How Change Happens Together
Apubliclysupportedcommunityfoundationlaunchedin1918,PhiladelphiaFoundationstrengthenstheeconomic,social, andcivicvitalityoftheregionbyservingasaciviccatalyst,trustedpartner,andstrategicproblem-solver.
Asaciviccatalyst,weproactivelyidentifyopportunitiesforimpact;mobilizeandorganizecross-sectorpartners;and drivesustained,collaborativeresponsestocommunitychallenges.Weareatrustedpartnerwithdeepconnections acrossthecommunityandanestablishedtrackrecordofmovingquicklyandnimblytorespondtoemergentneedsand newopportunities.Andwepursuestrategicproblem-solvingtotransformdonors’visionsforimpactintopositive changeinourcommunitiesandgrowtheshareofphilanthropicresourcesbenefitingtheregion.
A LETTER FROM PEDRO
Toourdonors,partners,friends,andthewidercommunity:
We are pleased to share Philadelphia Foundation’s 2023-24 impact report. In the pages that follow, you’ll get a view into some of the collaborations, partnerships, and examples of impact that have most inspired us over the past two years – and that point the way forward.
In Philadelphia Foundation’s work as a civic catalyst, trusted partner, and strategic problem-solver, we seek to strengthen the economic, social, and civic vitality of the region. In advancing that mission, we use a robust portfolio of approaches strategic leader, funder, convenor, resource aggregator, policy advocate – each of which is reflected in this report. As we see it, providing civic and community leadership is necessary for effective philanthropic leadership.
For decades, we’ve leveraged our most discretionary dollars to partner with nonprofits serving lowincome neighbors, children and youth, and the most vulnerable. We’re excited to share that, last fall, Philadelphia Foundation’s board approved the next chapter in our mission-focused activity: a decadelongcommitmenttoundertakenewworkandenternewcollaborationstoadvanceeconomicmobility. We made this commitment with the confidence that, as a place-based community foundation with a hundred-plus year legacy, we can invest, partner, and lead over an extended time horizon. We are driving that work forward in collaboration with a growing set of cross-sector partners.
As I write to you, we are in a period of disruption and uncertainty – one that is impacting our neighbors and communities, nonprofit partners, local businesses and government. While this moment lacks a clear end point, in contrast to the pandemic, it is activating some of the same civic muscles we strengthened in 2020. Organizations are coming together across sectors to share information, surface emerging needs, coordinate resources, and align strategies. Donors are stepping forward with contributions and a desire to help. And Philadelphia Foundation is providing meaningful support to the nonprofit sector and, importantly, partnering with other funders in that ongoing and emerging effort.
As we work together to take on the challenges ahead, we remain grateful for and inspired by the dedication, vision, generosity, and collaboration of our donors and partners.
Onward!
PedroA.Ramos President and CEO, Philadelphia Foundation
2023-24 AT A GLANCE
PhiladelphiaFoundationadvancedlastingchangebysupporting localnonprofits,strengtheningcommunityresilience,and deepeningourcommitmenttoexpandingaccesstoopportunity acrossGreaterPhiladelphia Thesesnapshotsofimpactfrom 2023-24includeorganizationsandeffortsprofiledinthisreport
November 30, 2023
Philly Gives launches new community fund to support NGOs in the region
The Philadelphia Foundation, in partnership with The Lenfest Institute for Journalism and with support from a grant by the William Penn Foundation, has announced the launch of Philly Gives This new philanthropic initiative is a community-driven fund aimed at supporting and strengthening essential nonprofit organizations serving Philadelphia and its suburbs. Running from November 25, 2024, to January 31, 2025, the program will highlight nine selected organizations addressing the region’s most pressing needs, such as affordable housing, food security, healthcare access, youth development, and job training.
“This initiative represents a powerful opportunity for the community to come together and support organizations that are truly making a difference,” said Pedro Ramos, President and CEO of the Philadelphia Foundation “Through this effort, we aim to connect donors with community-focused nonprofits on the front lines addressing our region’s most urgent needs By supporting these organizations, we’re all investing in a brighter, more resilient future for our communities,” he added.
CATALYST A CIVIC
PhiladelphiaFoundationisaciviccatalyst:weproactivelyidentify opportunitiesforimpact;mobilizeandorganizecross-sector partners;andenableandleadsustained,collaborativeresponsesto communitychallenges.
PhiladelphiaFoundationhasanest based,effectivecommunityresponsestoimportantissuesrangingfromtheCOVID-19 pandemictogunviolencetoeconomicmobility.Inthiswork,weforgediversepartnerships–bringingcapacityoffthesidelinesandaligningcivic,business,nonprofit,governmental,and otheractors,suchthatthewholeisgreaterthanthesumofitsparts.
