The New York Community Trust

Last updated

The New York Community Trust (The Trust) is a community foundation that serves New York City's five boroughs, Long Island, and Westchester County. The Trust administers more than 2,200 charitable funds.

Established in 1924, The Trust is one of the nation's 10 largest community foundations with nearly $3.3 billion in assets. [1]

In partnership with its donors, The Trust distributes approximately $200 million in grants to nonprofits annually and during its first 100 years has awarded $5.7 billion to nonprofits. [2] It is led by Amy Freitag, who was named the organization's fourth president in 2022. [3]

History

The Trust was founded in 1920, when a group of New York banks came together to create a charitable trust that would support philanthropic activity in New York. [4] The Trust's first grant was awarded in 1924, when Rosebel G. Schiff gave $1,000 to establish a fund in memory of her principal at P.S. 9. [5]

The Westchester and Long Island Community Foundations were created as divisions of The Trust in 1975 and 1978, respectively. The Westchester and Long Island Community Foundation names were sunsetted to better reflect the organizational structure in 2024. [6]

In 1983, in the early years of the HIV/AIDS crisis, the foundation made the first grant for HIV research from a private institution. It then created the New York City AIDS Fund, which operated from 1989 to 2014. [7]

The Trust partnered with the United Way of New York City to create the September 11th Fund in response to the attacks on the World Trade Center on September 11, 2001. The Fund collected $534 million from more than two million donors and distributed a total of 559 grants. [8]

In March 2020, The Trust partnered with Bloomberg Philanthropies, Carnegie Corporation of New York, and the Ford Foundation to launch the NYC COVID-19 Response & Impact Fund, which ultimately raised $110 million from 734 donors to support nonprofits impacted by the Covid-19 pandemic. [9]

In 2012, upon a request by New York State Attorney General Eric Schneiderman, The Trust allocated $45 million from Brooke Astor's estate to improve literacy in New York City. [10] [11]

In 2024, The Trust and the Robin Hood Foundation announced efforts to lead a philanthropic response to the influx of more than 200,000 migrants to New York City. [12]

Related Research Articles

The Ford Foundation is an American private foundation with the stated goal of advancing human welfare. Created in 1936 by Edsel Ford and his father Henry Ford, it was originally funded by a $25,000 gift from Edsel Ford. By 1947, after the death of the two founders, the foundation owned 90% of the non-voting shares of the Ford Motor Company. Between 1955 and 1974, the foundation sold its Ford Motor Company holdings and now plays no role in the automobile company.

Philanthropy is a form of altruism that consists of "private initiatives for the public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private good, focusing on material gain; and with government endeavors that are public initiatives for public good, such as those that focus on the provision of public services. A person who practices philanthropy is a philanthropist.

<span class="mw-page-title-main">Tides Foundation</span> American public charity and fiscal sponsor

Tides Foundation is a left-leaning donor advised fund based in the United States that manages over $1.4 billion in assets. It was founded in San Francisco in 1976 by Drummond Pike. Tides distributes money from anonymous donors to other organizations, which are often politically progressive. An affiliated group, Tides Advocacy, is a "massive progressive incubator." Tides has received substantial funding from George Soros.

The Andrew W. Mellon Foundation, commonly known as the Mellon Foundation, is a New York City-based private foundation with wealth accumulated by Andrew Mellon of the Mellon family of Pittsburgh, Pennsylvania. It is the product of the 1969 merger of the Avalon Foundation and the Old Dominion Foundation. These foundations had been set up separately by Ailsa Mellon Bruce and Paul Mellon, the children of Andrew Mellon.

<span class="mw-page-title-main">Financial endowment</span> Legal structure for managing investments

A financial endowment is a legal structure for managing, and in many cases indefinitely perpetuating, a pool of financial, real estate, or other investments for a specific purpose according to the will of its founders and donors. Endowments are often structured so that the inflation-adjusted principal or "corpus" value is kept intact, while a portion of the fund can be spent each year, utilizing a prudent spending policy.

In the United States, a donor-advised fund is a charitable giving vehicle administered by a public charity created to manage charitable donations on behalf of organizations, families, or individuals. To participate in a donor-advised fund, a donating individual or organization opens an account in the fund and deposits cash, securities, or other financial instruments. They surrender ownership of anything they put in the fund but retain advisory privileges over how their account is invested, and how it distributes money to charities.

Community foundations (CFs) are instruments of civil society designed to pool donations into a coordinated investment and grant making facility dedicated primarily to the social improvement of a given place. Community foundations are a global phenomenon with 1700 existing around the world, of which over 700 are in the United States. Private foundations are typically endowed by an individual or a single family.

Candid is an information service specializing in reporting on U.S. nonprofit companies. In 2016, its database provided information on 2.5 million organizations. It is the product of the February 2019 merger of GuideStar with Foundation Center.

The Center for Effective Philanthropy (CEP) is a nonprofit organization focused on the development of comparative data to enable higher-performing philanthropic funders.

The Community Foundation of the Eastern Shore (CFES) was established in 1984, and is located in Salisbury, Maryland. Its mission is to "To strengthen our community by connecting people who care with causes that matter to improve quality of life in our region" and its vision is for "...a community where all can live, learn, work, create and prosper". It serves the three lower counties of the Eastern Shore of Maryland: Somerset, Wicomico, and Worcester.

