Louisville’s Community Foundation left a piece of its heart in San Francisco

Just because the Community Foundation of Louisville bears the city’s name doesn’t mean all its biggest grants go to local charities.

The foundation’s newest IRS tax return shows it gave $6.3 million to the Schwab Charitable Fund in San Francisco during the year ended June 3o, 2015 — its single-biggest gift during the period, and one far larger than its top gifts in the previous two years.

schwab-charitable-fund-logoThe Schwab Fund — which is affiliated with the discount brokerage of the same name — is an enormous donor-advised charity that gives money to other non-profits across the country at the direction of its individual donors. Indeed, some of those nonprofits are back here in Louisville.

The Schwab grant accounted for more than 22% of the total $28 million in grants made by the Community Foundation during the year. Here were the top 10:

community-foundation-2014

In its 2013 and 2012 years, the Community Foundation also made large contributions to San Francisco charities — in both cases, the San Francisco Foundation — but nowhere near as large as the one to Schwab.

In both those years, the Community Foundation’s single-biggest grants went to 21st Century Parks, the non-profit that developed and maintains the sprawling Parklands of Floyds Fork, a group of four parks on 3,700 acres in eastern Jefferson County. Here were the top 10 those years:

community-foundation-2013

community-foundation-2012

Although the Louisville Community Foundation supports many local charities, it doesn’t limit its grants to the city. In fiscal 2014, only about $600,000 of the $28 million in grants came from the foundation’s unrestricted funds. The rest was made according to the terms of about 230 individual donor-advised funds it manages.

In its tax returns, the foundation doesn’t identify how much each of those donor-advised funds contribute, so there’s no way to know why so much money went to the Schwab Charitable Fund.

The Schwab Fund’s own tax return doesn’t offer a definitive answer, either. In its 2014 year, the fund made $1.1 billion in grants to more than 17,000 different non-profits — including nearly 30 back here in Louisville; indeed, one of those was 21st Century Parks, which got $105,000.

Photo, top: The Golden Gate Bridge, with the San Francisco skyline in the distance.

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