Increasingly,weoperateproactivelyasacivicleader,deployingarobustportfolioof approaches–strategicleader,funder,convenor,resourceaggregator,policyadvocate–tailoredtotheopportunityathand.Asaplace-basedphilanthropicandcivicleader, PhiladelphiaFoundationisabletoinvest,partner,andleadoveranextendedtimehorizon–devotingtheneededtimeandenergytogetabroadcoalitiontothetableandaligned, makinglong-termcommitments,andsustainingfocusoveryears.
CONVERSATIONS IN CIVIC LEADERSHIP
Ascommunitiesconsiderhowleadersbothwithinandexternaltogovernmentcanbeaforceforgood,civicleadershipisahottopic nationallyandlocally.ItisalsoatimelytopichereatPhiladelphiaFoundation,asweincreasinglyleanintoourciviccatalystcapacity–mobilizingresources,partners,andpublicattentiontodrivesustained,collaborativeresponsestocommunitychallenges.
Ournewseries,ConversationsinCivicLeadership,exploreswhatcivicleadershipis,howtopracticeit,andwhenandwhereitworksbest. WeinviteleadersandchangemakersinthecommunitytoourofficeonMarketStreetforin-depthconversationswithPhiladelphia Foundation’sseniorteamandkeysupporters
TheinauguralConversation,heldinOctober2024,featuredEstelleRichman,theformerExecutiveDirectoroftheCivicCoalitiontoSave Lives(CCSL),andSharmainMatlock-Turner,CEOoftheUrbanAffairsCoalitionandCCSLboardmember,inconversationwiththe Foundation'sChiefAdvancementOfficerJakeMarini.Attendeeshadafront-rowseattoacandidandinspiringdiscussionbetweentwo esteemedleaderswhosharedpersonalstories,discussedessentialqualitiesforeffectiveleadership,andtookquestionsfromthe audience.
Bothdescribedhavingtoforgenewpathsastheyassumedpublicleadershiprolesinwhichfew,ifany,Blackwomenhadserved previously.Theydescribedseekinginspirationfromtheirfamilies,neighbors,andfaithcommunitiesandrisingtomeetopportunitiesoutof necessity Andbothstressedtheimportanceoflistening,understanding,andbringingpeopletogether–afittingtakeawayforaseries focusedonthepowerofcollaboration!
CIVIC COALITION TO SAVE LIVES
TheCivicCoalitiontoSaveLives–apublic-privatecollaborationco-foundedbyPhiladelphiaFoundationandWilliamPennFoundation–startedwiththreesimple,butpowerful,premisesabouttacklingproblemsasseriousandcomplexasgunviolence.First,theappreciationthat governmentcannotgoitalone:informed,engaged,cross-sectorleadershipisneeded Second,strategicclarityisamust,withshort-, medium-,andlong-termactionstiedtooutcomesandgroundedinevidence Third,goodintentionsandgoodpoliciesareonlyasgoodasthe implementation.Executioniseverything.
TheCoalitionstitchestheseconceptstogetherinourmantra:“Whatsaveslivesisanintensefocusondoingmoreoftherightthingswithtight coordination.Andstayingwithitovertime.”
In2023and2024,theCoalitionputthisapproachintoaction,workingtostrengthenproveninterventioneffortsthroughgrantmaking; fosteringnewpartnerships;sharingvitaldata;andbuildingacollaborativeinfrastructuretosustainprogressovertimeandacross administrations In2024,theCoalitionhiredRev DavidA BrownasitsExecutiveDirector;relauncheditswebsite;andreleaseditsfirstannual ImpactReport.
MayorParker’sadministrationhasprioritizedthekindofdata-driven,focusedinterventionsadvancedbytheCoalition,withrealresults Asof summer2024,Philadelphiahadachievedthesharpestone-yearreductioningunviolenceofanylargecityintheU.S.From2023to2024, homicidesdroppedover35%,representingmorethan140livessaved,andaredown46%since2021
Thisnotableprogressisworthcelebrating–particularlythe140livessaved–butweknowmorecanandshouldbedone,andwemuststay focusedonwhatweknowworks Tothatend,theCoalition–withongoingsupportfromPhiladelphiaFoundationandotherpartners–is continuingthesteadyworkneededtobuildoutarobust,resilientinfrastructureforintervention-basedstrategiesandinitiatives.Weneedto staycoordinated,keepbuildingourCoalition,andcontinuepushingtoinstitutionalizethiswork Itsaveslives
ExplorewaysyoucangetinvolvedwiththeCoalitionandcontributetoourcollectiveefforttosavelives. www.savephillylives.org/get-involved/
50outof50.Deadlast.
ECONOMIC MOBILITY A CALL TO ACTION
Thelatestten-yearstudyfromHarvardprofessorRajChetty’s OpportunityInsights(OI)groupsentshockwavesthroughCityHall,the civicsector,andbeyond Theanalysisfoundthat,ofthe50largesturban metrosacrossthecountry,greaterPhiladelphiarankedlastineconomic mobility–definedastheabilityforindividuals,particularlypeopleborn intofamilieswithlowincomes,toimprovetheireconomicstatusrelative totheirparents
Accompanyingtherichtroveofmetro-by-metrodata,theOIreport highlightedevidence-basedfactorsthatcaninfluenceeconomic mobility Thelistincludesbothfamiliarinterventions–suchasaccessto andtrainingforqualityjobs–andlessobviousconsiderations,suchas thesocialcapitalinayoungperson’scommunityorthekindsofjobsthat hisfriends’parentshave.
Andtheviewfromapeercityofferedhope.Tenyearsago,Charlotte, NorthCarolinaranked50thand,inthedecadesince,roseto35thplace Localcorporate,government,community,andphilanthropic organizationstherejoinedforces–pickinganalignedsetoflevers, identifyingspecificinitiativesandowners,andrelentlesslytrackingdata –inacollectiveefforttomovetheneedle.TheCharlottestoryevidenced howacross-sectorcoalition,workingwithfocus,dedication,and alignment,canmakeconsiderableprogressinjustadecade.
WithastarkproblemstatementframedbytheOIresearch,apotential toolkitofproveninterventions,andasuccessstoryfromdownSouth, thePhiladelphiacivicsectorbeganmobilizing.
InOctober2024,PhiladelphiaFoundationjoinedacoalitionledby ComcastandincludingBankofAmerica,PewCharitableTrusts,and WilliamPennFoundation,tohosttheUpliftPhiladelphiaForum.The forumdrewleadersandpractitionersfromacrossthebusiness,civic, community,government,andphilanthropysectorsandfeaturedaregionfocuseddatapresentationbyProfessorChetty;remarksfromMayor CherelleL Parker;andaconversationaboutmovingfromdatatoaction, includingrepresentationfromCharlotte.
Post-Forum,PhiladelphiaFoundationand itscoalitioncolleaguescontinuedlaying thegroundworkforaregionaleconomic mobilitystrategy PhiladelphiaFoundation isembarkingona10-yearstrategy focusedonthiswork Initialcollaborative investmentswereannouncedbyMayor ParkerinApril2025attheFederalReserve BankofPhiladelphia’sEconomicMobility Summit.
Inthiswork–asintheCivicCoalitionto SaveLiveseffortdescribedabove–PhiladelphiaFoundationexpectstodeploy multiplecapacities:strategicleader, funder,convenor,resourceaggregator, andpolicyadvocate Theissueof economicmobilityisclosetohomefor PhiladelphiaFoundation–itiskeytoour neighbors,ourcommunity,andourregion thrivingandprospering
PARTNER A TRUSTED
PhiladelphiaFoundationisatrustedpartnerwithdeepconnections acrossthecommunityandanestablishedtrackrecordofmoving quicklyandnimblytorespondtoemergentneeds.
DatingtoPhiladelphiaFoundation’sfoundingin1918,communitymembers,civicand businesssectorleaders,andnonprofitorganizationshaveturnedtousforpartnershipand collaborationinrespondingtocommunityneeds.Throughourserviceandleadership, PhiladelphiaFoundationhasdevelopedanextensiveknowledgebaseanddeepconnections acrosstheregion–strengthsthatmatterbothwhenaddressinglong-standingchallenges andrespondingtonewcrisesoropportunities.
Withourextensivefocusontheregion,significantsetoftrust-basedrelationships,rangeof toolstodeploy,anddeepbodyofknowledge,PhiladelphiaFoundationisabletoactquickly andmovenimblytoaddressemergentneeds.Severalexamplesfromrecentyearshighlight thesecapacities.
BEAT THE BLOCK
“BTB saved my life – metaphorically and literally.”
ThisendorsementfromBeattheBlock(BTB)cohortgraduateElijahhighlightsthe stakesatplayinPastorCarlDay’sinnovative,effective,andgrowingprogram Workingwithyoungmenwhoareexposedtoandatriskofgunviolence,theBTB teamhelpsparticipantsrealizetheirpersonalandprofessionalgoalsthrougha paid,cohort-basedtrainingmodelfocusedonemployment,transformation,and businessstart-ups.
BTB’smission–“makingbettermenandbusinessmen”–resonatedwithan anonymousdonor,whoreachedouttoPhiladelphiaFoundationseekingtolearn moreaboutPastorDay’sprogram Thedonorwasespeciallyinterestedin supportingstrong,visionaryleadershipnotconfinedbythestatusquoand deliveringtransformativeresults PastorDayandBTBtickedalltheboxes–visionary,innovative,andtransformative–andthedonormadeasignificant,multiyeargrant.Inadditiontofundingprogrammaticwork,PhiladelphiaFoundation workedwiththedonorandPastorDaytoengageateamofconsultantswho workedwithBTBtobuilditsdata-gatheringcapacityandaccelerateits organizationaldevelopment.
Asisoftenthecase,PhiladelphiaFoundationworkedtoleveragemultiplefunding sourcesandformsofsupporttoincreaseagrantee’simpact TheFoundationhas supportedBTBinsecuringmultipleregrantsfromtheCivicCoalitiontoSaveLives (profiledabove),whichtheFoundationco-founded;sponsoreditsgraduation ceremonies;andconnectedittoothergrantopportunities
Withoff-the-chartsretentionratesandhavingalreadydoubledthecohortsize from20to40participants,BTBismakingameasurableimpactinPhiladelphia Unsurprisingly,PastorDayisfieldingoutreachcallsfromothercitiesseekingto replicatehissuccessful,homegrownmodel
PHILLY GIVES
oundationpilotedanewcommunity-buildingeffort– Philly entialnonprofitorganizationsaddressingtheregion'smost blehousing,foodsecurity,healthcareaccess,youth piredbyDr.JanetHaas,developedinpartnershipwiththe ndsupportedbyagrantfromWilliamPennFoundation, ureofgiving,connectingdonorswithregionalnonprofitsto ivesofindividualsandfamilies.
phiaInquirer,6abc,WURD,theTribune,Impacto,andNew otheinitiative.Theybroughtthestoriesofthenonprofit broadcasts,publications,andwebsites
llyGivesgranted$650,000indirectsupporttonine AnnSilvermanCommunityHealthClinic,Domestic y,GALAEI,Hopeworks,VietLead,WhyNotProsper,YEAH lly(YouthEmpowermentforAdvancementHangout),andYMWIC(YoungMen&Womenin argeFoundation)
“We at Hopeworks did not know what to expect from Philly Gives, but it was. Not. This. The thoughtfulness of the coverage, the multiple incredible media pieces, the focus on our work and our young adults rather than doing stories about poverty – this is top notch work that is really having an impact.”
Dan Rhoton, CEO, Hopeworks
“The success of Philly Gives demonstrates the critical role of nonprofits and the profound spirit of generosity in our region. We are deeply grateful that our community acknowledges and values organizations on the front lines supporting our neighbors and communities.”
Pedro A Ramos, President and CEO, Philadelphia Foundation
BLACK COMMUNITY LEADERS FUND
PhiladelphiaFoundationlaunchedtheBlackCommunityLeadersFund(BCLF)in2021tohelpfortifyBlack-lednonprofitorganizations servingBlackcommunitiesinGreaterPhiladelphia Through2024,morethan$3,275,000hasbeengrantedtoover100nonprofit organizations
Basedonfeedbackfromleaders,theBCLFapproachisnotlimitedtograntmaking–italsoencompassesoperationalandcapacity-building support,includingtohelporganizationsprepareforandweatherunexpectedadversity.Furthertothesegoals,weconvened75-plusleaders fortheBuildingBridgesSummitinSeptember2023.ParticipantsincludedbothBCLFgranteesandeligibleorganizationsthathadnotyet receivedagrant,aswellasmembersofourBlackCommunityLeadersadvisoryboardandtheBlackNonprofitChiefExecutivesof Philadelphia.
Overthecourseoftheday,leadersgotapeekbehindthecurtainofcorporategiving PhilanthropicleadersfromDeloitte,FSInvestments, IndependenceBlueCross,andWellsFargosharedinsightsonandbestpracticesforaccessingcorporatesocialresponsibilityfunding.
Connectingcorporateexperienceandnon-profitgovernance,participatingleadersheardfromSulaimanRahman,FounderandCEOof DiverseForceandtheDiverseForceonBoardsprogram.Mr.Rahmanledaninteractivesessiondesignedtohelptheleadersstrategically recruitdiverseboardmembersusingaframeworkthatanalyzesthevaluepropositionforthenonprofit,theindividual,andacorporate employerpartner.Awin-win-win!
HEIGHTS
InDecember2022,twovenerablePhiladelphiayouth-servingnonprofits–SteppingstoneScholarsandPhiladelphiaFutures–cametogether toformHeightsPhiladelphia,seekingtoachievegreaterimpactasasingleorganizationandunitedintheirvisionthatallPhiladelphiastudents graduatefromhighschoolandachieveeconomicmobility.
Intheyearssince,Heightshasgrownintoitsroleasaneffective“economicmobilitycatalyst”thatforgespathwaystoeducationaland workforcesuccessforyoungpeople,especiallylow-income,BlackandLatino,andfirst-generation-to-collegestudents.Heights’workis groundedinthebeliefthat“economicandeducationalopportunityforeveryyoungpersonistheirrightandourresponsibility”
PhiladelphiaFoundationisproudtohavebeenalong-standingsupporterofHeightsanditspredecessororganizationsandanswerthatcall forcollectiveresponsibility TheFoundationwasamongthefundersthat,throughtheNonprofitRepositioningFund,supportedthethoughtful anddeliberativeplanningprocessthatculminatedinthecreationofHeights.
PhiladelphiaFoundation’songoingsupporttoHeightsincludesfundingforscholarships,generaloperatingsupport,andgrantsfromdonoradvisedfunds–allofwhichtotalednearly$780,000from2023through2024.
TheresultsHeightsisachievingspeakforthemselves Inthe2023-2024fiscalyear:
Heightsservedover3,300studentsinongoingprogrammingandengagednearly2,200additionalstudentsthroughone-time opportunities
100%ofHeights’studentsgraduatedfrommiddleschool
96%ofHeights’studentsgraduatedfromhighschool,exceedingthenationalaverage(87%) 95%ofHeights’collegestudentspersistafteroneyear,farexceedingthenationalaverage(77%) 75%ofHeights’Classof2017studentsgraduatedfromcollegeinsixyears,exceedingthenationalaverage(63%) Heightssupported200paidinternshipsforhighschoolandcollegestudents,engagingover60hostsitesacrosstheprivate,public,and nonprofitsectors Heightsawardedover$259millioninstipendsandscholarships
Aspreviouslydescribed,PhiladelphiaFoundationisdeepeningits focusoneconomicmobility,workingincollaborationwithother localfunders WetooknoteofHeights’ambitious2024-2029 strategicplan–“AcceleratingEconomicMobility&Educational Opportunity”–whichsetstheboldgoalofreaching5,000 studentsannuallyby2029and,foreach,“facilitatingeconomic mobilitywithinsixyearsofhighschoolgraduationthrough education,internships,andtraining.”
Bringingafocusoncross-sectorcollaborationandstrategicuseof data,thestrategyincludesdefiningindustrypathways,buildingon theindustry-specificexperientiallearningandcareerdevelopment opportunitiesHeightsnowprovidesinfieldsrangingfrom Biomedical/LifeSciences,toHealthcareandSocialServices,to FinancialServices/BusinessandComputerScience/Technology BytargetingindustriesatthecoreofPhiladelphia’seconomy, Heightsishelpingconnecttheemployersprovidingqualityjobs withtheirfutureteammembersandleaders–puttingintopractice oneoftheevidence-basedstrategiesforimprovingeconomic mobilityidentifiedbyProfessorChettyandOpportunityInsights
Thestakesofthisworkarebothhighandinspiring AsHeights’ PresidentandCEOSeanE.Vereenputsit:“Wemustpush colleges,institutions,andbusinessestoseeourstudentsaswe seethem:thefuture–thefuturethatisbetterthantoday.”
Stayuptodateonourongoingcollaboration with Heights andotherpartnersbysigning upforourmonthlynewsletter.
PROBLEM SOLVER A STRATEG
PhiladelphiaFoundationisastrategicproblem-solver itsexpertise,resources,andtoolstotransformdonors forimpactintopositivechangeinourcommunitiesand theshareofphilanthropic
PhiladelphiaFoundationhastheex life.Wehelpiterate,develop,andstrengthenadonorsconceptandthen aligningvision,resources,andstrategytoachievemeaningfulandsustain depthandbreadthofexpertise,supports,andstructuraloptionsPhiladelp offersmakesusuniquelypositionedintheregion’sphilanthropicecosyste wealthintolastingimpact.Weincreasedonorimpactbypairinginnovativ communityknowledgeandexperience.
PhiladelphiaFoundationcontinuallyseekstocaptureandretainkeycomm ensurephilanthropicdollarsremainactiveinGreaterPhiladelphiaandagg maximizeimpact.
OPERATION SAVE OUR CITY
ForOperationSaveOurCityfounderRosalind‘Roz’Pichardo,themissiontosavelivesisbothpersonalandurgent.Afterexperiencingthelossof multiplefamilymembersandbeingthevictimofviolenceherself,Pichardoknowshowpreciousandprecariouslifecanbe Thesepersonal tragediesfuelherpassionforsupportingfellowPhiladelphiansstrugglingwithaddiction,homelessness,andthethreatofcommunityviolence.
Foryears,Pichardodidthisworkasavolunteer,jugglingmultiplejobstofundthefood,clothing,andwoundcarekitssheprovidedtoher "Sunshines"–hertermofendearmentforthepeopleinKensingtonsheseekstoserve.WorkingattheepicenterofPhiladelphia’sopioidepidemic, shesavedthousandsoflivesbyadministeringtheoverdosereversaldrugNaloxone
ThroughherdayjobasatraumavictimadvocateatTempleUniversityHospital,Pichardoidentifiedanotherwaytohelpsavelives.Theteamat Templesharedashockingstatistic:40%oftrauma-relateddeathsareduetouncontrolledbleeding,apreventablecauseofdeath Theyalso sharedanevidence-basedresponse,the"StoptheBleed"protocol.PichardobeganincorporatingtheprogramintoherKensingtonoutreach, trainingcommunitymembersonhowtousetourniquetstosavegunshotvictims'lives.
NowforsomePhilly-serendipityandPhiladelphiaFoundationproblem-solving.
