Anonymous donor gives $1 million to local nonprofit
By André Coleman 12/27/2012
The Pasadena Community Foundation (PCF) received an early Christmas gift on Dec. 12, when an anonymous donor gave the organization $1 million in honor of the foundation’s 60th anniversary.
“This million-dollar gift is a milestone gift for us and the largest unrestricted current gift we have ever received,” said PCF Executive Director Jennifer DeVoll in a statement. “Over the years, we have received some large bequests through estate plans and similarly large gifts to donor advised funds, but what makes this gift significant is that it will directly support local grant making. Overall, it is a real endorsement of our work to support area nonprofits.”
The donation came in a check from the Vanguard Charitable Endowment Program, another nonprofit organization which manages charitable funds for philanthropists.
The money will be used to generate grants to Pasadena nonprofits that work in the areas of the arts, education, the environment, health, human services and youth advocacy.
According to the PCF, grants are distributed to those specific areas to ensure the community’s diversity of riches is preserved.
The PCF was founded in 1953 by Pasadena real estate developer Louis Webb and his wife, Marion, who gave $1 million to start the organization as a community trust. The Webbs pledged their $2.5-million estate to the foundation, received in two parts upon Louis’ and Marion’s deaths in 1966 and 1977, respectively.
The foundation will hold a gala in October to celebrate its 60th anniversary at the Langham Hotel in Pasadena. At the dinner, high-level donors can create named endowments that are either unrestricted or support funding for one of the six targeted areas of interest. Proceeds from the gala will go to the Community Foundation’s endowment.