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Release Date: May 26, 2005 COMING TOGETHER TO BETTER SERVE THE COMMUNITY Two major philanthropic foundations, PARAID and the Pasadena Community Foundation (PCF) announced this month that they are joining forces under the auspices of the Pasadena Community Foundation. Many of the donations made by both these foundations go directly into the local community. Though using a slightly different approach, both have served donors and helped facilitate philanthropy. By coming together, the community will benefit from administrative efficiencies and cost savings that allow for more money for grants. Founded in 1959 by well-known community leader and philanthropist, Jim Gamble, PARAID provided efficient and effective ways for donors to support the causes they cared about most. As the founder of Gamble Jones Morphy & Bent, Jim Gamble started the foundation as a service to Pasadena and the clients of his investment firm. He understood that the privilege of wealth comes with the responsibility to give back. Before his passing last year, he was actively involved with PARAID which gave more than $60 million to charities over the last decade. The 52-year-old Pasadena Community Foundation (PCF), first known as the Pasadena Foundation, was started by a grant from Louis and Marion Webb. Cecil Gamble was a founding Board member. His son, Jim Gamble later served on the Board as well. In addition to facilitating philanthropy for donors, PCF has supported hundreds of local non-profit organizations and granted more than $27 million to charity over its long history. Last year alone, it granted over $500,000 to about 50 local agencies from endowment funds which provide perpetual support to the Pasadena community. According to Dave Davis, a principal at Gamble Jones and a PARAID Board member, the two foundations are “working closely together to ensure a smooth transition for PARAID donors. The Board of Directors of PARAID felt that the Pasadena Community Foundation’s service to donors and commitment to the local community made PCF the ideal choice to carry on the legacy that Jim Gamble began when he started PARAID.” To further facilitate this significant joining of forces, Patrice Litchfield, a long time PARAID staff person will be moving to the Pasadena Community Foundation to assist with donor services. “We are also delighted that Dave Davis will now serve on the PCF Board,” says Jennifer DeVoll, Executive Director of PCF. “For the Pasadena Community Foundation, it is an honor and a privilege to work with so many generous people in this community. We provide the philanthropic services but it’s the people (donors to PCF and PARAID) that provide the passion for giving back.” |
