An additional $1.5 million in support for the fund also was announced, including contributions from William Penn Foundation ($1million), Wells Fargo ( $250,000), TD Bank ($100,000) and Philadelphia Health Partnership, Santander Bank and the Samuel S. Fels Fund ( $50,000 each).
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.
