New Profit Inc. |
Plans to establish "Pathways Fund" to Advance Youth Development and School Support
– New Profit Inc. announced today that it was one of 11 philanthropic organizations selected by the Corporation for National and Community Service (CNCS) to serve as an intermediary for the newly established Social Innovation Fund (SIF). "New Profit is thrilled to be a part of the inaugural class of SIF intermediary organizations and looks forward to supporting the growth in evidence and size of high-impact nonprofits," said Sarah Di Troia, Managing Partner at New Profit. The Social Innovation Fund was created through the Edward M. Kennedy Serve America Act, which was authorized with bipartisan support in April of 2009.
New Profit has met a requirement for all intermediaries to raise an amount of money equal to its grant through commitments from Blue Ridge Foundation New York, Open Society Foundations, Robin Hood Foundation, SeaChange Capital Partners, and New Profit itself. CNCS has committed a grant of $5 million to New Profit.
Pending approval of grant terms and conditions, New Profit intends to create the Pathways Fund that will invest in programs addressing issues surrounding youth development and school support. "The partnerships forged by this process represent an exciting collaboration of leaders in the field of social innovation. We are honored to be included in this groundbreaking initiative and hope to make a measurable difference in helping young Americans more successfully navigate the challenging transition from high school to adulthood," Di Troia said.
The Pathways Fund will seek to direct resources to a diverse set of geographical areas including Baltimore, Chicago, Indianapolis, Los Angeles, Miami, New York City, Providence, San Francisco, Seattle and the state of West Virginia.
Three organizations have been pre-selected as grantees of the Pathways Fund, iMentor, College Summit and Year Up, with an additional set of grantees to be identified through an open and competitive application process to begin soon. This process, which will be open to any and all organizations looking to make a difference in the lives of our country’s youth in the selected geographies, will involve assessment for eligibility of the Fund as established by the SIF, financial and budget analysis, evaluation of program model and results, as well as numerous site visits and interviews.
Funding through the Pathways Fund will be released in early 2011. Once funding has been administered, New Profit will be conducting rigorous ongoing evaluation of all grantees and will provide strategic support to organizations in growing their operations in existing locations as well as expanding to new sites.
For more information on how to become a partner to the Pathways Fund or to apply for funding, please visit www.newprofit.com/pathways
.About New Profit Inc.:
New Profit is a national venture philanthropy firm that exists to help innovative social entrepreneurs and their organizations dramatically improve opportunities for children, families, and communities. Since 1998, with the support of individual investors and its signature partner, Monitor Group, New Profit has helped a portfolio of social entrepreneurs build their organizations and scale their social impact. New Profit also pursues a range of strategies designed to help build an environment in which all innovative organizations may achieve significantly greater impact on the problems they aspire to solve. Learn more at www.newprofit.com.
FOR IMMEDIATE RELEASE
New Profit Inc.