On February 28, 2007 a CFA Society of San Francisco Board Member Task Force recommended the establishment of the Foundation, introduced its Mission Statement and made the following statement:
"We believe that a Society sponsored independent 501(c)3 provides identity and clarity to the tax-exempt status of the CFA Society of San Francisco's charitable intentions that a conduit did not. We believe that an independent entity will enable the Society to draw on the resources and broaden the CFA Society of San Francisco's outreach to the senior and distinguished members of the Bay Area financial services industry. Further, a Society public benefit corporation offers the larger opportunity for the fulfillment of a basic belief: that greater financial literacy is a benefit to society, and that professional certification is a deeply important benchmark for individual competency, including public confidence in financial market integrity."
The Bay Area Financial Education Foundation provides funding to enhance the financial education and research programs for the benefit of the San Francisco Bay Area, both among CFASF membership and the community at large, in keeping with the standards embodied in the CFA designation.
The Bay Area Financial Education Foundation is committed to the enlargement and enhancement of the CFA Society of San Francisco educational mission during the coming years, including:
- University Merit Awards: CFA Level I Merit Awards for selected Northern California residents enrolled in qualified educational institutions that include the CFA Program course of study in their degree programs
- Financial Literacy: Providing funding and support for Bay Area financial literacy programs.
- Supporting Research: The Foundation will seek to provide support for research that benefits the financial service industry in the Bay Area.