Two and a half years ago, the Rhode Island Foundation’s Board of Directors committed to a 3-year, $8.5 million investment to advance diversity, equity, inclusion and access.
In alignment with this critical commitment, the Foundation announced that it has invested more than $1.2 million to create designated endowments for 14 long-standing Rhode Island-based nonprofits that are led by, and primarily serve, people of color and that are working to reimagine systems that are built on structural inequity and racism. An endowment is a pool of donated assets that aims to make a percentage of the investment growth over time available for charitable purposes annually, which may help provide long-term stability, financial viability, alleviate some fundraising pressure on nonprofits annually, and position organizations to continue their mission well into the future.
In addition, the Foundation has also awarded nearly $2.2 million to help six organizations address systemic racism through its Racial Equity and Social Justice Grants program. The funding supports work to dismantle the fundamental causes of systemic racism that impact historically marginalized populations in Rhode Island.