In2023,Pichardowasfeaturedin“Trigger”–adocumentaryaboutgunviolenceproducedbyFirstPersonArts,aPhiladelphiaFoundationgrantee Anaudiencememberatascreeningof“Trigger”wassomovedbyPichardo’sstorythattheyreachedouttotheFoundationtoexplorewaysto supporthermission
TheFoundationteamhelpedestablishapartnershipbetweenthedonor,Pichardo,andCultureWorks(OperationSaveOurCity’sfiscalsponsor)–aligningvision,resources,andstrategytoachievegreaterimpact
Withthisstrongbaseofsupportnowinplace,Pichardohasbeenabletoaccessmoresustainablefundingsources;transitionedfromvolunteerto paidworkforherorganization;andrealizedherdreamofopeningSunshineHouse–astorefrontonKensingtonAvenuewherepeoplecanaccess woundcaresupplies,clothing,traumacounseling,andconnectionstohousing,rehabilitation,andsocialservices.And,mostimportantly,theycan connectwithRoz–aforceofnatureandnurturerofsunshine
HISTORIC FUND
Localentrepreneur,investor,andphilanthropistJoshKopelmanfacedachallenge–onethat,inpartnershipwithPhiladelphiaFoundation,he transformedintoaninnovativesolution Inthemid-2010s,theventurecapital(VC)firmheco-founded,FirstRoundCapital,triedtorecruit HistoricallyBlackCollegesandUniversities(HBCUs)aslimitedpartners,butstruckout.TheHBCUs,whichtendedtohavesmaller endowmentsthanpredominantlywhiteinstitutions(PWIs),didnothavesufficientcapitalonhandtoinvestinanilliquidassetlikeaVCfund
ThishighereducationwealthgapstruckKopelmanbothasaproblemthatcouldbesolvedandonethattiedbacktothesuccessofventure firms,whichwerebenefittingPWIsbutnotHBCUs Heandagroupoflike-mindedfundersputanovelsolutiononthetable:invitingHBCUsto belimitedpartnersinanewfundoffundsandprovidingpre-fundedownershipinterests EachHBCU’sendowmentwouldholditspartnership interestandreceivefunddistributions,andtheschoolscoulduseendowmentincomeastheyelected.AsKopelmanputit,thevalue propositionwasclearandcompelling:“Positivereturns[fromthefund]couldmeanevenmoremoneyfortheschoolsthandirectdonations”or traditionalgrantmaking.
Withthisvisionforimpactinmind,thedonorsandPhiladelphiaFoundationpartneredtoconstructanovelmechanismtoimplementit–a donor-advisedventurefundnamedTheHistoricFund,seededwith$10millionininitialdonations.Furtherexpandingthepotentialimpact,the Fundwillsupportunder-representedfundmanagersthroughitsstakeinFirstClosePartners,whichseekstomakeVCmoreinclusiveby investingin50+fundsledbymanagersfromunderrepresentedgroups
AnnouncedinJune2023,theinauguralcohortofHBCUpartnersareBenedictCollege,BennettCollege,FiskUniversity,FloridaA&M University,HamptonUniversity,MorehouseCollege,MorganStateUniversity,VirginiaStateUniversity,VirginiaUnionUniversity,andXavier UniversityofLouisiana.InitialdonorstotheHistoricFundwerepartnersfrom10participatingfirms:AcrewCapital,BCapital,Cowboy Ventures,FirstMarkCapital,FirstClosePartners,FirstRoundCapital,Foundry,GeneralCatalyst,SparkCapital,andUnionSquareVentures
TheHistoricFundrequiredacoordinatedgroupofdonorsandinvestmentfundmanagerspartneringwithavalue-alignedandcapable charitableinstitutionlikePhiladelphiaFoundation Workingtogetheracrossgeographies,sectors,andentities,theFundistransformingthe inspiringvisionofalocalphilanthropisttoachieveimpactonanationalscale.
HALLORAN FAMILY
ThepartnershipbetweentheHalloranfamilyandPhiladelphiaFoundationrepresentsphilanthropiccollaborationatitsfinest–thebringingtogether ofcapacities,resources,experience,andinsighttodeepenandexpandimpactyearafteryear,andfromonegenerationtothenext.
ThelateHarryHalloran,Jr andhislifelongfriendTonyCarrsharedaservant-leadermindsetandapassionforinnovation AsHarrygainedsuccess bytakingonchallenginginvestmentsintheenergysector(thephotobelowshowshimonsiteinthiswork!),helearnedhowbusinesscouldbea drivingforceforchange Whenabletogiveback,hemadesubstantialcontributionstolaunchprojectsthatimaginedabetterworldthroughbetter businessesandbettersupportedsocialentrepreneurs.
