New Year, New Look: Part 2
Yesterday, we looked at the worldwide growth in venture philanthropy that led us to revamp our look and update our name to line up with the global movement. Today, a word about our new 501c3 status and what it means.
First a quick history lesson: Around 2000 and not long after the original Social Venture Partners was established in Seattle in 1997, the concept was introduced in Dallas thanks to the visionary leadership of Mary Jalonick and The Dallas Foundation. After witnessing the success of our SVP friends in Seattle, Mary and her team identified adventurous philanthropists like Bob Wright, Lekha Singh, Vin Prothro, Chad Coben and Bob Wood to form Dallas Social Venture Partners, one of the first venture philanthropies outside the West Coast, more than 12 year ago. Since that time, The Dallas Foundation incubated SVP Dallas, helping it attract donors interested in its unique style of hands-on investment-minded philanthropy, managing its funds and supporting it back-office functions. Throughout that time, DSVP’s governance and staffing structure shifted a few times but it has always remained a legal entity of The Dallas Foundation. In 2012, for reasons mainly operational and tactical, the DSVP Board of Directors voted to seek its own 501c3 status and this past November a bogged-down IRS made the move permanent with an official determination.
So what does it mean? When it comes to the practical and tactical, becoming a stand-alone 501c3 will mean very little to our stakeholders on a day-to-day basis. Our mission will stay the same as will the programs and events we offer. A few things do change: like where checks get deposited first and who gets to send the thank you note (SVP, in both cases!) Our relationship with The Dallas Foundation remains an important part of our story and both organizations are committed to build on our shared history to find ways to serve the community. We are pleased, too, that The Dallas Foundation will continue to manage our Children First Fund and two endowments, helping us steward the funds entrusted to us for investment in promising nonprofits working with at-risk children or to improve the educational landscape in North Texas.
So at this time of year, as we usher in new possibilities, we look forward with confidence thanks to courage and hard-work of our founders who trusted the vision of Mary Jalonick and her colleagues. Dallas is better for it and will continue to be for years to come.
What’s new for your organization in 2014? What new approaches will you be taking in 2014?