It’s on all of us.
Together.
Dear Friends of SFF,
I’m not going to sugarcoat it: the past couple years have been tough. From uncertainty about the future of our nation, to ongoing wars and violence globally, to Supreme Court decisions that roll back decades of work on racial equity and reproductive rights — it’s easy to become cynical and fatigued.
The truth is that anything intended to make this a better place for everyone is hard. Anything that challenges the shortcomings and inequalities of the status quo will face resistance. And so, for any change or progress to occur, it will take resolve.
We’ve seen this kind of resolve before.
We see it in our community as grassroots organizers push for policy change, in youth-led movements for social justice, and in the steadfast support and philanthropy of our donors, all pushing us toward a better Bay Area. We see it in our work to maintain our commitment to long-term goals despite challenges or shifting political climates, and we see it in the leadership of our Board of Trustees as they hold us accountable to our North Star of advancing racial equity and economic inclusion, while upholding our core work of promoting philanthropy in the Bay Area.
This resolve is what’s necessary to keep us moving forward in the face of attacks on DEI and affirmative action, of an economy that devalues arts and caretaking, of a housing shortage that keeps too many of our neighbors sleeping on the streets.
It’s on all of us. Together.
When we come together across our different viewpoints, experiences, and passions — as donors, service providers, investors, advocates, staff, and members of the Bay Area community — we can make real change in our region and be a model for the country and the world.
Fred Blackwell
Chief Executive Officer
San Francisco Foundation
PS: In uncertain times, I often find myself returning to these powerful words from Howard Thurman (a fellow Morehouse College alum):
Keep fresh before me the moments of my High Resolve, that in fair weather or in foul, in good times or in tempests, in the days when the darkness and the foe are nameless or familiar, I may not forget that to which my life is committed.
From For The Inward Journey by Howard Thurman
Highlights
Supporting an Equitable Bay Area
$40.5M
Equity-centered, program related grants to 452 community organizations
Grants from Donor Advised Funds
$147.2M
Grants from donor advised funds to 2,640 organizations
Investing for Impact
$20M
Disbursed through low-interest loans to support affordable housing, sustainable communities, and small businesses
Strong Returns
Top 25%
10-year financial returns among endowments and foundations
Going All In on Housing
$103M
Housing-related grants since 2019
Collaboration
$14.1M
Invested in our collaborative efforts
Partner Organizations
187
Partners in our collaborative efforts
Our Leadership
As a community foundation, bringing people together for action is in our DNA. We work with donors, nonprofits, government agencies, and corporations across the Bay Area to help our communities shape the policies that impact their lives, and to support impactful organizations through effective philanthropy.
In It For Good
In It For Good
Since 1948, Bay Area communities have trusted SFF to do what is right, from our early support of LGBTQ2SIA+ and disability rights to standing up for immigrants and underpaid workers.
Impact at Every Level, Across the Bay
Impact at Every Level, Across the Bay
Our region-wide influence, track record, and deep relationships enable us to work across the Bay, helping our community join together in common cause to make the region-wide, systemic changes we need.
Act for Today and Tomorrow
Act for Today and Tomorrow
With the reach and depth of our grantmaking, we work to fulfill the promise of the Bay Area today and for generations to come. Our collective legacies will have a lasting impact for generations.
Bay Area Leads Fund
Amplify your impact with a gift to SFF’s Bay Area Leads Fund. This fund provides flexible resources to amplify the foundation’s ability to bring community together to shift systems at scale, creating a more inclusive Bay Area. Last year, SFF donors contributed over $1.7 million to support this leadership work.
If we’re really trying to solve community problems at a level of scale that matters, we have to engage in policy and systems work and the advocacy that is necessary to make those changes.
