T. Rowe Price Foundation Grants $6.5 Million To Support Non-Profits in Baltimore

Rhea-AI Summary

T. Rowe Price Foundation (Ticker: TRP) announces $6.5 million in grants over three years to address critical gaps in Baltimore's nonprofit sector. This is the largest commitment since its establishment in 1981, totaling over $170 million in grants. The Foundation will distribute $2.25 million among eight nonprofit initiatives and award over $3 million in multiyear general operating grants. The strategy was informed by meetings with T. Rowe Price associates, community leaders, and insights from the 2022 State of the Baltimore Nonprofit Sector report.

Insights

Nonprofit Sector Analyst

The T. Rowe Price Foundation's $6.5 million grant initiative is a substantial investment in the nonprofit sector of Baltimore. This move signifies a strategic effort to address systemic challenges within the community through targeted financial support. The allocation of funds towards the creation of a nonprofit sector academic center at Coppin State University is particularly noteworthy. This center will not only enhance research and development within the sector but also serve as a precedent for other Historically Black Colleges and Universities (HBCUs) to follow, potentially influencing the broader academic and philanthropic landscape.

Moreover, the establishment of the Baltimore Nonprofit Finance Fund demonstrates an innovative approach to fostering financial resilience among local nonprofits. By providing emergency loans and other financial instruments, the fund could serve as a model for sustainable nonprofit funding, which is crucial given the often precarious financial standing of such organizations. The collaboration with local banks and a Community Development Financial Institution (CDFI) could also encourage similar partnerships in other regions, strengthening the overall financial infrastructure supporting nonprofits.

Community Development Expert

The strategic investment by the T. Rowe Price Foundation in initiatives such as the Neighborhood Financial Trust and the Uplift Alliance reflects a nuanced understanding of the needs of nonprofit workers and early-stage nonprofits. Empowering nonprofit employees through financial coaching and improved access to secure financial products can lead to increased stability and effectiveness within the sector. This focus on workforce development is critical, as the health of the nonprofit sector is directly tied to the well-being of its employees.

Similarly, the Uplift Alliance's role as a Fiscal Sponsor Host Organization fills a vital niche by providing infrastructure and operational support to nascent nonprofits, which can be a critical factor in their ability to deliver community services and mature into sustainable organizations. By supporting these entities, the Foundation is actively contributing to the creation of a robust ecosystem where nonprofits can thrive and adapt to the evolving demands of community service.

Cultural Preservation Specialist

The funding directed towards The Peale and the 'Sharing Sugar' initiative underscores the T. Rowe Price Foundation's commitment to not only economic, but also cultural and social capital within Baltimore. The Peale's project to archive local stories is an investment in the cultural heritage of the city, which can have long-term benefits for community identity and cohesion. Such efforts can also stimulate local tourism and educational opportunities, contributing to economic diversification.

Furthermore, the 'Sharing Sugar' web platform represents an innovative approach to resource optimization among nonprofits. By facilitating the exchange of resources, the platform can enhance operational efficiency across organizations, ultimately leading to more effective service delivery. This collaborative model may inspire similar initiatives elsewhere, leveraging technology to strengthen the nonprofit sector's capacity to meet community needs.

Foundation's Largest Commitment to Date Continues T. Rowe Price Foundation's Long-Term Dedication to the Community in Which It's Headquartered

NORTHAMPTON, MA / ACCESSWIRE / January 8, 2024 / The T. Rowe Price Foundation announces $6.5 million in grants spanning three years to address critical gaps of Baltimore's nonprofit sector. Since its establishment in 1981, the Foundation has provided over $170 million in grants, with this series representing its largest commitment yet. The $6.5 million commitment includes $2.25 million to be distributed among eight nonprofit initiatives focused on building a healthy nonprofit community in Baltimore. In addition, the Foundation will award more than $3 million in multiyear general operating grants across more than 140 nonprofits.

To inform the grant-making strategy and identify areas with the greatest potential impact, the Foundation hosted and participated in meetings with T. Rowe Price associates, community leaders and members, and national and global thought leaders. Additionally, the Foundation drew insight from its 2022 State of the Baltimore Nonprofit Sector report, a resource on the Baltimore nonprofit sector, to determine approval for the first stage of grants.

This initial series of impact grants totaling $2.25 million include:

Neighborhood Financial Trust: $450k total ($150k per year) - The T. Rowe Price Foundation is dedicated to furthering its mission of supporting the workforce serving Baltimore City's nonprofit sector with TrustPlus, a service of Neighborhood Financial Trust. Based on insights from the State of the Baltimore Nonprofit Sector report, this initiative seeks to empower nonprofit workers by improving cash flow and reducing debt. It achieves this by establishing pathways for nonprofit employees to build assets and savings through the guidance of financial coaches and the utilization of secure and affordable financial products. The overarching objective is to cultivate financial stability and resilience within the Baltimore nonprofit community.

