Organizers of pooled funds and other efforts to get foundations to collaborate have used them as a test bed for changes they’d like to see in philanthropy.
For instance, backers of the 1954 Project, which aims to raise $100 million to recruit more Black teachers, hope that the project also helps private foundations strengthen their relationships with black donors and nonprofit professionals.
“We’re trying to radically reimagine how philanthropy engages with Black leadership,” says philanthropist Liz Thompson, founder of the Cleveland Avenue Foundation for Education and founder of the 1954 Project, which also has the backing of the Walton Family Foundation.
Here’s a look at some of the progress reported by other pooled funds and collaborations.
Equity, Racial Justice, and Economic Opportunity
The California Black Freedom Fund aims to raise $100 million over the next five years to enhance the ability of Black-led organizations to affect changes in policy. The fund has amassed more than $32.4 million already.
The Black Liberation Pooled Fund was created in June by the Solidaire Network. It attracted $20.8 million in support, almost all from a gift from the Packard Foundation, to support Black-led grassroots groups.
Democracy Frontlines Fund, organized by the Libra Foundation, attracted $36 million to support racial-justice groups. The fund’s organizers are considering creating of a second fund.
The “Give Bold. Get Equal” campaign, created by Women Moving Millions, an organization to encourage wealthy women to give, set out to raise $100 million for causes that help women and girls. The group, which plans to provide an update at the United Nation’s Generation Equality Forum in June, says it will exceed its goal.
Robin Hood’s Power Fund was seeded with an initial investment of $10 million by Robin Hood and $7.9 million raised from others, including Salesforce, the Stavros Niarchos Foundation, Charles and Lynn Schusterman Family Philanthropies, BlackRock, Capital One, and others. The fund supports leadership development and economic mobility efforts.
The Southern Power Fund has surpassed its $10 million dollar goal. The fund, which supports Black-led organizations in the South, was created by a group of eight grassroots organizations.
The Racial Equity Philanthropic Fund, created by Echoing Green, is attempting to raise $50 million. It has secured contributions from philanthropist MacKenzie Scott, Goldman Sachs, the Miranda Family Fund, and the Jerome L. Greene and Skoll foundations. The fund plans to support efforts to help launch 500 social enterprises let by people of color and to advance racial equity among corporations.
Pandemic Relief
The #HalfMyDAF campaign was started by donors David and Jennifer Risher to encourage people to send money in their donor-advised funds to nonprofits at a time of urgent need. Including more than $1million in matching funds from the Rishers, donors gave $10 million last year. This year the couple aims to direct $20 million to nonprofits.
The Families and Workers Fund initially had commitments totaling $7 million from more than a dozen foundations including the Ford, Open Society, and JPB Foundations to help people hurt by the pandemic. Commitments from the Skoll Foundation and philanthropist MacKenzie Scott helped push the fund to nearly $30 million.
The Forge Response and Vision Fund, which aims to provide both direct-response and longer-term support for vulnerable populations hit by climate change and Covid-19, was created in June with $5 million in commitments from a group of grant makers including the Ford and Open Society foundations. It has raised nearly $6 million. New participants include the Foundation for a Just Society and the Women’s Rights Program of the Wellspring Philanthropic Fund.
Democracy
The Democracy Reinvestment Fund was created by the Amalgamated Foundation following the January 6 assault on the U.S. Capitol. The foundation’s goal is to raise $100 million from corporate donors who want to “protect and preserve democracy.”
One for Democracy, a campaign in which participants pledged to donate 1 percent of their wealth to organizations working to strengthen democracy, has raised $67 million of its $100 million goal.
Way to Rise called in June for philanthropy to commit $59.1 million to voter-education organizations serving people of color. The group says more than $26 million has been contributed, including money given directly to Way to Rise or to other organizations in consultation with the group.