Fred Blackwell
Anonymous (10)
Bankert Family Fund
Ophelia Basgal
Anton Batalla
Rachel Benditt
Jennifer Braun and Raymond J. Ryan Charitable Gift Fund
Brickyard Family Fund (C)
Brickyard Family Fund (V)
Bright Funds
Eric Brown and Janine Paver
Callan Family Fund
Couric Family Fund
EMD Fund
Fairy Godmother Society
Fire Capital Impact Fund
Five Arts Fund
Molly Q. Ford
Frances Fund
Eleanor Friedman Fund
Robert E. Friedman Fund
Friedman/Meyer Fund
Garcia Hamilton & Associates, L.P.
Gibbons-Erdberg Fund
Global Impact – Panorama Global Impact Fund
Kalon and Beata Goodrich Fund
Google Inc.
Ginnie and Peter Haas, Jr. Fund
Hearthill Family Foundation
Katie and Christopher Knight
Justina Lai Charitable Fund
Ling Woo Liu
Catherine Liu
Julia Matsudaira
Betsy and Ed McDermott Fund
Osterweis Capital Management, Inc.
Laura Pantaleo
Terence Parker and Yolanda Burrell
Pinecrest Endowment Fund
Roblox
Barbara H. Rosston
Stephen Schwarz Fund
Erica Sigal Philanthropic Fund
Abdi Soltani and Grace Kong
Stanford University
Sally and Justin Steele
Sarah Stein and Michael Cohn Fund
Susan West and Michael Gold
Wolff Family Giving Fund
Sheryl L. and Robert R. Wong
Our Numbers
FY24 Snapshot
Total assets
$1.7 B
Total grants
$201.9 M
Total contributions & bequests
$108.1 M
Total Assets by Funds
Our Grantmaking
$201.9 M
Total grant dollars distributed in FY24
3148
Nonprofit organizations supported in FY24
$3.5 B
Grants distributed to nonprofits since 1948
Our Equity Agenda
All people living in the Bay Area are economically secure, rooted in vibrant communities, and engaged in civic life.
To achieve this ambitious goal, we focus on three pathways to greater racial equity and economic inclusion: People, Place, and Power. For each pathway we help make community-driven change a reality by making grants, advocating for policy change, exercising leadership, bringing people together, and building community power.
Program Grants
One of the many ways we work toward a more equitable Bay Area is providing grants to organizations working to advance racial equity and economic inclusion.
Our Program Grants
$40.5 M
Program grants
75 %
Program grants to orgs headquartered in the five-county Bay Area
82 %
Executive directors identify as Black, Indigenous, or people of color**
** Among grantees with race/ethnicity data submitted, FY24
Number of Grants Serving Each Bay Area County
Stories of Impact
Stories of Impact
People
In 2018, SFF grantee EBASE and partners passed a ballot measure providing additional protections for hospitality workers and created the Dept. of Workplace & Employment Standards. EBASE and allies then partnered with the City of Oakland to bring these new protections to life. Thanks to advocacy from EBASE and worker leaders, the City of Oakland is now taking action to recover over $400,000 in wages from a hotel for 128 workers.
Stories of Impact
Place
To help build communities where all can thrive, SFF grantee The Unity Council successfully advocated to establish Oakland’s first Latinx Cultural Arts District to celebrate and preserve the richness of the Fruitvale neighborhood and Oakland’s Latinx business owners, artists, and community-based organizations. They also completed Casa Sueños, providing 181 affordable homes in the Fruitvale neighborhood, and are opening Juntos Fruitvale, a renovated space for cultural events and meetings.
Stories of Impact
Power
SFF grantee Faith in Action Bay Area is working with their community of low-income renters and immigrants on important community-identified issues such as housing in San Mateo County. They are working to ensure that those left out of decision-making win the power to advance racial and economic justice. They engage their community through phone banking, door knocking, and direct actions. Over the past year, they have talked to 13,000 low-income, infrequent voters and plan to contact close to 30,000 voters.
