to Communities for 2012
Grants help local community groups meet wide array of needs
SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo & Company (NYS: WFC) announced today that it invested $315.8 million in 19,500 nonprofits in 2012, a 48% increase over the total donations for 20111. The 2012 total includes nearly $77 million in down payment assistance grants made as part of Wells Fargo's NeighborhoodLIFTSM program. This increase follows four consecutive years of more than $200 million a year in total corporate giving.
"These numbers represent Wells Fargo's ongoing commitment to providing vital financial resources to the local communities we serve," said Chairman and CEO John Stumpf. "Although our economy goes through ups and downs, our longstanding commitment to the communities where our customers live, work, and do business has been a core part of our vision and values since day one."
Wells Fargo's corporate giving is guided by the principle of finding local solutions for local needs. Team members living and working in Wells Fargo's communities direct corporate giving to those organizations and programs considered vital to the communities they call home.
In 2012, Wells Fargo's community investments included $75.7 million to 8,000 educational programs and schools around the U.S., and $146.4 million in grants to nonprofits focused on community development in distressed communities, including affordable housing, homeownership counseling, financial education, workforce development and job creation. In addition, Wells Fargo contributed to nonprofits serving the following causes:
Arts and Culture: $14.9 million
Civic2: $17 million
Environment: $7.9 million
Human Services: $53.9 million
Team Member Giving and Volunteerism Increases
In addition to corporate giving, in 2012, 57,036 team members reported more than 1.5 million community involvement and volunteer hours, valued at $32.73 million. Our number of team member volunteers increased by 4,600, an 8.2% increase from 2011. Examples of volunteer activities included Habitat for Humanity builds; restoring parks and public land; and delivering financial education to 153,902 individuals and families using Wells Fargo's Hands on Banking® program.
"Year after year, our team members are out in our communities, helping local organizations that are making a difference in the lives of people in need," said Jon Campbell, head of Government and Community Relations at Wells Fargo. "Whether they're giving their time and talent, or donating their own financial resources, our team members are setting an amazing example, and they're making a positive impact in local communities all over the country."
In 2012, Wells Fargo team members contributed $60.5 million to more than 25,000 nonprofits and schools during Wells Fargo's annual Community Support and United Way Campaign. Combined with other year-round donations to nonprofits, team members donated a record $79 million, a 23% increase over the amount contributed in 2011. Team member donations and volunteer hours are calculated separately and not counted as part of Wells Fargo's corporate giving program.
About Wells Fargo
Wells Fargo & Company (NYS: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. We want to help all of our customers succeed financially and create long-term economic growth and quality of life for everyone in our communities. In 2011, the Company invested $213.5 million in grants in 19,000 nonprofits, and team members contributed more than 1.5 million volunteer hours around the country. For more information, please visit: www.wellsfargo.com/about/csr.
1 Corporate giving totals include giving by Wells Fargo Bank, its subsidiaries, the Wells Fargo Foundation, and the Wells Fargo Regional Foundation.
2 Donations in the "Civic" category focus on support to organizations and associations that enhance a community's quality of life (such as public policy, community beautification, city parks, civic leadership, citizen education, and cultural diversity). Donations in "Community Development" primarily support affordable housing for low-to-moderate income individuals, economic development programs, and revitalization or stabilization of low-to-moderate income communities.
3 For 2011, the value of one volunteer hour was $21.79, according to the Independent Sector, a U.S. coalition of more than 500 philanthropic organizations.
Jim Nawrocki, 415-222-1940
KEYWORDS: United States North America California
The article Wells Fargo Donates $315.8 Million to Communities for 2012 originally appeared on Fool.com.
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