Wells Fargo and Team Members Donated $9.6 Million to Iowa Nonprofits in 2017
DES MOINES, IOWA — Wells Fargo & Company (NYSE: WFC) today announced the company donated $4.5 million to Iowa nonprofits, schools and community organizations in 2017 through corporate and foundation giving. When combined with the $5.1 million donated by the company’s 16,000 Iowa team members, nonprofits in the state received a total of $9.6 million from Wells Fargo and its team members in 2017. That amounts to an average daily donation of $26,300.
The $9.6 million represents a $500,000 surge over Wells Fargo’s 2016 corporate and team member giving in Iowa, or a 5 percent increase.
In addition, Iowa team members also gave their time, volunteering 210,000 hours with nonprofits, schools and community organizations in 2017. The Independent Sector, a U.S. coalition of more than 550 philanthropic organizations, estimates the value of one volunteer hour is $24.12. At 210,000 hours, the value of Wells Fargo team members’ 2017 volunteerism in Iowa was nearly $5.1 million.
The $9.6 million given by the company and team members plus the estimated $5.1 million in volunteerism represents a combined $14.7 million charitable impact Wells Fargo and team members had on Iowa nonprofits, schools and communities in 2017.
“Our Wells Fargo Foundation, corporate and team member giving alone made a staggering impact on the lives of so many people in our communities throughout Iowa last year,” said Marta Codina, Wells Fargo region bank president for western Iowa. “But our team members absolutely love to give of their time as well as their money. Those 210,000 volunteer hours they logged last year were instrumental in helping countless nonprofits carry out their important work as they strive to provide vital services to people in our state, empowering change for the better in our communities.”
The 210,000 volunteer hours recorded in 2017 represents an 18 percent increase over the number of volunteer hours Iowa team members recorded in 2016, and it was Wells Fargo’s third-highest team member volunteer hours total in the U.S., behind only California (250,500 hours) and North Carolina (233,000 hours). Both of those states have more than twice as many Wells Fargo team members as Iowa.
“The level of engagement our Iowa team members have with organizations that are important to them is off the charts, and I couldn’t be more proud of their generosity and selflessness,” said Brett Smith, region bank president for eastern Iowa. “We show our support by writing checks as well as rolling up our sleeves and getting to work. Our company and our team members love to make an impact and help our communities succeed, because we embrace the idea that we are all better together.”
Wells Fargo’s $4.5 million in corporate and foundation giving came in the form of 380 grants made to nearly 300 nonprofits in 43 Iowa communities. The grants were made in the following focus areas: human services; arts and culture; civic organizations; community development; education; and environmental sustainability.
Wells Fargo team members in Iowa are also members of approximately 350 nonprofit boards.
Across the U.S. in 2017, Wells Fargo donated $286.5 million to 14,500 nonprofits, and team members pledged a total of $85 million to 40,000 nonprofits and schools. As a result, United Way Worldwide named the company’s workplace giving campaign No. 1 in the U.S. for the ninth consecutive year. Wells Fargo team members across the company also volunteered a record 2 million hours with nonprofits and schools last year.
In addition, Wells Fargo reaffirmed its previously announced 40 percent increase in corporate philanthropy for 2018, targeting $400 million. The company also has a goal of investing 2 percent of its after-tax profits for corporate philanthropy, beginning in 2019.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $2.0 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through more than 8,300 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations.