Nonprofit Finance Fund - Where Money Meets Mission

Change Capital Fund Invests in Next Chapter of Community Development

asoya — Mon, 06 May 2013 20:33:10 +0000

New York City, NY – May 6, 2013 – The Neighborhood Opportunities Fund is a long standing collaborative of foundations and banks, which has invested $25 million of philanthropic dollars, over nearly 20 years, enabling non-profit Community Development Corporations (CDCs) to pioneer the revitalization of distressed communities throughout New York City. New and renovated housing, resurrected shopping districts, safer streets and restored civic pride has proven out the benefit of coordinated philanthropy supporting entrepreneurial community based nonprofits.

Reflecting on this success, and yet determined to reach those neighborhoods still left behind, on May 1, donors awarded grants to ten of New York City’s most innovative CDCs to plan for the future of community development in neighborhoods of persistent and concentrated poverty through a new Change Capital Fund. The grants will enable the organizations to develop plans to interrupt multi-generational poverty - and its link to poor outcomes in education, health, jobs, and housing stability - and to generate new sources of revenues to sustain results proven interventions. The selected organizations will create business plans with the help of the TCC Group and the Nonprofit Finance Fund, technical assistance organizations contracted by the donors to support the grantees’ efforts. The most promising plans will be selected for four-year implementation grants in January 2014.

“The Change Capital Fund is a bold investment in re-engineering the community development sector to tackle persistent poverty in New York City.” said Gary Hattem, president Deutsche Bank Americas Foundation. “The same entrepreneurial spirit that reclaimed our neighborhoods from abandonment is being put to work to enable our most vulnerable citizens to fully participate in our great City’s continuing success.”

The ten organizations receiving Change Capital Fund planning grants are targeting the South Bronx, Central and East Brooklyn and Western Queens, areas of New York City where residents have not shared in New York’s increasing prosperity. The funded groups will identify methods to demonstrate improved outcomes and quantify associated reductions in public spending for crisis services. The donor collaborative is seeking to build the capacity of CDCs to demonstrate that the outcomes of their neighborhood-focused work ultimately reduce public costs for crisis systems. This would increase the potential for community development corporations to leverage a payment-for-results financing model (aka social impact bonds), whereby, private investors fund some of the upfront working capital to deliver promising community interventions in exchange for a share of downstream benefits in the form of public cost savings.

The organizations will hone and scale up existing and new interventions to increase opportunities for residents of these high-poverty neighborhoods:

Bedford Stuyvesant Restoration Corporation, America’s first community development corporation, will collaborate with community, educational and government partners to achieve a holistic service model to support individual and household success.
Community Solutions/Brownsville Partnership will develop its capacity to act as a magnet and an anchor for multifaceted services in the Brownsville neighborhood, which includes over 4,000 apartments in public housing plagued with extraordinarily high poverty and crime.
Cypress Hills Local Development Corporation will integrate their programming to create a clear path to better educational, health and housing outcomes for the residents of Cypress Hills and East New York.
East River Development Alliance (ERDA) will identify and scale up proven interventions to change the outcomes for residents of the largest public housing community in the nation.
Fifth Avenue Committee will expand partnerships to improve educational and workforce outcomes, particularly for the young people of Red Hook and Gowanus.
Make the Road New York will scale up effective interventions, including its Promotoras peer-to-peer health model, housing preservation, college access and workforce programs by expanding and deepening its partnerships with local service providers.
New Settlement Apartments will expand successful initiatives to improve educational, workforce and housing outcomes.
St Nicks Alliance Corporation will partner with City agencies, local hospitals, schools and community organizations to implement a transformational case management program in a persistently high poverty pilot area.
United Neighborhood Housing Program and Fordham Bedford Housing Corp will partner to analyze the efficacy of their programs while addressing systemic issues that perpetuate poverty.
Women’s Housing and Economic Development Corporation will strengthen its Home-based Childcare Program to raise incomes, quality childcare and improve health in the South Bronx.

Current NOF Donors include: Altman Foundation, Bank of America, The Bank of Tokyo-Mitsubishi UFJ, Ltd., BNY Mellon, Capital One, Citigroup Community Development, Deutsche Bank Americas Foundation, Enterprise Community Partners, Inc., HSBC Bank USA, JPMorgan Chase, Local Initiatives Support Corporation, Mizuho Corporate Bank, M & T Bank, New York Community Trust, New York Foundation and Scherman Foundation.

“Growing up in one of New York City’s high-poverty neighborhoods is associated with poor outcomes in education, health, criminal justice system involvement and even homelessness with life expectancy in the city’s poorest neighborhoods four years shorter than the city’s wealthiest neighborhoods,” said Steven Flax, Vice President M& T Bank, and chairman of NOF. “The Change Capital Fund is supporting local organizations seeking to alter this trajectory.”

