JPM.L Regulatory News (JPM)

16 Nov 2009 17:55

For the first time ever, Facebook® users will be able to choose from more than 500,000 small and local charities to decide which community organizations they want to receive donations totaling millions of dollars from a corporate philanthropy fund. Chase and Facebook today announced the launch of Chase Community Giving: You Decide What Matters, a grassroots campaign to inspire a new way of corporate philanthropy.

Chase is enlisting Facebook users, now totaling more than 300 million, to vote for which small and local non profits will receive donations totaling $5 million. The eligible charity receiving the most votes will be awarded $1 million, the top five runners-up will receive $100,000 each and the 100 finalists, including the top winners, will be awarded $25,000 each. Additionally, a special Advisory Board featuring members who are active in philanthropy, including actress Eva Longoria, Do Something founder Nancy Lublin and NBA Hall of Famer David Robinson, will allocate a total of $1 million to the nominated charities of its choice.

"Every year, our company donates more than $100 million to non-profit organizations in local communities, nationally and abroad, and our employees dedicate countless hours of their own time to helping those in need," said Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co. "The grassroots nature of Facebook will allow us to hear directly which local charities matter most to our communities, hopefully creating an even bigger impact."

"Facebook has become a global platform people use for all types of philanthropic causes from medical research and human rights, to disaster assistance and children's rights," said Sheryl Sandberg, COO of Facebook. "Chase's creative approach -- crowdsourcing for charity -- puts the power of corporate giving directly in the hands of Facebook users. Thanks to the Chase Community Giving program, millions of Americans will be able to join together to have an unprecedented philanthropic impact on communities across the nation."

This $5 million Facebook effort is in addition to the bank's traditional philanthropic giving, and if successful, the bank hopes to commit more of its annual philanthropy funds using this innovative method of giving.

"Chase Community Giving could not come at a more crucial time. Community organizations in San Antonio and across the country are facing increasing challenges. Chase's innovative program with Facebook will incite a new level of engagement with and support for community giving," said David Robinson, founder of The Carver Academy. He continued, "I am confident that Chase's continuing efforts have the power to redefine corporate philanthropy."

"Chase Community Giving is going to allow Facebook users to vote for local charities that are closest to their hearts- from human rights to education," said Eva Longoria, founder of Eva's Heroes. "These smaller organizations are working hard for their communities every day, but don't always get the recognition they deserve. This new way of corporate giving will bring these non profits into the spotlight where they can shine."

"This innovative program unleashes the charitable passions of our neighbors, friends and colleagues to rally around the issues and organizations that are most meaningful to them," said Kimberly Davis, President of the JPMorgan Chase Foundation. "Facebook users can literally 'vote their conscience' while helping to celebrate and reward the charities that are doing so much great work across our nation. We look forward to applying the learning from this program to future philanthropic endeavors."

In Round One of the Chase Community Giving program, Facebook users will vote for non-profit organizations they think should receive a portion of Chase's philanthropy funds. To reinforce the local focus of this program, 501(c)(3) non profits with an operating budget of $10 million or less will be eligible. Facebook users will be able to nominate non profits that serve the general public in the following areas: education, healthcare, housing, the environment, combating hunger, arts and culture, human services and animal welfare. The Chase Community Giving Advisory Board will review the top vote-getters to help ensure compliance with the program's rules. On December 15, the top 100 qualified vote-getters will be announced to receive $25,000 each, and will move on to the next round.

In Round Two, the top 100 organizations will have the option to submit a Million Dollar Grant proposal to Facebook users, detailing the difference they would make in their local community with the significant extra resources. Facebook users will vote starting January 15, and on February 1, the qualified organization receiving the most votes will be announced as the winner of a Million Dollar Grant from Chase. The next five organizations with the most votes will receive $100,000 each. Additionally, the Advisory Board will donate $1 million to the nominated charities of its choice.

Chase Community Giving Advisory Board Members include:

In addition to the donations made through the program, Chase will provide a $25,000 honorarium to each Board member who does not work for Chase or Facebook, to donate to the charity of their personal choice. Chase and the Advisory Board will reserve the right to eliminate any organization not meeting the program rules.

For more information and program requirements, visit http://apps.facebook.com/chasecommunitygiving. To learn more about what Chase is doing to serve its communities, visit www.jpmorganchase.com/thewayforward.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), which operates more than 5,100 branches and 15,000 ATMs nationally under the Chase brand. Chase has 146 million credit cards issued and serves consumers and small businesses through bank branches, ATMs and mortgage offices as well as through relationships with auto dealerships and schools and universities. More information about Chase is available at www.chase.com.

About Facebook

Founded in February 2004, Facebook's mission is to give people the power to share and make the world more open and connected. Anyone can sign up for Facebook and interact with the people they know in a trusted environment. Facebook is a privately held company and is headquartered in Palo Alto, Calif.

Facebook® is a registered trademark of Facebook Inc.

Copyright Business Wire 2009