UK Community Foundations (UKCF) is a registered charity that leads a movement of community foundations committed to positive social change in the UK through the development of “community philanthropy”. Community philanthropy involves people from all parts of a community working together locally to use the financial and other resources available to them to improve others’ lives.

<span class="mw-page-title-main">Philanthropy in the United States</span> Overview article

Philanthropy in the United States is the practice of voluntary, charitable giving by individuals, corporations and foundations to benefit important social needs. Its long history dates back to the early colonial period, when Puritans founded Harvard College and other institutions. Philanthropy has been a major source of funding for various sectors, such as religion, higher education, health care, and the arts. Philanthropy has also been influenced by different social movements, such as abolitionism, women’s rights, civil rights, and environmentalism. Some of the most prominent philanthropists in American history include George Peabody, Andrew Carnegie, John D. Rockefeller, Henry Ford, Herbert Hoover, and Bill Gates.

DonorsTrust is an American nonprofit donor-advised fund. It was founded in 1999 with the goal of "safeguarding the intent of libertarian and conservative donors". As a donor advised fund, DonorsTrust is not legally required to disclose the identity of its donors, and most of its donors remain anonymous. It distributes funds to various conservative and libertarian organizations, and has been characterized as a "dark money ATM" of the political right.

The Center for High Impact Philanthropy (CHIP) is a center at the School of Social Policy and Practice at the University of Pennsylvania in the United States focused on high impact philanthropy, both in the US and internationally. The Center translates the best available evidence in areas such as education and early childhood development, disaster relief, poverty, democracy, and public health into actionable guidance and educational programs for those looking to make a difference with their giving.

<span class="mw-page-title-main">Bloomberg Philanthropies</span> Charitable organization

Bloomberg Philanthropies is a philanthropic organization that encompasses all of the charitable giving of founder Michael R. Bloomberg. Headquartered in New York City, Bloomberg Philanthropies focuses its resources on five areas: the environment, public health, the arts, government innovation and education. According to the Foundation Center, Bloomberg Philanthropies was the 10th largest foundation in the United States in 2015, the last year for which data was available. Bloomberg has pledged to donate the majority of his wealth, currently estimated at more than $54 billion. Patti Harris is the CEO of Bloomberg Philanthropies.

The Silicon Valley Community Foundation (SVCF) is a donor-advised community foundation serving the Silicon Valley region. It is the largest charitable foundation in Silicon Valley.

<span class="mw-page-title-main">Community Foundation of Northern Colorado</span>

The Community Foundation of Northern Colorado is an independent philanthropic organization that serves the Northern Colorado community including Berthoud, Estes Park, Fort Collins, and Loveland.

The Foundation for the Carolinas is a donor-advised charity with a non-exclusive focus on North Carolina and South Carolina.

<span class="mw-page-title-main">Mother Cabrini Health Foundation</span> American health charity in New York State

Mother Cabrini Health Foundation is a private American charitable foundation that provides funding for healthcare and health-related initiatives in the U.S. state of New York, aimed at low-income and underserved communities. It is the largest health foundation focused only on New York.

References

  1. ↑ "Council on Foundations 2022 CF Insights Survey of community foundations by assets". Council on Foundations. 16 January 2024. Retrieved 7 November 2024.
  2. ↑ Molina-Mangaroo, Angelique (2024-07-09). "The New York Community Trust celebrates 100 years of giving". New York Nonprofit Media. Retrieved 2024-11-07.
  3. ↑ Scutari, Mike (2022-09-27). "Seven Questions for Amy Freitag, the New York Community Trust's New President". Inside Philanthropy. Retrieved 2024-11-07.
  4. ↑ "Community Trust Now on Working Basis". New-York Tribune. 1920-03-30. Retrieved 2024-11-07– via Newspapers.com.
  5. ↑ Teltsch, Kathleen (May 2, 1994). "Foundations Are Finding Wealth Is a Problem, Too". The New York Times. Retrieved November 7, 2024.
  6. ↑ Katz, Peter (2024-06-12). "Westchester Community Foundation undergoes branding change". Westfair Business Journal. Retrieved 2024-11-07.
  7. ↑ "New York City AIDS Fund". The National AIDS Fund. Retrieved 2024-11-07.
  8. ↑ Abzug, Rikki; Derryck, Dennis (2017-09-11). "Lessons from Crisis: New York City Nonprofits after September 11". Nonprofit Quarterly. Retrieved 2024-11-07.
  9. ↑ Scutari, Mike (2021-02-03). ""Resilience and Resolve." A COVID Emergency Fund Reports Back to the Arts Community". Inside Philanthropy. Retrieved 2024-11-07.
  10. ↑ West, Melanie Grayce (December 8, 2013). "Astor Estate Donates Money to New York Education". The Wall Street Journal.
  11. ↑ "Astor Fund at New York Community Trust Awards $9.2 Million". Philanthropy News Digest (PND). 2013-12-10. Retrieved 2024-11-07.
  12. ↑ Kim, Elizabeth (2024-03-11). "2 major charities will tap NYC's wealthy donors for migrant crisis". Gothamist. Retrieved 2024-11-07.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.