Stories of Impact
Arts and Culture
This year we provided nearly $4 million in grants to 29 partners with over 60 Bay Area artists and creative changemakers. Nearly half of these grantees are arts and culture organizations, and the others are a diverse group including health and human services, community organizing, power building, leadership development, and faith-based non-profits. These grants are helping artists support community-informed solutions on issues such as environmental resilience, immigrant and worker rights, and public health.
Investing in Communities of Color
The vast majority of our equity-focused programmatic grantmaking focuses on advancing our equity agenda and went to organizations serving and led by Black, Indigenous, and people of color. We know that the future they work toward will be better and more vibrant for all people in the Bay Area.
82 %
Executive directors identify as Black, Indigenous, or people of color**
$71,160
Average amount for our grants
9 7%
Grantees served a population that was majority Black, Indigenous, or people of color**
** Among grantees with race/ethnicity data submitted, FY24
Highlights from SFF’s work to support communities of color over the past year include:
- Supporting organizations to engage the community in a robust discussion of reparations. SFF sponsored CalMatter’s inaugural IdeasFest, where CEO Fred Blackwell was a panelist on Why and How Can California Atone? regarding California reparations.
- Supporting PIVOT, a three-year, $25 million fund to strengthen the state’s power-building ecosystem, advance racial justice through year-round voter organizing, and support structural reform in the state.
- Supporting GRID Alternatives with a $1.5 million loan to finance commercial clean-energy projects to benefit disinvested communities and tribal nations through community wealth building and workforce development.
Policy and Innovation
To realize our vision, we must innovate and change the systems that were put in place to hold back Black, Indigenous, and people of color.
A Powerful Coalition
A Powerful Coalition
With our partners, we launched the Statewide Housing Advocacy Coalition to help unite a diverse field of housing advocates. We have distributed millions of dollars in grants, which partners are using to increase their housing staff and outreach efforts. The coalition has grown, commissioned research, and is building statewide alliances. Together we are building new coalitions to win housing justice across the state.
Protecting Tenants
Protecting Tenants
Protecting tenants prevents homelessness. SFF was part of a coalition last year supporting the Homelessness Prevention Act, which added requirements for landlords seeking “no fault” evictions (i.e. for the landlord to move in or make renovations) and increasing penalties for those who violate these protections and existing rent increase caps.
Power of Collaboration
Collaboration across sectors is how we will achieve lasting, systemic change. Together with our partners, we lead four collaborative efforts that tackle challenges to housing, employment, access to transit, and civic participation in the Bay Area. These collaboratives allow funders, donors, government agencies, and nonprofits to pool our resources and expertise to craft large-scale, long-term solutions to pressing challenges.
Great Communities Collaborative
Great Communities Collaborative (GCC) works at the intersections of housing, climate resilience, transportation, and land use to create a racially equitable, economically inclusive, and environmentally sustainable Bay Area.
GCC supports five multisector collaboratives that build cooperative approaches to address urgent community priorities. In Marin County, leaders gathered a wide range of nonprofit and public sector leaders to discuss housing. Led by SFF grantee Canal Alliance, this group initiated efforts to create a new countywide, cross-sector coalition focused on affordable housing advocacy and supporting nonprofits at the intersection of housing, transportation, land use, and climate resilience.
Hope SF
HOPE SF is a public-private partnership addressing multi-generational poverty in four public housing communities in the southeast area of San Francisco. HOPE SF centers resident voice to invest in healthy, vibrant, and thriving neighborhoods.
Place to Prosper, our guaranteed income pilot program, will provide $700 per month for two years to 75 HOPE SF residents with children under five. This investment will help residents meet basic needs while creating room for them to breathe, dream, and build wealth over time.
Partnership for the Bay’s Future
The Partnership for the Bay’s Future (PBF) is a collaborative effort to equitably produce and preserve affordable homes and protect tenants.
PBF pairs local governments with community-based organizations to collaboratively develop local housing policies. This helps create trust-based partnerships while ensuring that those most affected by the housing crisis have a seat at the table. During its last grant cycle, PBF helped pass 13 local housing policies, including Antioch‘s Faith Land Policy for Cottage Communities, which allows select faith-based institutions to develop affordable cottage communities on their land.
