|
Bush Foundation to Address Racial Wealth Gaps With
$100 Million Commitment to Seed Two Community Trust Funds
The Bush Foundation Is
Committing $100 Million In New Funding To Seed Two Community
Trust Funds To Directly Support Wealth Building For Black
And Native Communities In Minnesota, North Dakota, South
Dakota And The 23 Native Nations That Share The Same
Geography. This Funding
Commitment Is Above And Beyond The Foundation’s Regular
Grantmaking.
The Foundation Will Seek One
Or Two Steward Organizations To Receive The Funds And Design
And Operate Grant Programs To Distribute The $100 Million.
The Grant Programs Are Intended To Serve Individuals Who
Need A Financial Boost To Access Wealth-Building
Opportunities Such As Education, Homeownership And
Entrepreneurship.
“Our Purpose Is To Make Our
Region Better For Everyone, And We Believe That Addressing
Racial Wealth Gaps Is One Of The Most Important Things We
Can Do For Our Region,” Said Bush Foundation Grantmaking
Director Jackie Statum Allen, Who Is Co-Leading The
Initiative With Fellow Grantmaking Director Eileen Briggs.
“We Are Committing These Funds In A Reparative And
Restorative Spirit. This Is Not Reparations — That Is A Much
Bigger Concept — But We Do Think Of It As Reparative Action.
We Are Excited To See Other Institutions Pledging To Do More
To Address Racial Wealth Gaps And Are Eager To Complement
Those Efforts And Encourage More Action.”
The Foundation’s Commitment
Is An Effort To Address Racial Wealth Gaps That Reflect The
Impacts Of The Taking Of Land, Slavery, And Other Race-Based
Policies Throughout U.S. History. In 2019, The Median Black
Household In The U.S. Had 13 Cents Of Wealth For Every $1 Of
Wealth Of The Typical White Household. As Of 2000 (The Last
Year Native American Wealth Was Measured Systematically),
The Typical Native American Household Had 8 Cents Of Wealth
For Every $1 Owned By White American Households.
“Current Racial Wealth Gaps
Are The Result Of Generations Of Unjust Policies Targeting
Native And Black Communities,” Said Briggs. “There Are
Direct Through Lines From Broken Treaties To Unemployment
Rates, From Indian Boarding Schools To High School Dropout
Rates, From Slavery To Incarceration Rates, And From
Redlining To Homeownership Rates.”
Briggs Notes That Wealth
Gaps Are Generational And Impact Entire Communities. “Having
Money To Pay For College Or Make A Down Payment On A House
Significantly Affects Your Ability To Build A Strong Family
And Help Your Community. These Trust Funds Are Intended To
Be A Community Resource To Support Opportunities Like
Education And Home Ownership.”
The Decision To Seek Steward
Organizations To Receive The Funds And Design And Manage The
Grant Programs Was An Important Choice, Allen Said. “We
Think It’s Imperative That These Funds Be Stewarded By
Organizations That Have Deep Understanding Of And Connection
To The Communities They Will Serve.”
Stewarding Organizations
Will Be Selected By The End Of 2021. An Informational
Webinar For Potential Stewarding Organizations Will Be Held
Tuesday, April 20, At 2 Pm (Cdt). Interested Organizations
Are Encouraged To Learn More, Register For The Webinar And
Apply At
Www.Bushfoundation.Org/Stewardsearch [1].
The Foundation Issued $100
Million In Social Impact Bonds In Fall 2020 To Finance The
Community Trust Funds. “Racial Wealth Gaps Are Profound And
Persistent,” Said Jennifer Ford Reedy, Bush Foundation
President. “It Is Clear That Eliminating Them Will Require
Greater Commitment Than We And Others Have Made In The Past.
We Are Ready To Do More, And We Hope Others Are Motivated To
Invest In And Grow These Community Trust Funds.”
In Addition To The $100
Million In New Funding, The Foundation Will Also Direct $50
Million Through Its Regular Grantmaking Programs Over The
Next Five Years To Support Community-Driven Approaches That
Address Racial Wealth Gaps Within And Across Cultural
Communities.
The Bush Foundation Invests
In Great Ideas And The People Who Power Them In Minnesota,
North Dakota, South Dakota And The 23 Native Nations That
Share The Same Geography. Established In 1953 By 3m
Executive Archibald Bush And His Wife Edyth, The Foundation
Supports Organizations And People To Think Bigger And Think
Differently About What Is Possible In Their Communities. We
Work To Inspire And Support Creative Problem Solving —
Within And Across Sectors — To Make Our Region Better For
Everyone. For More Information, Visit Www.Bushfoundation.Org [2].
|
