For Immediate Release
May 10, 2002

Skoll donates $20 million to foundation at CFSV. Endowment of Skoll Foundation tops $125 million

San Jose, CA - For Silicon Valley philanthropist Jeff Skoll stock market swings, recession, and recent world events are no reason to cut back on giving. His most recent donation announced today - $20 million to the Skoll Foundation at Community Foundation Silicon Valley - will continue his philanthropic mission for years to come.

The gift brings the endowment of the Skoll Foundation, CFSV's largest supporting foundation, to $125 million, according to foundation officials. It follows Skoll's initiation of the $3 million Urgency Fund which assisted local human service agencies and spurred giving over the past two quarters, when nonprofits reported rising needs coupled with declining funds.

The first full-time employee and first President of eBay, Skoll created his supporting foundation in 1999 after helping found the eBay Foundation. The Skoll Foundation awards millions of dollars in grants annually to local, national, and international nonprofits whose work is based in empowerment and whose results include tangible community benefits.

"Many of the problems of our modern world, ranging from disease to drugs, to crime, to terrorism, derive from the inequities between rich and poor - be they rich nation vs. poor nation, or rich community vs. poor community," Skoll said. "It's in the best interests of those who can lend a hand to reach out to those most in need; each of us can make a difference, right here in Silicon Valley and around the world."
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"This focus exemplifies a new breed of philanthropy," said Peter Hero, president of Community Foundation Silicon Valley. "The Skoll Foundation is entrepreneurial and focused in its grantmaking. Jeff's most recent gift continues his generous tradition of investing in community-building in a strategic and thoughtful way," Hero said.

"Jeff's gift speaks to his faith in people," says Sally Osberg, Skoll Foundation President and CEO. "We seek out social entrepreneurs with big ideas and the drive to get people what they need to succeed. Hopeful, more vibrant and prosperous communities are our bottom line."

The Skoll Foundation awards competitive grants in the areas of micro-enterprise and economic development, learning and education, technology, and philanthropy and the public benefit sector.

Contact:
Terry Nagel - Skoll Foundation
media@skollfoundation.org