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Contact:
Wendy Fleisher, Donors’ Representative
wendy@wendyfleischer.com
347.683.0538

Tricia McKenna for Nonprofit Finance Fund
triciabmckenna@gmail.com
617.553.8020

Enterprise, Nonprofit Finance Fund and Chase Invest in the Family Health Centers of San Diego to Build a New Community Health Center

asoya — Thu, 04 Apr 2013 14:24:25 +0000

New Markets Tax Credit financing deal closes for the nation’s second largest Federally Qualified Health Center

SAN DIEGO, Calif. - April 4, 2013 - Enterprise Community Investment, Inc., Enterprise Community Loan Fund, Nonprofit Finance Fund (NFF) and Chase announced the closing of New Markets Tax Credit (NMTC) financing for the new construction of a three-story, community health center in San Diego serving the Diamond Neighborhoods.

The new 22,942-square-foot center will serve 12,800 patients annually, tripling the capacity of the existing Family Health Centers of San Diego (FHCSD) center in the Diamond Neighborhoods. FHCSD is the largest Federally Qualified Health Center (FQHC) in the city and the second largest in the U.S. It provides services to low-income patients in large parts of central, south and east San Diego and surrounding communities in San Diego County.

Enterprise Community Investment, Inc. is providing $9 million in NMTC allocation with Chase providing the NMTC equity investment. Enterprise Community Loan Fund and Nonprofit Finance Fund are each providing $3.1 million in loans to bridge a portion of the U.S. Department of Health and Human Services, Health Resources and Services Administration’s $8.57 million capital grant. FHCSD is contributing the land for the project and more than $400,000 in cash to the project.

“This project demonstrates the positive impact of New Markets Tax Credits funding on communities. The new health facility will help revitalize a community and at the same time help meet patient demand for medical services in the Diamond Neighborhoods,” said Joseph Wesolowski, senior vice president, Structured Finance at Enterprise. “The need and delivery of health services will increase with the full implementation of the Affordable Care Act in 2014.”

Federally Qualified Health Centers are nonprofit community health centers that provide primary health care to low-income individuals and families regardless of insurance coverage or ability to pay. FQHCs are an important resource for delivering quality, affordable health care in low-income communities. Construction on the new center began in November 2012 with expected occupancy in October 2013.

“The many health centers we work with are caught between the desire to meet rising patient demand and the challenge of inadequate financing or physical space. Through this deal, we are glad to be helping the second largest FQHC in the country have the space to better meet its patients’ needs,” said Norah McVeigh, managing director, Financial Services, for Nonprofit Finance Fund.

The new community health center will feature 29 exam rooms, 5 dental stations and 4,562 square feet of office and administrative space. The center will provide office and community space to support additional health programs. The expanded FQHC will also add approximately 60 permanent jobs in the community. The building will have Cal-Green certification, the statewide green building standard.

“Access to high-quality and affordable healthcare is critical to encourage people to use cost-saving preventive healthcare services. Financing from Enterprise and our partners will make it possible for families living in the Diamond Neighborhoods to access these vital services near where they live and work,” said Lori Chatman, president, Enterprise Community Loan Fund.

Since 2012, a funding collaborative of Enterprise, Chase, and Nonprofit Finance Fund has provided “one stop” NMTC financing for FQHCs, including NMTC allocation, NMTC equity, term debt and bridge financing. FHCSD is the third FQHC capital project financed by the collaboration. Together these projects have expanded primary healthcare to low-income persons by creating 118,000 square feet of new health center, laboratory and pharmacy space, and will provide approximately 125,000 additional center visits to an estimated 33,000 additional patients every year.

“We are very excited to continue to use the New Markets Tax Credit program to support community healthcare centers. Chase targets its NMTC investments to support projects that provide the highest level of positive community impact. The Diamond center is expected to fulfill this goal by providing an underserved area of San Diego with access to primary healthcare services,” said Matt Reilein, head of Chase’s New Markets Tax Credit Group.

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Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 30 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $13.9 billion in equity, grants and loans to help build or preserve 300,000 affordable rental and for-sale homes to create vital communities. Visit www.EnterpriseCommunity.org and www.EnterpriseCommunity.com to learn more about Enterprise's efforts to build communities and opportunity.

Nonprofit Finance Fund (NFF) unlocks the potential of mission-driven organizations through tailored investments, strategic advice and transformative ideas. Founded in 1980, NFF helps organizations connect money to mission effectively, and supports innovations such as growth capital campaigns, cross-sector economic recovery initiatives and impact investing. A leading community development financial institution with over $80 million in assets, NFF has provided over $250 million in loans and access to additional financing via grants, tax credits and capital in support of over $1.4 billion in projects for thousands of organizations nationwide. NFF is headquartered in New York City and serves clients from offices across the country.

