State Street Foundation, Inc.

Through the State Street Foundation, Inc., we make effective and socially responsible contributions to charitable organizations that provide support to the less advantaged, primarily in communities where State Street offices are located. The Foundation works to generate and sustain positive change in our communities, while complementing the development of our worldwide business operations. In 2007, State Street made 370 grants totaling US$18.2 million.

The Foundation addresses local needs through 32 individual contribution committees in 19 countries, each of whom have responsibility for initiating programs and managing relationships with recipient organizations in their locales. We place special emphasis on initiatives that seek to bring about systemic changes that address core problems affecting a local community. In the United States, grants are awarded directly to organizations and agencies designated as not-for-profit 501(c)(3) entities by the Internal Revenue Service. Outside the United States, we provide grants to charities that are deemed 501(c)(3) "equivalents."

We maintain a Disaster Relief Emergency Assistance Fund that provides grants in response to large-scale disasters around the world that have a significant, lasting impact and require a concerted relief and rebuilding effort. In 2006, State Street made a three-year $1.5 million commitment to the American Red Cross (ARC) Annual Leadership Giving Program. During each of the three years, $250,000 will be provided to the ARC to ensure its preparedness to respond to large-scale natural disasters or terrorist acts, and $250,000 will be committed for designation by State Street in the event of a disaster. In 2007, the State Street Foundation directed the second part of this annual gift, as well as an additional $250,000 grant, to the ARC’s California Wildfires Relief Fund, in response to the wildfires that affected California in October of that year.