Rework the Bay
ReWork the Bay works with leaders across sectors to build a diverse and equitable Bay Area where all have quality, empowered employment.
ReWork launched four pilot programs last year that trained over 200 systematically excluded workers in labor law and organizing through existing job training programs. One participant said, “This program gives us ideas of how to better do our jobs with local employers, help create safety plans for the land we tend to at work, and make pitches to employers to ensure their spaces are protected and therefore ours.”
Through our partnership with San Francisco Foundation, we have been able to leverage their strategic approach to philanthropy to amplify our impact. Their commitment to addressing systemic inequalities and fostering community power has been instrumental in driving meaningful change in the Bay Area.”
Charlie Wolfson
Executive Director, Arrow Impact
Impact Investing
We invest our assets in alignment with our values and with the goal of generating strong long-term investment results.
36 %
Our assets managed by women or people of color, compared to 2% globally
We screen to exclude these industries in our mission-aligned and short-term pools, as well as in our separately managed accounts in the long-term and endowment pools. Private prisons and predatory lenders are excluded by all managers.
Private Prisons
Predatory Lending
Tobacco
Retailers of Assault Weapons
Fossil Fuels
Thoughtful Stewards
One specific way our investments advance the foundation’s equity agenda is through the diversity of our fund managers. We have worked hard to eliminate implicit biases in how we evaluate and select fund managers. As a result, more of our funds are allocated to investment funds that are majority-owned by women or people of color, growing from two to 26 managers since 2016. 36 percent of the foundation’s assets are invested with these firms; whereas only two percent of assets under management globally are overseen by firms that are majority-owned by women or people of color.
Our fund advisors have four investment pools to select from to meet their grantmaking objectives. Each pool screens out certain sectors that hinder equity and opportunity.
Bay Area Community Impact Fund
SFF’s Bay Area Community Impact Fund helps make the Bay Area a better and more inclusive place through low-interest loans to community-based organizations that create and preserve jobs, affordable housing, and sustainable communities. As loans are repaid, we recycle capital back into communities by making new investments.
* Impact made in combination with other financing sources. Numbers cumulative to December 31, 2023.
Strategic Partnership
Philanthropists engage with SFF advisors to inform strategies toward more effective giving that are rooted in community, demonstrating a deep commitment to the Bay Area. We connect fund holders with opportunities that address the most urgent challenges facing our community and invest their resources in ways that accelerate shifts toward a more equitable society that benefits everyone.
Donor Story
Koshland Young Leader Awards
Over the past 25 years, SFF donors have supported Koshland Young Leader Awards, which has awarded nearly $1 million to more than 170 young people. These students have overcome hardship and demonstrated excellence through academic performance and leadership. The award gives them a jump start as they enter college.
My partner and I joined SFF because we were seeking a place that not only spoke the language of justice but also illustrated meaningful, material ways in which it was addressing deeply rooted systemic inequities in our society today. We wanted to engage with a donor community that had aspirations and a commitment to do the hard, critical work necessary for societal transformation. We are grateful to have met others at/through SFF who are similarly focused on cultivating more just societies — mobilizing and leveraging what we can.”
Jane Pak
SFF donor advised fund advisor
An Active Community of Donors
Philanthropy can be a force for positive change. We work with hundreds of passionate donors to support the causes they care about most.
Our Donor Advised Fund Grants
We support a powerful, bold, and active community of Bay Area philanthropists who make a difference here at home, across the country, and around the world.
$147.2 M
Donor advised fund grants
23 %
Donor advised fund payout rate
The payout rate, as calculated by the IRS, is the amount that is distributed collectively by our donor advised funds.
51 %
Donor advised fund grants went to organizations headquartered in the 5-county Bay Area
Supporting SFF Donors
Our community of donors is passionate about supporting the Bay Area. We partner with donors to fulfill their philanthropic goals, often encouraging giving through an equity lens. Below are some of the ways SFF supports donors in their philanthropy.
