A new community foundation backed by some significant local names in the Tri-Valley launched this week, with a goal of connecting those in need with those with means as fast and as directly as possible.

The Three Valley Community Foundation is named after the Amador, Livermore and San Ramon valleys, which is the area encompassing Livermore, Pleasanton, Sunol, Dublin, San Ramon, Danville, and Alamo.

"Our goal is to broaden local philanthropic support, benefitting not only our local nonprofits as they build capacity and serve with strength, but also local donors by connecting them with the most immediate and pressing community needs," said John Sensiba, chair of the 3VCF board of directors, in a statement.

"Three Valleys will do this via donor advised funds (DAF's), direct gifts and endowment opportunities," Sensiba said. "We will also work to support local nonprofits via agency funds and grantmaking."

Local community and business leaders have been working to establish the foundation for more than a year. The group said it received expedited approval by the IRS as a 501c3 tax exempt nonprofit.

"Over the past year we've sought the advice of more than 50 local, state and national community foundation experts," 3VCF founder and board member Susan Houghton said. "We are committed to incorporating their best practices, as well as the accreditation requirements outlined by the Council on Foundations, a leadership association of grantmaking foundations and corporations."

Among the local philanthropic organizations initially partnering with 3VCF are Community Foundation of San Joaquin, Silicon Valley Community Foundation, Community Initiatives, Northern California Grantmakers and the East Bay Community Foundation.

Fremont Bank will provide banking services, and among the group's "Founding Champions" include Alameda County supervisors David Haubert and Nate Miley and several local corporations. Other Founding Champions include Bishop Ranch, Wente Family Estates, Sensiba San Filippo, and The Livermore Independent.

"The annual GDP of our area is more than $42 billion," Sensiba said. "Yet less than half of a percent comes back to support the more than 350 local nonprofits serving our communities. Three Valleys Community Foundation desires to increase this proportion of local giving to create a region where every single person has the opportunity to live a full and rewarding life."

For more information, visit the foundation website at www.3vcf.org.