HalloranPhilanthropies,foundedin2007,wasapioneerinwhatbecametheglobalimpactecosystem–makingearly-stagegrantstowhatarenow thesectorleadersinconvening(SoCapandImpactPHL’sTotalImpactSummit),peerinvesting(VillageCapital),andcertifyingsociallyresponsible companies(BCorp)
TheHallorans’firstformalinvestmentwithPhiladelphiaFoundationwasthroughadonor-advisedfund.Withinafewyears,theyestablisheda charitabletrustbydonatingprivatecompanystock Harrywantedtoputhisresourcestousesoonerratherthanlater,andensurethatprofitsfrom hiscompanysupportedcharitablecauses.Bydonatingstock,heensuredhiscompany’sphilanthropiclegacyandcommitmenttosupportingits localcommunitywouldcontinueeveniftherewasachangeinownership
Asitgrewalongsidelike-mindedimpactinvestingleaders,theHalloranTrustcombineditssupportforinnovatorswithadeepcommitmenttoplacebasedinvestingandecosystem-building Overtime,theTruststrengthenedrelationshipsandbuilttrustinthecommunitieswhereitsresources originated,directingeffortsprimarilytoPhiladelphiaandBradford,PA–asmalltownwheretheTrust’slargestassetisbased Notably,theTrusthas oftenservedasacatalyticfundersparkingadditionalinvestment–amodelPhiladelphiaFoundationitselfpursuesandsupports.
TheTrustpaireditsdevelopmentofalocalizedlenswithaninvestmentstrategyalignedtoitsmission.Itbegancommittingashareofitsportfolioto investmentfundswithaparticularfocusonfirst-timefundmanagersfromunder-resourcedcommunitiesandthosewithstrongtiestoPhiladelphia
PhiladelphiaFoundationsupportedtheHalloranfamily infurtherfocusingitsimpactinvestingstrategyand maximizingtheresourcesgoingtocharitable purposes.Inlate2023,theTrustlaunchedTheVisions FundatPhiladelphiaFoundation–giftingassetstobe usedformission-relatedinvesting,emphasizinga commitmenttoPhiladelphia-based,diversemanagers. TheVisionsFundisbothanevergreenvehicle–investmentreturnscirculatebackintotheFund–and onedesignedforlearningfromandengagingwiththe localimpactecosystem
Withanevolvingphilanthropicmodel–comprising bothsignificantgrant-makingandimpactinvesting–theHalloranfamilyiswalkingthetalk.Through2024, theHalloranTrusthasdistributedover$51million through431grants.HonoringthelegacyofHarry Halloran,Jr,theHalloranTrustandTheVisionsFund areputtingbusinesstoolstogoodpurpose–investing inplace,supportingundercapitalizedcommunities, andadvancingeconomicmobilityfromoneendof Pennsylvaniatotheother
"Our family seeks to honor what my father was best known for by those closest to him – his infectious excitement for visionary ideas still waiting for their shot. We have seen how successful impact investing requires meeting social entrepreneurs where they are in their journey and bringing the resources to fit their moment."
— Brian Fernandes-Halloran
Harry R. Halloran Jr.
DID YOU
KNOW?
TheVisionsFundisoneofseveralaffiliateorganizationsofPhiladelphiaFoundation,includingtheRegional FoundationandtheLenfestInstituteforJournalism.
RegionalFoundation:In late 2020, the Wells Fargo Regional Foundation transferred its assets and grant obligations to a new limited liability corporation under the umbrella of Philadelphia Foundation with the name Regional Foundation Under this new banner, Regional Foundation continues its mission of improving the quality of life for communities experiencing low wealth in Eastern Pennsylvania, New Jersey, and Delaware by concentrating resources on comprehensive, neighborhood-based economic and community development initiatives.
In the years since, the independently-led foundation added expertise and capacity to its staff team In the 2023-24 period, it made over $12 million in grants benefitting dozens of organizations, primarily through its Neighborhood Planning and Neighborhood Implementation Grant programs
Neighborhood Planning Grants support the creation of neighborhood plans addressing root causes of inequality and advancing community development priorities such as affordable housing, workforce development, human services, commercial corridor initiatives, transportation, and education
Neighborhood Implementation Grants support comprehensive community development projects focused on specific neighborhoods They are based on a resident-driven, equity-focused neighborhood plan, and provide multi-year funding to enable grantee partners to start or sustain momentum in comprehensive revitalization initiatives
Another way in which Regional Foundation is achieving impact is through Program Related Investments (PRIs) – invitation-only opportunities, such as bridge loans and capital contributions to Community Development Financial Institutions (CDFIs), designed to support equitable and community development.
Learn more at the link below about how the Regional Foundation is supporting resident-driven community development activities, including wealth creation, neighborhood stabilization, and placemaking.
LenfestInstituteforJournalism:When philanthropist and The Philadelphia Inquirer owner Gerry Lenfest was wrestling with how to sustain strong local journalism in the digital age, he called Philadelphia Foundation The Foundation worked with Lenfest to create an innovative charitable structure – the Lenfest Institute for Journalism LLC – that realized his vision of a sustainable business model for independent local media
The Lenfest Institute holds the majority of the stock of The Philadelphia Inquirer, now the largest newspaper in America under non-profit ownership. The Institute is an affiliate of Philadelphia Foundation and governed by a board that manages its endowment, makes grants, and fundraises; and is supported by a substantial endowment and other gifts. The Institute provides broad-based support to the Inquirer for its digital transformation and public-service journalism Philadelphia Foundation and the Institute partner on civic initiatives such as Philly Gives, described earlier in this report.