When I was ready to open my own philanthropy fund, SFF was already at the top of the list. After learning more about SFF’s equity agenda, I knew I had found the right home.
Billie Mizell
SFF donor advised fund advisor
Connect, Learn, and Act
The energy was palpable and the conversations were rich, as more than 100 individuals attended SFF’s first Bay Area Giving Summit this year. Attendees — who are making a positive difference through their individual giving and investing for impact — came together to connect, learn, and act with one another. Our community shared that they wanted more ways to connect, so we brought folks together around topical dinner conversations, a small group learning lab, and this new summit. Together, we are generating a wave of hope and positive momentum by gathering, sharing insights, and discovering new opportunities for collaboration.
Professional Advisors
SFF works closely with many professional advisors, as they often refer clients to the foundation to help them achieve their philanthropic goals.
Our Professional Advisors Council includes individuals from a variety of disciplines who provide the foundation with critical feedback and guidance. Our Emerging Advisors Network includes early-career professional advisors who work with us to deepen their understanding of the role philanthropy can play in their professional practices.
In May, Bay Area professional advisors gathered in person to attend SFF’s annual luncheon. This year’s topic was Top 5 Things You Need to Know About Multi-Generational Philanthropy and Wealth, presented by Crystal Thompkins, Director of Strategic Impact at Daylight Advisors, and David Ogburn, Senior Client Strategist at BNY Mellon Wealth Management.
Thank You, SFF Donors
We gratefully acknowledge the generous support of the following donors this year. Thank you for sharing our vision to make the Bay Area a better place for all.
Bethel Heritage Foundation of San Francisco
Buen Dia Family School
California Institute for Regenerative Medicine
Children’s Book Project
Code Tenderloin
Edith P. Merritt Memorial Lecture Fund
George Washington High School Alumni Association
Greater Richmond Interfaith Program
Lyon Martin Health Services
Metropolitan Community Church of San Francisco
Mission Neighborhood Center
Multidisciplinary Association for Psychedelic Studies
Oakland Promise
PACT, Inc.
Patriots Jet Team Foundation
Point Blue
Raphael House
Sacramento Ballet Association
San Francisco Achievers
San Francisco Boys Chorus
San Francisco Interfaith Council
Tenants Together
West Contra Costa Public Education Fund
YWCA Golden Gate Silicon Valley
Allstate Foundation
Arrow Impact
Bank of America, Charitable Foundation
Chan Zuckerberg Initiative
Charles and Helen Schwab Foundation
Crankstart
Genentech Foundation
Heising-Simons Foundation
JPMorgan Chase Foundation
Menorah Park Community Impact Fund
Meta
Silicon Valley Community Foundation
Sobrato Family Foundation
Stupski Foundation
The California Endowment
The David & Lucile Packard Foundation
The Grove Foundation
The James Irvine Foundation
The Seed Fund
Walter & Elise Haas Fund
Wells Fargo Foundation
William + Flora Hewlett Foundation
Y & H Soda Foundation
Investment Performance
We invest our assets in alignment with our values and with the goal of generating strong long-term investment results. Our allocation process leads to long-term success under a variety of market conditions as evidenced by our top-quartile 10-year annualized returns among endowments and foundations.
