Companies Contributes More than $4.5 Million in Support of Non-Profits Serving Low-Income Communities
As the Bay Area shelter-in-place order stretches into its sixth week, Tipping Point Community continues to rapidly raise funds in support of non-profits and vulnerable communities during the unprecedented COVID-19 crisis. Today, the poverty-fighting organization announced that 14 companies have stepped forward to invest in its effort with lead gifts from Ripple at $1.1 million and BlackRock of $1 million. Tipping Point has an ambitious goal of raising $30 million to stabilize the ecosystem of non-profits in the Bay Area and get cash directly into the hands of individuals who need it most. Over $18 million has been raised to date. Companies that have contributed include:
- BlackRock ($1 million)
- Goldman Sachs & Co., LLC ($500,000)
- Google.org ($100,000)
- Levi Strauss Foundation ($100,000)
- The PG&E Corporation Foundation ($50,000)
- Pinterest (50,000 shares of PINS)
- PwC ($200,000)
- Qatalyst Partners ($100,000)
- Ripple ($1.1 million)
- Silver Lake ($50,000)
- SoMa Equity Partners ($250,000)
- Supercell ($200,000)
- Target ($100,000)
In addition, the VISA Foundation, which in October announced a three-year, $3 million commitment to Tipping Point, is accelerating its support, investing $2 million this year to meet the urgent community need. “Philanthropy plays a critical role in recovery, helping to bridge the gap until government assistance can be accessed,” said Sam Cobbs, Tipping Point CEO. “This is the time to step forward, and we’ve seen that exemplified by both our corporate leaders and generous donors. We hope others will follow in their footsteps.” This is not the first time Bay Area companies have taken a leadership role in responding to a crisis. In 2017, Tipping Point brought together a coalition of Bay Area business and community leaders that eventually helped raise $34 million in support of the local relief and long-term recovery following the North Bay fires that year. The COVID-19 crisis continues to disrupt every facet of daily life for Bay Area residents and people around the world. Local non-profits are struggling to meet the increased needs of individuals and families navigating the loss of work and childcare, facing inadequate health care, housing insecurity, and more.
Tipping Point’s effort will support Bay Area non-profits and people who are disproportionately impacted by providing:
- Funding for direct cash assistance to hourly workers
- Unrestricted financial support to stabilize non-profits for the long-term
- Increased support to help the non-profit ecosystem navigate the crisis, such as assistance in accessing federal funding, or workshops in financial planning and fundraising
The first two rounds of grants have already been issued to non-profit organizations to help fund the following and more:
- Micro-scholarships for low-income, first-generation students to cover financial costs from campus closures and remote learning
- Financial support for families experiencing homelessness or at risk of homelessness to pay for food, housing, and medical expenses
- Cash assistance for young workers to pay for rent, food, and utilities due to lost wages
Comments from Executives:
“At BlackRock, we are committed to supporting people impacted by this global crisis, especially in the communities where we operate. We know that we can do much more together than we can alone, which is why we’re proud to work with partners like Tipping Point to provide essential resources in San Francisco for those who need them most.” — Mark McCombe, Senior Managing Director and Chief Client Officer at BlackRock
“Our community currently faces unprecedented need requiring everyone to do their part to support those most affected. Google.org is proud to contribute to this fund which will go directly to helping our community members.” — Adrian Schurr, Bay Area Giving Lead, Google.org
“We know the coronavirus pandemic is already taking a huge toll on marginalized communities in the Bay Area, including immigrants, refugees, LGBTQ people, and low-income and unhoused people. Tipping Point has a strong history of taking action in times of crisis and galvanizing the corporate sector to support our neighbors in need.” — Daniel Lee, Executive Director, Levi Strauss Foundation
“In addition to providing safe and reliable energy service to our customers every day, we’re dedicated to supporting our communities during times of crisis. We know that many of our customers may face uncertainty and financial instability due to school and childcare closures, job loss, and other economic impacts. That’s why we’re working with our nonprofit partners to help with immediate needs.” — Robert Kenney, Chairman of The PG&E Corporation Foundation
“This is an unprecedented crisis and a defining moment in our history. To get through, we must band together. Caring for one another is core to PwC’s values, and in this time of great need, I’m proud that we’re able to help support people throughout the Bay Area through Tipping Point Community.” — Gary Meltzer, PwC’s Bay Area Managing Partner
“Tipping Point and its grantees play a critical role in breaking the cycle of poverty in the Bay Area, which has been exacerbated by the COVID-19 crisis. Vulnerable communities are bearing the brunt of this global pandemic and economic downturn. We’ve seen firsthand the incredible impact Tipping Point has made over the years and are honored to support their efforts on the frontlines, helping those who need it the most.” — Brad Garlinghouse, Chief Executive Officer at Ripple
“During this time of crisis, it is imperative we revisit our priorities and help those most in need. We are grateful to be in a position to support Tipping Point and the Bay Area’s non-profit community at such an important time.” — Gil Simon, Founder & Chief Investment Officer — SoMa Equity Partners
“We call the Bay Area home and know many people in our community are facing unprecedented hardship right now. We chose to support Tipping Point because of their long track record working on fundamental challenges like homelessness and food insecurity, which are now more pressing than ever.” — Charlie Hale, Head of Public Policy and Social Impact, Pinterest
To see a full list of grant recipients and donors, visit www.tippingpoint.org/response. To contribute to Tipping Point’s efforts, visit www.tippingpoint.org/donate. Because Tipping Point’s board covers its operation costs, 100 percent of every dollar donated goes where it’s needed most.
