The San Fernando Valley Community Foundation has restructured to become the Community Foundation of the Valleys, or CFV, the nonprofit announced Tuesday.

Under the reorganization, the CFV, which raises philanthropy funds in the San Fernando and Santa Clarita valleys, has partnered with the California Community Foundation to pool funds and lower administrative costs. The California Community Foundation serves all of Los Angeles County and holds $1.5 billion in assets.

Together, the organizations plan to boost philanthropic giving in the region and help local nonprofits withstand a probable shift in political and economic conditions.

“The restructuring comes at a time when there is increasing competition for foundation and business grants as governments cut funds to nonprofits,” CFV Director S. Brigette Loden said in a statement.

The matter is made more urgent by the possibility of an impending economic downturn, as predicted by some economists, she added. At the same time, the Santa Clarita and San Fernando valleys are poised to receive a windfall of cash over the next few decades from aging “baby boomers,” many of whom are in the process of deciding where to transfer their wealth after they pass away.

“(We are) ... more determined than ever to serve as the conduit between donors and community needs by encouraging the generosity and support of the valleys’ residents,” Tamara Gurney, chief executive of Mission Valley Bank and CFV board chair, said in a statement.

CFV founding members include the Wolf Family Foundation, Squar Milner and Valley Presbyterian Hospital.