| 10 Years Annualized | 5 Years Annualized | 3 Years Annualized | 1 Year | |
|---|---|---|---|---|
| Long-Term Donor Advised | 6.6% | 7.3% | 1.6% | 8.6% |
| 60% MSCI All Country World / 40% Barclays Agg | 5.8% | 6.5% | 2.1% | 12.5% |
| 10 Years Annualized | 5 Years Annualized | 3 Years Annualized | 1 Year | |
|---|---|---|---|---|
| Short-Term Donor Advised | 1.9% | 2.5% | 3.2% | 6.0% |
| U.S. Treasury Bills | 1.5% | 2.2% | 3.0% | 5.4% |
| 10 Years Annualized | 5 Years Annualized | 3 Years Annualized | 1 Year | |
|---|---|---|---|---|
| Endowment Pool Assets | 6.9% | 7.7% | 1.6% | 8.5% |
| 60% MSCI All Country World / 40% Barclays Agg | 5.8% | 6.5% | 2.1% | 12.5% |
| 10 Years Annualized | 5 Years Annualized | 3 Years Annualized | 1 Year | |
|---|---|---|---|---|
| Mission-Aligned Investments | 8.0%* | 7.2% | 0.8% | 9.4% |
| 60% MSCI All Country World / 40% Barclays Agg | 7.3% | 6.5% | 2.1% | 12.5% |
| Pool | Designed For | Investment Objectives |
|---|---|---|
| Long-Term Pool | Donor advised funds intending to make grants over time. | Seeks long term growth via a diversified portfolio of global stocks, bonds, and alternative assets. |
| Short-Term Pool | The portion of donor advised funds intended for near-term grantmaking. | Seeks to maintain the real value of contributions by matching or exceeding inflation while avoiding exposure to more volatile asset classes such as equities and alternative investments. |
| Endowment Pool | Permanent funds intended to maintain grantmaking power in perpetuity. | The target inflation-adjusted return is consistent with our annual distribution rate of approximately 5 percent. |
| Mission-Aligned Investments Pool | Donor advised funds intending to make grants over time. | Uses a values-based approach that aligns with the foundation’s commitment to racial equity and economic inclusion. Seeks long term growth via a diversified portfolio of global stocks, bonds, and alternative assets. |
Inside SFF
Equity, inclusion, and diversity are core to our ability to make a difference across the region. We are grateful to the diverse team that helps make our community-driven philanthropy possible.
72 %
Staff identifying as people of color
7 3%
Board identifying as people of color
Staff
Asian/Asian Pacific Islander
Black/African-American
Latino/a/x/e or Hispanic
Middle Eastern/North African
Multiracial or Multi-ethnic
Native American, Alaska Native, or Indigenous
Native Hawaiian/Pacific Islander
White
Board
Asian/Asian Pacific Islander
Black/African-American
Latino/a/x/e or Hispanic
Middle Eastern/North African
Multiracial or Multi-ethnic
Native American, Alaska Native, or Indigenous
Native Hawaiian/Pacific Islander
White
Note: Respondents were invited to select all races/ethnicities that applied. Percentages sum to greater than 100%. Multiracial or Multi-ethnic includes individuals who selected Multiracial or Multi-ethnic and individuals who selected two or more races/ethnicities.
Photo Credits
Cover: Artwork by Alma Landeta
Letter from the CEO: Photo by Adriana Oyarzun Photography
Our Equity Agenda: Photo by Spencer Wilkinson; Photo courtesy of Monument Impact; Photo courtesy of People Power Media; Photo courtesy of EBASE; Photo courtesy of Unity Council; Photo courtesy of Faith in Action Bay Area; Photo courtesy of Marcie Gonzalez; Photo by Angela Hughes; Photo courtesy of Partnership for the Bay’s Future; Photo courtesy of George Barahona, Canal Alliance; Photo courtesy of Partnership for the Bay’s Future; Photo courtesy of North Bay Jobs with Justice; Photo courtesy of Charlie Wolfson, Executive Director, Arrow Impact; Photo courtesy of EBALDC; Photo courtesy of DLR Group; Photo courtesy of GRID Alternatives; Photos courtesy of 2024 KYLA winners; Photo courtesy of Jane Pak
An Active Community of Donors: Photo by Adriana Oyarzun Photography; Photo by Angela Hughes; Photo courtesy of Billie Mizell; Photo courtesy of Leslie & Merle Rabine; Photo by Adriana Oyarzun Photography; Photo by Adriana Oyarzun Photography
Inside SFF: Photo by Adriana Oyarzun Photography