Extraordinary Times, Extraordinary Measures

A Message from Darren Walker, President of the Ford Foundation

June 11, 2020

The Ford Foundation discusses both the COVID-19 pandemic and the recent Black Lives Matter protests. They highlight the enormous enormous financial struggle that many nonprofits are currently facing, stating that

“because of COVID-19, the nonprofit sector faces overwhelming need paired with existential threat.”

Further, the Ford Foundation stresses the importance of philanthropy to keep these organizations alive, protecting not just the economy, but

“the soul of our democracy itself.”

One step that the Ford Foundation has taken is to work with other New York-based foundations to create the NYC COVID-19 Relief & Impact Fund. When “Extraordinary Times, Extraordinary Measures” was initially published in June, the fund had raised over $100 million. Beyond the relief that was necessary after many of these organizations had to unexpectedly shut down, cancel fundraising events, and push through a time when many people were out of work and could not afford to donate, the Ford Foundation states that there is now a need for reform on the parts of both government and individual businesses. They note a specific need to protect low-wage workers and workers of color. After recognizing these needs and acknowledging that sufficient funding is necessary to carry out many of these proposed actions, the Ford Foundation announces in this letter that the foundation’s board of trustees

“has authorized up to $1 billion - financed through the sale of bonds - to help stabilize and strengthen the nonprofit sector.”

They elaborate on this, saying that the funds will be invested in organizations that not only need help due to the COVID-19 pandemic, but that are working to fight inequality.

Click here to read more about the NYC COVID-19 Relief & Impact Fund

Click here for the complete list of COVID-19 Relief & Impact Fund grant recipients