Two Canadian philanthropic organizations transfer $3.85 million to Foundation for Black Communities’ endowment — here’s why that matters
Why It Matters
Recent research by the Foundation for Black Communities suggests foundations grant pennies on the dollar to Black-led organizations. A foundation run by and for Black communities across Canada could improve outcomes for Black people.
Two major Canadian foundations are the first to donate $3.85 million in funds and capital transfers to the Foundation for Black Communities, a new philanthropic organization focused on supporting Black communities across Canada — and other foundations may follow suit in the near future.
The Foundation for Black Communities is working to build a $300 million endowment that can sustainably fund Black-led and Black-serving organizations for years to come. According to a statement from the Inspirit Foundation on March 9, it is offering an “immediate, unrestricted grant” of $350,000 along with a $1 million capital transfer — in other words, investments or assets capable of generating income on their own. Meanwhile, the Laidlaw Foundation is giving their own capital transfer of $2.5 million.
These contributions come three months after a report called
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