Pasadena, CA -- The Pasadena Community Foundation (PCF) today announced that it has received an anonymous gift of $1 million made by a donor to honor the Foundation's 60th anniversary. Per the donor's instructions, this money will fund the Foundation's unrestricted endowment that generates grants for non-profits in the Pasadena community.
The Pasadena Community Foundation was established in 1953 by Pasadena philanthropists Mr. & Mrs. Louis Webb who pledged their estate to the Foundation. A portion of their estate came to the Foundation in 1966 when Louis Webb died, and the remainder when Marion Webb died in 1977, amounting to a gift of about $2.5 million.
According to Jennifer DeVoll, PCF's Executive Director, "This million dollar gift is a milestone gift for us and the largest unrestricted current gift we have ever received. 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 non-profits."
Ms. DeVoll states that the Foundation's assets have grown in the last decade from $16 million to about $32 million currently. "All of these funds have come from local residents who love Pasadena. This is an amazing community, very generous and very civic minded."
PCF provides funding to six areas each representing important resources that merit support in the Pasadena community. These include: Arts & Culture, Education, Environment, Health, Human Services, and Youth. Grants are distributed across these broad areas to ensure that the diversity of riches in the community are preserved for the next generation.
The Foundation will hold its first-ever gala to celebrate its 60th anniversary in October 2013 at the Langham Hotel in Pasadena. PCF's highest-level patrons can create named endowments that are either unrestricted or support funding for one of the six targeted areas of interest. The proceeds from the gala will go toward growing the Foundation's endowment.