History
Founded in 1988 and named after the heroic outlaw from English folklore, Robin Hood was conceived by hedge fund manager Paul Tudor Jones and co-founded with Peter Borish and Glenn Dubin. [9] [10] [11] [12]
The foundation combines investment principles and philanthropy to assist programs that target poverty in New York City. [2]
Funding for the organization's activities comes from donations and fund raising efforts. In 2009, George Soros gave the foundation a US$50 million contribution. The money reportedly helped the organization raise significantly more than that amount. [6]
As of 2016, the foundation was No. 79 on the Forbes 100 Largest U.S. Charities list. [13]
In 2017, Robin Hood appointed author and veterans advocate Wes Moore as its CEO. [7] Moore grew up in poverty in the Bronx before becoming a Rhodes scholar at the University of Oxford, a paratrooper and captain in the 82nd Airborne, and investment banker at Citigroup. Moore succeeded David Saltzman who was the Executive Director since co-founding the organization. [14]
Wes Moore stepped down as CEO of Robin Hood in May 2021. [15] Derek Ferguson, who served as Robin Hood’s Chief Operating Officer since December 2017 stepped into the role of Interim Chief Executive Officer, until a permanent replacement was identified. [16] As of September 2021, Richard Buery, Jr. joined Robin Hood as the new Chief Executive Officer. [17] Buery brings extensive experience in nonprofit and civic leadership to Robin Hood, after serving in leadership roles with Robin Hood partners like Achievement First and Children’s Aid, and as a Deputy Mayor of New York City. [18]
In May 2022, during Robin Hood’s annual event to benefit poverty-fighting efforts in New York, the company announced the launch of a new, $100 million Child Care Quality and Innovation Initiative for New York City. The fund was created from commitments of $50 million from Robin Hood, $25 million from Ohanian’s 776 Foundation and $50 million from New York City. Additionally, the annual event raised $126 million, all of which will support poverty-fighting programs citywide. [19]
Fortune magazine said "Robin Hood was a pioneer in what is now called venture philanthropy, or charity that embraces free-market forces. An early practitioner of using metrics to measure the effectiveness of grants, it is a place where strategies to alleviate urban poverty are hotly debated, ineffectual plans are coldly discarded, and its staff of 66 hatches radical new ideas." [2]
Grant Making
Robin Hood funds more than 300 nonprofit organizations. [25] The organization aligns its grant making approach with life-stage milestones for economic mobility: early childhood, school-age children, young adults, and adults & household supports. [26] Robin Hood also makes grants to support capacity building, policy advocacy, and special initiatives. Since its founding in 1988, Robin Hood has invested $3 billion to fight poverty in New York City. [27]
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