FCP will join other local funders in the pooled fund that supports the capacity, effectiveness, and financial sustainability of nonprofits in the Greater Philadelphia area.
A new report from the Urban Affairs Coalition reveals that Black-led nonprofits continue to struggle connecting with regional funders despite “racial reckoning.”
42 new grants support individual artists and assist arts sector in emerging from the effects of COVID-19 through technology and facilities upgrades, diversity initiatives, new business models.
With a lead gift from Facebook’s $20 Million “Supporting Black Communities” National Initiative, the new fund will fortify Black-led nonprofit organizations serving Black communities in Greater Philadelphia.
Building on their respective strengths, the two organizations have entered into a partnership to support regional nonprofits considering sustained alliances.
With new data about the financial health of Greater Philadelphia nonprofits combined with troubling trends due to COVID-19, it's clear that collaboration will be a vital strategy for both nonprofits and funders if the sector is to continue to provide essential services and stimulate innovation that advances social purpose.
Partners funding the report acknowledge that the risk the sector faces today during a pandemic is the result of a system that was not financially stable pre-COVID that must be fixed.
Developed by the Center for High Impact Philanthropy at the University of Pennsylvania and Philanthropy Network Greater Philadelphia with support from William Penn and Lenfest Foundations, the dashboard is one of the first efforts to collect grants data from numerous pooled giving funds and share it publicly, mapped against demographic and economic data.
New funding supports operating expenses and promotes racial equity at 22 local organizations responding to increased demands and organizational stressors of the COVID-19 pandemic.
According to a report funded by The Philadelphia Foundation that examined the financial health of local nonprofits, more than 40 percent are running at a loss or producing no surplus at all.
