Board Chair Colwell and CEO Ginsberg at the annual meeting.
New Haven’s largest philanthropic foundation intends to help not-for-profits cover more general overhead expenses, help local for-profit businesses create jobs, and help immigrants in the face of a threatened federal crackdown in the year ahead.
So vowed Will Ginsberg, president and CEO of the Community Foundation for Greater New Haven, at its annual meeting Tuesday night.
The meeting was held in the College Street Music Hall, where donors, board members and non-profits gathered for drinks and Geronimo’s tacos and heard Ginsberg chart the foundation’s progress to date and its next steps.
The foundation’s endowment hit a record high of $510 million at the end of September, Ginsberg reported. He added that the Community Foundation awarded $25 million in grant funds to local organizations in 2016. The foundation expects to dole out a similar amount next year, he said.
In his address (read it in full here), Ginsberg took on President-Elect Donald Trump’s vision of the country, specifically a stated intention to crack down on immigrants. Ginsberg also noted two strategies the foundation will employ when distributing funds next year.
One goal is to pursue more “mission-related investments,” which means funding for local for-profit startups that aim to bolster the local economy and grow the foundation’s endowment.
One such company that the foundation has already invested in is the beverage startup Freshbev, a fresh-juices start-up on Kendall Street. The foundation is looking for companies that have a strong community impact, Ginsberg said. They chose Freshbev because of its potential for job creation, said William Colwell, who chairs the foundation’s Board of Directors.
Ginsberg said a small portion of the foundation’s endowment will be allocated for these ventures. (He did not provide a percentage figure.)
Another focus is to support not-for-profit organizations applying for grants to cover general operating costs in the face of steady cutbacks in state support.
Traditionally agencies have focused on seeking foundation grants for specific projects. But now they’re losing support from the government to run their basic operations. Maintaining general operations are becoming increasingly important for agencies that have lost state funding, Ginsberg said.
Alison Cunningham, CEO at Columbus House, said a three-year grant from the Community Foundation to her homeless agency has helped cover the setback her organization faced when the state’s Department of Housing cut its funding by about 6 percent.
The foundation’s support has also helped revived Columbus House initiatives that were cut by the state, including a prison re-entry services program.
Supporting A Sanctuary City
Ginsberg underscored the importance of bringing the community together in the wake of the divisive politics of the 2016 presidential campaign.
“We go forward from tonight to do the work of community in a time of disconnection,” he said. “We do so with a deep commitment to the idea that diversity is our strength.”
The election result might impact the foundation’s decisions in the coming year, Ginsberg said. He said that the foundation will continue to support organizations working with immigrants in Greater New Haven — a decision that might have direct conflicts with President-elect Donald Trump’s proposed policy of withdrawing federal money from “sanctuary cities.”
“The oft-stated intentions of the president-elect to enforce our immigration laws more aggressively may well present direct conflicts with the foundation’s work. We do not yet know how these issues will play out,” Ginsberg said. “But what we believe is that the immigrant story is the story of our past and of our future. The hard work and the cultural contributions of previous generations of immigrants built our community int he 19th and 20th centuries and are building it anew today for our century.
“Let me be clear: The foundation will remain committed to doing what we can to advance the integration of our immigrants — including our undocumented residents — into the life of our community and to provide them with the opportunities, notwithstanding whatever changes to federal immigration laws, policies and enforcement may be coming.”