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Bank Executive Phyllis Caldwell to Lead The Women’s Foundation

WASHINGTON, D.C., – Phyllis R. Caldwell, former president of Community Development Banking at Bank of America, has been selected as the new president of Washington Area Women’s Foundation, a public foundation that improves the lives of women and girls in the greater Washington, D.C., region.

Caldwell, a longtime resident of Washington, D.C., was approved by The Women’s Foundation’s Board of Directors after a broad search to replace former president Anne Mosle, who joined the W.K. Kellogg Foundation as vice president of philanthropy and volunteerism earlier this year.

“Phyllis Caldwell is an outstanding, accomplished leader with an unparalleled record of revitalizing underserved neighborhoods across the nation,” said Deborah Gandy, Board Chair of The Women’s Foundation. “She is a perfect fit for Washington Area Women’s Foundation as we strive to strengthen communities in our region by investing in programs that benefit women and girls.”

An executive with 20 years of sales and management experience, Caldwell has worked in Community Development Banking at Bank of America for the past decade where she has been an innovator in affordable housing. Since 2004, she has served as president, leading a team of 200 people who provided loans and investments for real estate developments benefiting low- and moderate-income individuals and communities.  Under her leadership, Caldwell’s team annually offered $2 billion in construction loans and $1 billion in equity investments. Caldwell originally joined Bank of America in 1997 as a community development lending executive in Washington, D.C., for the East and Mid-West regions. She later was appointed equity executive for Community Development Banking, in which she managed equity and tax credit investments in community development, historic preservation and affordable housing throughout the Bank of America franchise. In that role, she approved more than $75 million in community loan fund investments targeting hard-to-reach markets. She also oversaw $100 million in investments to venture funds targeting businesses owned by ethnic minorities or women, and companies located in low- and moderate-income neighborhoods.

Caldwell assumes leadership of one of the nation’s fastest growing women’s foundations in terms of grantmaking and generating revenue. Founded in 1998, Washington Area Women’s Foundation was created after 20 women gathered one Sunday afternoon in a friend’s living room and talked about how to best help low-income women and girls in the region. Since then, The Women’s Foundation has grown dramatically, investing more than $1 million in local non-profits – up significantly from about $30,000 in 1999. More than 100 area nonprofit organizations have received grants to address critical issues facing women and girls, including economic security, education, jobs, health, domestic violence and diversity.

The Women’s Foundation’s major initiative is Stepping Stones, aimed at improving the lives of low-income women through financial education, jobs, child care and early education, improved health and safety. The Women’s Foundation also is dedicated to increasing philanthropy by women and encourages all women to become philanthropists through a variety of ways, including its Rainmakers’ Giving Circle, African-American Women’s Giving Circle and its Washington 100 network.

Caldwell is a member of Washington 100, a group of more than 100 women and men who each give The Women’s Foundation $10,000 over two years, resulting in more than $1 million to invest in women and girls.

“I am thrilled to join an organization for which I already have such tremendous respect,” said Caldwell. “The mission of The Women’s Foundation is one about which I’m passionate. I’ve watched The Women’s Foundation grow over the years, and I look forward to working hard to advance its mission and to ensuring that the voices of low-income women and their families are heard and addressed.”

Caldwell was selected by a search committee formed by the Board of Directors, aided by a national executive search firm. Board member Loribeth Weinstein, executive director of Jewish Women International, and Rubie Coles, associate director of the Moriah Fund, co-chaired the search committee, which included representatives from the donor and nonprofit communities.

“As The Women’s Foundation prepares to celebrate its tenth anniversary next year, our organization is well served by a committed board and a talented staff who have accomplished much in our community through strategic grant-making,” said Gandy. “With a dedicated leader like Phyllis Caldwell at the helm, we are poised to embark on our second decade of growth in an even stronger position.”

Washington Area Women’s Foundation makes empowerment and economic security a reality for women and girls in the Washington metropolitan area. Our mission is to enrich the community by engaging women in philanthropy, offering grants and operational resources to non-profit organizations and serving as a regional voice for women and girls.

To welcome Phyllis to The Women’s Foundation, please feel free to leave a welcome message in comments on our blog!