Wells Fargo Donated $10.4 Million to Support Iowa Nonprofits in 2018
DES MOINES, Iowa — Wells Fargo today announced the company donated $10.4 million through 353 grants to local nonprofits, schools and community organizations in 2018 to help the communities and people of Iowa.
Wells Fargo’s philanthropic contributions build on a long history of collaboration with local nonprofits and community leaders to make a positive impact by addressing urgent community issues such as affordable housing, small business growth, access to education and sustainability.
When combined with the more than $4.8 million donated by 15,400 Iowa team members during the company’s internal Community Support Campaign, nonprofits in the state received a total of $15.2 million from Wells Fargo and its team members in 2018. That amounts to an average daily donation of $41,643.
“Across our community, many residents are working hard to make ends meet,” said Marta Codina, Wells Fargo region bank president for western Iowa. “Here in Iowa, we want to help people find a stable place to live, help small business owners expand, and help young people gain a quality education that prepares them for the workforce.
“We are determined to help people and communities, especially in underserved areas, succeed financially. We will continue to provide philanthropy, volunteers, expertise and other resources to revitalize and strengthen local neighborhoods.”
Beyond philanthropy, Wells Fargo team members in Iowa volunteered more than 200,000 hours in 2018 to support nonprofits and causes important to them — including organizations such as Habitat for Humanity, Meals from the Heartland and Junior Achievement. The Independent Sector estimates the value of one volunteer hour is $24.69.
At 200,000 hours, the value of Wells Fargo team members’ 2018 volunteerism in Iowa was more than $4.9 million.
When you combine the Wells Fargo and team member giving totals of $15.2 million and the $4.9 million value of the volunteerism, it means Wells Fargo and its team members made a $20.1 million charitable impact in Iowa last year.
“Part of what makes Wells Fargo unique is the generosity of our team members, who help multiply our community impact,” said Brett Smith, region bank president for eastern Iowa. “Sometimes giving time is even more valuable than money, because it puts our desire to build a strong community into action and gives us a tangible way to personally make a difference.”
United Way Worldwide recently recognized Wells Fargo for having the No. 1 workplace giving campaign in the U.S. for the tenth consecutive year.
Making an impact in Iowa
Wells Fargo concentrated its 2018 local philanthropic contributions on addressing urgent community issues such as:
To help increase affordable, stable housing and homeownership in low- and moderate-income neighborhoods, Wells Fargo made a $4.7 million commitment to boost homeownership in Polk County through its NeighborhoodLIFT program, providing down payment assistance grants that helped create more than 250 new homeowners.
Small business growth
Small businesses are critical to job creation and a vibrant community. Many diverse-owned small businesses, especially those in rural and low- to moderate-income communities, face unique challenges and often lack access to the full spectrum of resources necessary for growth and success. Iowa nonprofits serving small businesses — such as the Immigrant Entrepreneurs Summit that has helped form more than 1,600 new immigrant-owned companies in 11 years — received grants to provide access to capital and training for entrepreneurs in rural and urban markets.
Economic equity and inclusion
Support included grants to nonprofits that directly serve diverse and historically underserved groups, including initiatives focused on the development of women and diverse talent, education and vocational training and other solutions for communities with limited access to traditional financial services.
Access to education
Support included grants for local K-12 schools, scholarships for post-secondary or vocational training and financial education. It also included supporting initiatives such as United Way of Central Iowa’s annual Wells Fargo-sponsored Graduation Walk, where volunteers go out in the community to encourage students with high rates of absenteeism to return to school.
“Wells Fargo is a philanthropic leader in Iowa,” United Way of Central Iowa President Elisabeth Buck said. “Their annual employee giving campaign provides millions of dollars to United Way and other nonprofits working to help those in our community who struggle. They provide exceptional support for volunteer activities year-round, including their incredible support of the annual Graduation Walk, which deploys hundreds of volunteers to visit with at-risk students and encourage them to finish high school.
“Wells Fargo is a key partner in our community and our state, and we are grateful for their exceptional support.”
About Wells Fargo
Founded in 1852 and headquartered in San Francisco, Wells Fargo & Company (NYSE:WFC) provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,800 locations, more than 13,000 ATMs, and the internet (wellsfargo.com). Wells Fargo’s vision is to satisfy customers’ financial needs and help them succeed financially. With approximately 259,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. In 2018, Wells Fargo donated more than $444 million to nearly 11,000 nonprofits in support of affordable housing, small business growth, financial education, and sustainability, among other community needs. For 10 consecutive years, Wells Fargo has held the honor of No. 1 in workplace giving by United Way Worldwide. Wells Fargo team members also make a difference by donating more than 2 million hours of volunteer time in the last year. News, insights and more information on the company’s corporate responsibility are available at Wells Fargo Stories.