Rockefeller Philanthropy Advisors

The Wall Street Journal Online
Shelly Banjo

New York (Dow Jones)–As more philanthropists try to leverage their gifts by teaming up with public agencies, the federal government is opening a new avenue for these public-private partnerships.

Starting this summer, the Corporation for National and Community Service will channel grants of $5 million to $10 million to existing grant-making institutions, such as community foundations and venture-philanthropy funds. These intermediaries will then create their own social innovation funds to make sub-grants to promising nonprofits, the corporation said Friday in its announcement.

To qualify for funding, the intermediary organizations and the charities on the receiving end are required to raise dollar-for-dollar matching funds from foundations, private donors, and state and local governments.

The money comes from a $50 million Social Innovation Fund, authorized by the 2009 Edward M. Kennedy Serve America Act in March to direct federal dollars to innovative programs in the areas of health, economic opportunity, youth development and school support. Funding is expected to increase incrementally to $100 million by 2014.

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This entry was posted on Monday, December 21st, 2009 at 3:45 pm.