Philanthropy’s Promise, the initiative whereby US grantmakers pledge to allocate at least 50 per cent of their grant funding to benefit underserved communities such as the poor, the elderly and LGBTQ citizens, now boasts 125 adherents, representing a total of more than $3.37 billion in annual giving.
The number has virtually doubled since the National Committee for Responsive Philanthropy (NCRP) launched the promise a year ago with commitments from 64 grantmakers.
Those subscribing to the Promise pledge to devote at least 50 per cent of their grant funds to benefiting marginalized groups, and 25 per cent towards supporting advocacy, community organizing and civic engagement to address the root causes of social problems. Each of those committed provide a public statement of the values and strategies that underline their approach to this type of grantmaking.
The NoVo Foundation, Cleveland Foundation and United Way of New York City were among the grantmakers that recently joined the Promise. The NoVo Foundation, co-founded by Peter and Jennifer Buffett, is the largest private foundation dedicated to ending violence against women and girls in the US and in the world.
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