• Coppin State University: $450k total ($150k per year) - In 2022, the T. Rowe Price Foundation developed the State of the Baltimore Nonprofit Sector report. In an effort to dedicate resources to address the report's findings and continue the nonprofit sector study and research, the Foundation will provide a grant to transition such work to Coppin State University. The funding will help establish an academic center specifically dedicated to the Baltimore nonprofit sector and will work with the T. Rowe Price Foundation to publish the next iteration of the State of the Baltimore Nonprofit Sector report. While many cities have two to three centers with a similar focus, this marks a significant milestone as it will be the first of its kind in Baltimore and at any Historically Black College/University nationally.
• Baltimore Nonprofit Finance Fund: $300k total ($100k per year) - The T. Rowe Price Foundation has committed $300k toward the creation of an emergency loan fund for Baltimore nonprofits, offering diverse forms of capital to eligible nonprofits. The fund's creation involves leveraging financial capital from local banks in conjunction with a local Community Development Financial Institution (CDFI), with the Foundation providing financial backing for operational objectives and creating capacity-building mechanisms for the local nonprofits. In alignment with other successful models in the U.S., the initiative, facilitated through the CDFI, seeks to extend loans to a broad range of nonprofits, with options such as working capital, lines of credit, short-term facility projects, and long-term facility mortgages.
• Uplift Alliance: $225k total ($75k per year) - The Uplift Alliance, a Fiscal Sponsor Host Organization, serves as a host for projects aligned with a nonprofit mission that may lack tax-exempt status. This initiative, created in partnership with the T. Rowe Price Foundation and University of Maryland, Baltimore (UMB), addresses a critical support gap for early-stage Baltimore nonprofits. The Uplift Alliance has transitioned to operate as an independent nonprofit affiliated with UMB, and the T. Rowe Price Foundation's grant will continue to support its general operations for the next three years.
• "Sharing Sugar": $225k total ($75k per year) - The T. Rowe Price Foundation supports the facilitation of resource exchange among nonprofits and initiated the development of a web platform designed to achieve this goal. The initiative facilitates collaboration among nonprofits, enabling them to share crucial resources like transportation, space, equipment, or services. This collaborative effort helps alleviate costs and serves the mutual interests of all participating nonprofits. The Foundation's grant funding will support CLLCTVLY, an organization dedicated to social change, to manage the project.
• The Peale: $225k total ($75k per year) - Funding will support The Peale as it collaborates with local historians and neighborhood storytellers and griots to preserve the rich history of Baltimore's communities and neighborhoods. The funds will allow "Baltimore's Community Museum" to extend and enhance its effort to build a comprehensive archive of stories about Baltimore. Those stories will be shared globally through a wide range of online platforms as well as in the historic Peale Museum building and with partner sites across Baltimore, including libraries, colleges, and other entities.
• Arts Every Day: $225k total ($75k per year) - Building on its ongoing commitment to arts education for city students, the T. Rowe Price Foundation is extending the funding of its previous impact grant to Arts Every Day to support the continuation of The Baltimore Arts Education Initiative, which has achieved notable successes, with 91% of K-5 students now enjoying weekly access to visual arts instruction - markedly up from 60% in the 2018-2019 school year.
• Public Private Partnership: $150k total ($50k per year) - Inspired by a successful model in Newark, NJ, and in collaboration with the Weinberg Foundation, the T. Rowe Price Foundation aims to simplify the process of requests from city agencies to philanthropic organizations in Baltimore. The goal is to assist the mayor and cabinet in developing a strategic approach to philanthropy, optimizing specific objectives with the resources available from organized philanthropy. To achieve this, funding from various philanthropic organizations and this impact grant from the T. Rowe Price Foundation will support a dedicated chief development officer position over the next three years.

"At T. Rowe Price, our purpose is to identify and actively invest in opportunities to help people thrive in an ever-evolving world. This sense of purpose is what drives our community investments in the city of Baltimore, these impact grants included," said T. Rowe Price Foundation Chair Heather McPherson. "The T. Rowe Price Foundation's $6.5 million commitment in grant funding to support local nonprofits is a testament to how we harness our collective power to expand opportunities, enrich lives, and enable equitable solutions to help lift people and communities."

"Baltimore's nonprofits play a pivotal role in elevating, bolstering, and envisioning a brighter future for everyone in our community. With an intimate knowledge of the city, they understand what specific gaps must be addressed to foster meaningful progress," said T. Rowe Price Foundation President John Brothers. "The T. Rowe Price Foundation is committed to helping community leaders, organizations, and networks grow stronger by using their unique assets to fulfill their goals. That's why our 2024 impact grant series aims to amplify the voices of our community partners already effecting positive change in Baltimore. We will also strategize initiatives that provide essential resources to community organizations and their staff, empowering them to extend the reach of their impactful work."

The remaining funds from the dedicated $6.5 million will be allocated toward additional impact portfolios, with announcements scheduled throughout 2024. These strategic allocations aim to maximize the T. Rowe Price Foundation's commitment to the Baltimore community by diversifying its impact strategy.

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Contact Info:
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SOURCE: T. Rowe Price

View the original press release on accesswire.com

FAQ

What is the latest announcement from T. Rowe Price Foundation?

T. Rowe Price Foundation has announced a $6.5 million grant over three years to address critical gaps in Baltimore's nonprofit sector.

How much has T. Rowe Price Foundation provided in grants since its establishment?

T. Rowe Price Foundation has provided over $170 million in grants since its establishment in 1981.

What is the purpose of the $2.25 million commitment to eight nonprofit initiatives?

The $2.25 million commitment aims to address critical gaps in Baltimore's nonprofit sector by supporting eight nonprofit initiatives.

What informed the grant-making strategy of T. Rowe Price Foundation?

The grant-making strategy was informed by meetings with T. Rowe Price associates, community leaders, and insights from the 2022 State of the Baltimore Nonprofit Sector report.