Lenfest Institute highlights from 2024 include:
EveryVoice,EveryVote:In the second year of this two-year $43 million initiative, thanks to a leadership gift from William Penn Foundation, the Lenfest Institute and its 70+ media and community organization partners tracked the progress of city initiatives residents identified as priorities during the 2023 local elections. The initiative has been covering the new administration ever since to keep Philadelphia residents abreast of their government PhiladelphiaLocalNewsSustainabilityInitiative: Ongoing grant making to 18 Philadelphia-area news organizations, including The Philadelphia Tribune, Kensington Voice, Generocity, IMPACTO, WHYY, and PhillyCAM, with a focus on supporting efforts to access new revenue sources, reach new audiences, and enable the digital transformation of legacy news organizations. InquirerHigh-ImpactJournalismFund:Hundreds of Philadelphians have contributed to this Fund, which helped the Inquirer pursue investigative stories like its in-depth investigation of squalid conditions and inhumane practices at a Montgomery County animal shelter, resulting in a leadership change.
BROUGHTON FOUNDATION
TheBroughtonFoundation,asmallprivatefoundation,wasatacrossroads Whileits philanthropicmissionwasrock-solid,thelossofoneofitsofficersleftthetworemaining trusteesoverwhelmedwithadministrativedemands TocontinuetheFoundation’slegacy ofcharitablegiving,anewapproachwasneeded Thetrusteessoughtadviceaboutwhat todo.
TheywerereferredtoPhiladelphiaFoundationasaplacethatcouldhelpcontinue Broughton’scharitablemission,supportingthenonprofitorganizationsthathadlong reliedupontheirgiving Ourdevelopmentteammetwiththetrusteesandwalked throughwaystohelp.WereassuredthemthatPhiladelphiaFoundationsetsupfundsthat areendowed–ensuringthenonprofitscherishedbyBroughtonwouldbetakencareofin perpetuity Weexplainedthatbyusingaparticularfundstructure,Broughton’srecipients wouldn’tevenhavetosubmitannualapplications:fundswouldflowtothemasspecified intheirgiftagreement TheteamevenhelpedconnecttheBroughtontrusteeswithan expertinnonprofitlawwhocouldassistwithdissolvingtheprivatefoundationand turningitintoadesignatedfundatPhiladelphiaFoundation
Thisallcameasahugerelieftothetrustees–liftingaburdenduringachallengingtime. ReflectingBroughton’sdeepconnectionwithandcarefortheircommunity,thetrustees sentapersonalnotetoeachofthenonprofitsBroughtonhadsupportedtoletthemknow thatPhiladelphiaFoundationwouldhandlegrantsgoingforwardandreassurethemof continuedsupport TheBroughtonFoundation’scommitmenttophilanthropynow continuesastheBroughtonFundatPhiladelphiaFoundation.
Fueled by the unwavering generosity of our community, we closed out 2024 with
$65M
$90Mgiftsreceived in2024 up $35M from 2023
$780M ingifts received overpast10 years inconsolidatedassets
over 70% endowed
10-yeargrowthin totalassets $502M
1,000+ individual funds in grants in 2024 3x the 2014 level
THANK YOU
OnbehalfofPhiladelphiaFoundation,thankyoutoourdonors,nonprofitand community-basedpartners,corporatesponsors,mediapartners,teammembers,and BoardofManagers.Thebroad-basedsupportofthediverseandgrowingPhiladelphia Foundationcommunitywaskeytotheimpactstoriesfeaturedinthisreport.Weare deeplygratefulforyourpartnership,leadership,andgenerosity.
CurrentPhiladelphiaFoundationBoardmembers:
LonR.Greenberg, Chair
WilliamJ.Burke, Treasurer
KateAllison
HollyFlanagan
ChristinaMesiresFournaris
WilliamP.Hankowsky
DixieanneJames
Aldustus(A.J.)Jordan
ShirinKarsan
PariMagura
SharmainMatlock-Turner
EvieMcNiff
MichaelK.Pearson
PriorBoardmembers(servingthrough2023):
StevenScottBradley
FernandoChang-Muy R.DuanePerry
WendellPritchett
AndrewRachlin
AndrewRogoff
JaneScaccetti
EvanUrbania
LawrenceJ.Beaser, Chair Emeritus
PhiladelphiaFoundationinvitesyoutoexploremeaningfulwaystogivebacktoyour community.Thepagesabovedescribemultipleandcreativewaysinwhichwehave partneredwithgenerousdonorstomakeapositivedifferenceforpeopleandplaces. Thedevelopmentteamstandsatthereadytohelpyoubringyourvisionforimpact tolife.
Startaconversation: Tolearnmoreaboutbecomingadonornoworplanningyour philanthropiclegacy,pleasecontactusatdonorrelations@philafound.org.
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