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Northeast Ohio Foundations Pool $22M for Regional ED
The Fund for Our Economic Future, a new collaboration of Northeast Ohio private, community and corporate foundations to support regional economic development, has secured more than $22 million in commitments and is expected to grow to $30 million. Launched last week, the fund is believed to be the largest and most comprehensive philanthropic collaboration of its kind in the U.S.
Numerous participants are collectively providing the fund's initial $22 million. A select number of Northeast Ohio nonprofit organizations capable of strengthening the regional economy figure to benefit from the fund. By concentrating its resources on a small number of programs and pursuing them as part of an overall plan, the fund is expected to impact Northeast Ohio's economic revitalization more significantly than any other organized philanthropic grantmaking initiative to date.
The fund will address issues such as business retention and expansion, entrepreneurship, technology development and workforce preparedness. Projects that strengthen the region's core cities and demonstrate commitment to diversity in the community and equality of opportunity will be given priority.
A Funders' Committee consisting of representatives contributing $100,000 or more over a three-year period will identify, review and select funding strategies and grant disbursements. Personnel from participating foundations also will serve as volunteer administrators. Any individual or institution wishing to use its philanthropy to promote economic vitality can apply for funding.
Drawing inspiration from smaller partnerships in Pittsburgh, St. Louis and Louisville, Ky., the fund was developed with input from regional and national economic development experts. Organizers received feedback from more than 100 community leaders and others during the planning process.
The first grantees will be announced in April 2004. More information about the fund, including a complete list of participating foundations, is available at http://www.FutureFundNEO.org.