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.
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.
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.
