New Foundation’s First Initiative Engages Youth to Drive Social Change
SAN JOSE, Calif. — Oct. 1, 2008 — Adobe Systems Incorporated (Nasdaq:ADBE) today announced the Adobe Foundation, a global philanthropic organization focused on driving positive social change and community improvement. Formation of the foundation builds on Adobe’s long history of philanthropy – including grantmaking, software donations and training, employee volunteer programs and education initiatives – focused on making the communities where Adobe operates strong and more vibrant places to live, work and do business.
Adobe has historically allocated one percent of its annual net income to philanthropic giving, managed through a donor-advised fund at the Silicon Valley Community Foundation (SVCF). Going forward, these funds will be managed by the Adobe Foundation, creating a closer connection between Adobe and its philanthropic interests. The Adobe Foundation will initially manage Adobe’s flagship community program, Adobe Youth Voices, and administer new programs in the future.