Family Health Centers of San Diego is a federally qualified health center in San Diego that provides a full range of adult, child, dental, behavioral health, vision and pharmacy services through 33 sites and 3 mobile medical units. It was founded in 1970 as one of two free clinics for low-income persons in San Diego. FHCSD became an FQHC in 1995, and first obtained Joint Commission accreditation in 1996; it is now the second largest FQHC in the United States.

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.4 trillion and operations in more than 60 countries. Chase serves more than 50 million consumers and small businesses through more than 5,600 bank branches, 18,700 ATMs, credit cards, mortgage offices, and online and mobile banking as well as through relationships with auto dealerships. More information about Chase is available at www.chase.com.

Contact:
Brigitte Johnson, APR, 410.772.2449, bjohnson@enterprisecommunity.org
Tricia McKenna, for Nonprofit Finance Fund, 617.553.8020, triciabmckenna@gmail.com

"Money Woes Plague Charities Struggling to Meet Demand" by The Chronicle of Philanthropy

asoya — Mon, 01 Apr 2013 16:31:01 +0000

To read "Money Woes Plague Charities Struggling to Meet Demand" by Doug Donovan in The Chronicle of Philanthropy, please click here (http://philanthropy.com/article/Money-Woes-Plague-Charities/138031/).

2013 State of the Sector Survey results, along with an interactive survey analyzer and a look at trends over the past five years, are available at: www.nonprofitfinancefund.org/survey.

Nonprofit Finance Fund Survey of 5900+ Nonprofits: Organizations Innovating and Adapting to New Reality

asoya — Wed, 13 Mar 2013 19:55:15 +0000

39% Will Change the Main Ways They Raise and Spend Money

2013 survey generously supported by the Bank of America Charitable Foundation

New York – March 25, 2013 – Nonprofit Finance Fund (www.nonprofitfinancefund.org) today released the results of its 2013 State of the Nonprofit Sector Survey, which details the substantial changes that many organizations are making after years of economic stress. The fifth annual survey, supported by the Bank of America Charitable Foundation, includes information on the finances, operations, and outlook of 5,983 organizations across the country.

Summary Survey Findings | Full National Results | Online Survey Analyzer | Media Coverage

“Nonprofits are changing the way they do business because they have to: government funding is not returning to pre-recession levels, philanthropic dollars are limited, and demand for critical services has climbed dramatically,” said Antony Bugg-Levine, CEO of Nonprofit Finance Fund (NFF). “At the same time, 56 percent of nonprofits plan to increase the number of people served. That goal requires change and innovation– for nonprofits, for those who fund them, and for the broader systems we need to preserve and expand economic opportunity and social progress.”

Nonprofits need new funding sources and models.

42% of survey respondents report that they do not have the right mix of financial resources to thrive and be effective in the next 3 years.
1 in 4 nonprofits has 30 days or less cash-on-hand.
Over the next twelve months, 39% plan to change the main ways they raise and spend money.
23% will seek funding other than grants or contracts, such as loans or investments.

"Our biggest challenge is decreased grant funding," said Gwen Relf, Executive Director of the Rehoboth Community Development Corporation in Phoenix. "We are creating social enterprise ventures, such as acquiring and rehabbing foreclosed homes and a children's learning center, so that we are not totally reliant on grants. We are building a business that directly advances our mission to increase social and economic justice, combat poverty, and demonstrate compassion for people in need."

Nonprofits that receive government funding face particular challenges:

Only 14% of nonprofits receiving state and local funding are paid for the full cost of services; just 17% of federal fund recipients receive full reimbursement. Partial reimbursements require additional funding to cover the growing gap as nonprofits serve more people.
Government is late to pay: Among those with state or local funding, just over 60% reported overdue government payments; over 50% reported late payments from the federal government

Under these challenging conditions, many nonprofits are unable to meet growing need in their communities:

For the first time in the five years of the survey, more than half (52%) of respondents were unable to meet demand over the last year; 54% say they won’t be able to meet demand this year.
This represents a worrying trend; in 2009, 44% of nonprofits said they were unable to meet demand.
Jobs (59%) and housing (51%) continue to be top concerns for those in low-income communities.
90% of respondents say financial conditions are as hard or harder than last year for their clients; this is actually a slight improvement from prior years’ outlook.

Nonprofits are changing the way they do business to adapt to the new reality. In the past 12 months:

49% have added or expanded programs or services; 17 percent reduced or eliminated programs or services.
39% have collaborated with another organization to improve or increase services.
39% have upgraded technology to improve organizational efficiency.
36% engaged more closely with their board.

