NYC Covid-19 Response and Impact Fund grows to over $110 million, doles out grants and loans

The first round, which came in the form of grants or zero-interest loans, were doled out in mid-April to 276 nonprofits and totaled $44 million. The fund, launched in March with $75 million, since has ballooned to $110 million.

Powering that is the financial backing of names including Bloomberg Philanthropies; the Carnegie Corp.; The New York Community Trust, which manages grant funding; and the Nonprofit Finance Fund, which manages the zero-interest loans. A total of 1,300 foundations, companies and individuals donated to the fund since its launch.

“There was absolutely no pause when this opportunity to invest in the Covid Response and Impact Fund became available,” philanthropist Jennifer Allan Soros said. “It was clear to us that this was going to be the most effective way to help all the social service and arts and cultural nonprofits keep their doors open during the Covid crisis.”

After an early investment, Soros and her husband, Jonathan, kept donating, she said. Part of the appeal of the impact fund was that it would distribute funds equitably to a wide swath of nonprofits, rather than a smaller, hand-picked group, she said. 

The fund funnels money toward operational support, such as payroll—a valuable attribute in the arts world, where funding is often earmarked for programming, Butler said.

Butler’s museum still faces dire realities. Gov. Andrew Cuomo announced this month that museums could not open in phase four of the city’s reopening, as MCNY had been planning to.

There has been some good news, though. In the depths of the coronavirus crisis, MCNY was projecting a $4.8 million deficit, Butler said, and it has now more than halved that.

Source link

Leave a Reply

%d bloggers like this: