The Crisis Charitable Commitment Presses for Philanthropic Dollars to Address Critical Needs Highlighted by the Pandemic
May 17, 2022 – Today, the WhyNot Initiative’s Crisis Charitable Commitment announced a fundraising and advocacy effort to substantially increase charitable donations from foundations and wealthy donors to support Black-led organizations, safeguard voting rights, and raise awareness about the negative effects of excessive wealth on our society. Titled the “Big Bet Bundles,” the effort plans to raise $41.5 million for three pooled funds managed by partner organizations: The Black Liberation Pooled Fund managed by Solidaire Network; The Healthy Democracy Fund managed by Tides Foundation; and Tax the Ultra Rich Now managed by Amalgamated Foundation.
The Crisis Charitable Commitment was created in 2020 to greatly increase the flow of charitable dollars to nonprofits, communities, and causes in response to the COVID pandemic and related crises, and to establish a new Charitable Standard that sets a voluntary minimum level of charitable contributions for America’s wealthiest individuals and foundations. The three focus areas for the Big Bet Bundles – racial justice, safeguarding democracy, and extreme wealth inequality – have been central to the Commitment’s work since its founding, though the Commitment supports increasing contributions for other issue areas as well. To date, signers to the Commitment have increased their giving by a total of $690 million, including $185.4 million to efforts for racial justice and $164.6 million to safeguard democracy.
“There’s a lot of work to do to address the multiple crises facing our country, and there are billions of dollars sitting unused in private philanthropic accounts that could improve the lives of millions right now,” said Alan S. Davis, president of the Leonard and Sophie Davis Fund and founder of the Crisis Charitable Commitment. “These pooled funds are designed to facilitate grantmaking for those who say that they want to donate more of their wealth to help causes and communities but don’t know where to send donations. Though our exemplary partners are not the only ones directing funds in these spaces, we’re proud that they’ve stepped up to the plate and are committed to helping communities in need.”
During the pandemic, nonprofit organizations across the country have struggled to meet the increasing needs of communities as their funding has been redirected or shrunk. Philanthropists say they are overwhelmed by the collective need and individual requests, so the Big Bet Bundles (BBB) is a response to help major donors make effective investments at scale. The advantages of pooled funds include professional management, issue-area expertise, capacity to create and track metrics, and the ability to move money quickly as needs shift.
Each of the three BBBs has a goal to raise between $1 million and $30 million in a pooled fund, combining donations from individual donors. Grantmaking decisions rest with the BBB managers; the Crisis Charitable Commitment does not direct funds in any way.
“This is a critical time for philanthropy as the level of need far outpaces contributions, and we have an opportunity with this pooled fund to draw attention to how much more wealthy individuals and foundations could be doing to address these needs by moving more resources to the frontlines of social change,” said Anna Fink, executive director of Amalgamated Foundation, the philanthropic arm of Amalgamated Bank. “The Amalgamated Foundation is proud to host the TURN Fund and other collective grantmaking funds focused on addressing wealth inequity.”
“Supporting an ecosystem of Black-led organizations is critical to addressing structural racism and bringing about our collective liberation,” said Leigh Robbie Gaymon-Jones, movement partnerships and grantmaking practitioner at Solidaire Network. “Black-led nonprofits have been doing the work and hold the solutions but are systematically underfunded. The Black Liberation Pooled Fund comes out of Solidaire Network’s deep relationship with movement elders and leaders, and mobilizes critical funds to the breadth of Black liberation organizing.”
“Living in a democracy that is responsive to the needs of all people, especially those who are most underserved, requires strong and well-resourced grassroots groups taking action every day to mobilize their communities to fight for a fair and just playing field,” said Faith Calvert Cordell, advisor at the Tides Foundation. “The Healthy Democracy Fund will help us get there.”
For more information about each of the Big Bet Bundles, visit https://charitablecommitment.org/big-bet-bundles/.
Media Contact:
Anastasia Ordonez, Good Talk Media
(510) 590-8471
aordonez@goodtalkmedia.com
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About Crisis Charitable Commitment: https://charitablecommitment.org
The Crisis Charitable Commitment effort is underwritten by the WhyNot Initiative, the social change program of the Leonard and Sophie Davis Fund, a private family foundation.