The New York Community Trust
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
[edit]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 Trust is widely credited with creating the first donor-advised fund in 1931[6] after donors William and Francoise Barstow approached the organization requesting to create a legacy fund at the foundation while also having the ability to support their preferred nonprofits during their lifetime.[7]
Donor-advised funds have since become a popular form of giving in the United States, with donors contributing more than $85.5 billion to and granting more than $52 billion from the giving vehicle to nonprofits in 2022.[8]
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.[9]
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.[10]
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.[11]
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.[12] Of that total, $73.1 million supported more than 750 nonprofits through grantmaking. Another 45 nonprofits received $37 million in no-interest loans through a partnership with Nonprofit Finance Fund.
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.[13][14]
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.[15]
Programs
[edit]The Trust funds the "Culture Pass" program, which provides access to museums and cultural centers for any New Yorker with a library card.[16]
The Helen Merrill Award for Playwriting provides cash awards to up-and-coming playwrights to help them explore their visions. The fund has awarded more than $2.4 million to more than 100 playwrights.[17]
The Heisman Trophy Trust partners with The Trust to support academic and sports programs for young people.[18]
The New York State Census Equity Fund is a funder collaborative that supports efforts to reach hard-to-count communities in the U.S. Census.[19]
The GoVoteNYC Fund supports voter engagement efforts in New York City by awarding grants to nonprofits working on nonpartisan get-out-the-vote education and activities.[20]
References
[edit]- ^ "Council on Foundations 2022 CF Insights Survey of community foundations by assets". Council on Foundations. 16 January 2024. Retrieved 7 November 2024.
- ^ "The New York Community Trust celebrates 100 years of giving". New York Nonprofit Media. 2024-07-09. Retrieved 2024-11-07.
- ^ "Seven Questions for Amy Freitag, the New York Community Trust's New President | Inside Philanthropy". www.insidephilanthropy.com. 2022-09-27. Retrieved 2024-11-07.
- ^ "Community Trust Now on Working Basis". New-York Tribune. 1920-03-30. Retrieved 2024-11-07 – via Newspaper.com.
- ^ Teltsch, Kathleen (May 2, 1994). "Foundations Are Finding Wealth Is a Problem, Too". The New York Times. Retrieved November 7, 2024.
- ^ "Milestones in the History of DAFS" (PDF). Council on Foundations. Retrieved November 7, 2024.
- ^ "William S. Barstow. Francoise Duclos Barstow. Founders of the William and Francoise Barstow Foundation" (PDF). Long Island Community Foundation. Retrieved November 7, 2024.
- ^ "The 2023 DAF Report". National Philanthropic Trust. Retrieved 2024-11-07.
- ^ Katz, Peter (2024-06-12). "Westchester Community Foundation undergoes branding change". Westfair Business Journal. Retrieved 2024-11-07.
- ^ "New York City AIDS Fund | The National AIDS Fund". www.aidsfund.org. Retrieved 2024-11-07.
- ^ Derryck, Rikki Abzug, Dennis (2017-09-11). "Lessons from Crisis: New York City Nonprofits after September 11". Non Profit News | Nonprofit Quarterly. Retrieved 2024-11-07.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ ""Resilience and Resolve." A COVID Emergency Fund Reports Back to the Arts Community | Inside Philanthropy". www.insidephilanthropy.com. 2021-02-03. Retrieved 2024-11-07.
- ^ Grayce West, Melanie (December 8, 2013). "Astor Estate Donates Money to New York Education". The Wall Street Journal.
- ^ "Astor Fund at New York Community Trust Awards $9.2 Million". Philanthropy News Digest (PND). Retrieved 2024-11-07.
- ^ Kim, Elizabeth (2024-03-11). "2 major charities will tap NYC's wealthy donors for migrant crisis". Gothamist. Retrieved 2024-11-07.
- ^ Lerner, Rebecca. "Culture Pass From New York Libraries Promises Free Passes To 33 Cultural Institutions". Forbes. Retrieved 2024-11-07.
- ^ "4 Playwrights Receive 2023 Helen Merrill Awards". AMERICAN THEATRE. 2023-09-15. Retrieved 2024-11-07.
- ^ "Heisman Trophy Fund awards $1.2 Million to NYC and Long Island nonprofits". New York Nonprofit Media. 2024-04-16. Retrieved 2024-11-07.
- ^ "New York State Census Equity Fund in the New York Community Trust Awards Grants for Census 2020". Philanthropy New York. 2020-09-17. Retrieved 2024-11-07.
- ^ "GoVoteNYC Fund in The New York Community Trust Announces $1 Million in Grants for Voter Engagement". Philanthropy New York. 2022-05-19. Retrieved 2024-11-07.