The Penney Family Fund commits to increase grant payout to 10%
The Penney Family Fund‘s third- and fourth-generation board members have voted to increase their grant payout to 10% from 2021-2023. With the converging global crises—the COVID pandemic, an awakening to police violence and systemic racism, climate change, and a consequential 2020 election in the United States—PFF believes that the time is now to begin the journey of redistributing philanthropic funds into grassroots communities and movements working toward a more just, anti-rascist world. New areas of funding in 2020 have had a particular focus on COVID rapid-response, the 2020 electoral movement, and the Black Lives Matter movement.
About the CCC:
On July 14, a new effort was launched to encourage foundations, Donor-Advised Funds and high net worth donors to significantly increase their giving to meet the urgency of this moment. The Crisis Charitable Commitment (CCC), underwritten by the WhyNot Initiative (the social change project of the Leonard and Sophie Davis Fund), establishes a benchmark for a reasonable minimum percentage of assets for America’s wealthiest individuals and philanthropies to contribute.
From the CCC website:
“This is not a time for business as usual. This is the rainy day. Large foundations have historically clung to the legal requirement of making contributions equal to 5% of their endowments. Ultra High Net Worth Individuals (UHNWI), the 0.1%, have been giving just over 1% of their assets to charity. This is the time to double down, together.”
Read more about the Crisis Charitable Commitment in this week’s Chronicle of Philanthropy article and make your commitment here.
LUISA ADRIANZEN GUYER
