The Philadelphia Foundation has created a fund designed to bolster the Black-led nonprofits that serve the region's Black communities.The Black Community Leaders Fund will build on a $1 million contribution from Facebook, which selected the foundation as one of 20 regional partners in its $20 million Supporting Black Communities initiative.
Black-led nonprofits in Philadelphia have less access to financial networks than white-led organizations, according to a report by the Philadelphia African American Leadership Forum and partly funded by the Philadelphia Foundation.
The fund will be increased to $5 million through additional private, foundation and corporate gifts, the foundation said. It will provide select nonprofits with support needed to strengthen their leadership, operations, finances and infrastructure.
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Senay Ataselim-Yilmaz, Chief Operating Officer, Turkish Philanthropy Funds, writes that philanthropy often solves the very problems that stems from market failure. Some social issues, however, cannot be tackled by questioning the return on investment.