“As a corporate funder of nonprofits across the country, we recognize that open discussions about finances are essential to forging deeper connections with nonprofit partners,” said Kerry Sullivan, president of the Bank of America Charitable Foundation. “We hope this latest Nonprofit Finance Fund survey sparks a wider conversation about how funders can help nonprofits navigate economic challenges toward better financial stability and effectiveness and work together toward creative solutions to create greater impact on critical community needs.”

In its work with nonprofits over the past 30 years, NFF has seen economic ups and downs; current trends go beyond these cycles and point toward more lasting changes in the way social services are funded.

“Philanthropists, nonprofits and private sector partners need to work together in new ways to support the most promising adaptations by organizations and the sector as a whole,” said Bugg-Levine.

Full survey results, along with an interactive survey analyzer and a look at trends over the past five years, are available at: www.nonprofitfinancefund.org/survey.

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About Nonprofit Finance Fund (www.nonprofitfinancefund.org)
Nonprofit Finance Fund (NFF) unlocks the potential of mission-driven organizations through tailored investments, strategic advice and transformative ideas. Founded in 1980, NFF helps organizations connect money to mission effectively, and supports innovations such as growth capital campaigns, cross-sector economic recovery initiatives and impact investing. A leading community development financial institution with over $80 million in assets, NFF has provided over $250 million in loans and access to additional financing via grants, tax credits and capital in support of over $1.4 billion in projects for thousands of organizations nationwide. NFF is headquartered in New York City and serves clients from offices across the country.

Media Contact:
Tricia McKenna for Nonprofit Finance Fund
triciabmckenna@gmail.com
617.553.8020

"Complete Capital: How Impact Investing Will Realize Its Potential" in the Council on Foundations blog

asoya — Mon, 25 Feb 2013 14:45:49 +0000

To read "Complete Capital: How Impact Investing Will Realize Its Potential" by our CEO, Antony Bugg-Levine, in the February 21st issue of the Council on Foundations blog, RE: Philanthropy, please click here.

Rodney Christopher Named First-time F.B. Heron Foundation Fellow

asoya — Mon, 11 Feb 2013 16:54:08 +0000

New York – February 21, 2013 – Rodney Christopher, vice president of advisory services for Nonprofit Finance Fund (NFF), will become the F.B. Heron Foundation’s first practice innovation fellow, starting March 4, 2013 for the period of one year.

The F.B. Heron fellowship in Social Investment Practice is intended to allow highly talented senior practitioners from leading social sector organizations to explore and advance innovative ideas for new areas of investment in their sector. Visiting fellows work with F. B. Heron, their home institutions and allied parties to advance field-wide innovation.

The F.B. Heron Foundation was created in 1992 with the mission of helping people and communities to help themselves out of poverty. The new fellowship comes amid F.B. Heron’s change in strategy, one intended to deploy all the resources at its disposal in a broad, multi-sector approach that seeks opportunities to influence and be influenced through co-investment, advocacy and example. F.B Heron targeted Nonprofit Finance Fund, and specifically Rodney Christopher, for its first fellowship because of NFF’s distinctive track record for delivering high-impact financing in the nonprofit world. NFF unlocks the potential of mission-driven organizations and their supporters nationwide through tailored investments, strategic advice and bold ideas.

Mr. Christopher will focus on expanding within the philanthropic community the understanding and availability of “change capital”, a financing practice developed by NFF’s Capital Partners division to support sustainable growth of high-performing nonprofits and, under Rodney’s leadership, expanded throughout NFF’s consulting practice to address a wide range of efforts to build more effective organizations. Successful nonprofits sometimes need periodic large infusions of money, known as philanthropic equity or change capital, to help improve their programs and build their capacity to generate sufficient net revenue in order to achieve meaningful outcomes over the longer term.

Announcing the fellowship, Clara Miller, president of the F. B. Heron Foundation said, “We are delighted that someone of Rodney’s experience, versatility and talent will be our first fellow, and that we are able to partner with both him and NFF, to take an important financial tool forward. The fellowship is intended to honor individuals like Rodney on their practice excellence and allow them to innovate from a base of experience.”

Antony Bugg-Levine, CEO of Nonprofit Finance Fund, said, “Change capital is a proven yet underused means for creating substantial and lasting social impact. At NFF, we are very excited to partner with F.B. Heron and Rodney as this fellowship enables us all to work together to create healthier organizations that are able to deliver more effectively on mission.”

Mr. Christopher will act as “an ambassador of ideas,” to help donors become more comfortable with the notion of providing sizable sums of money to organizations for use as enterprise capital. “It is an ambitious project and, I hope, a meaningful opportunity for the communities our sector serves. I am honored to have been selected by F.B. Heron for this fellowship and am excited about the conversations and progress that lie ahead,” he said.

With nearly two decades of experience at NFF, Mr. Christopher's clients are both nonprofits and foundations, and he has divided his time between custom engagements, client coaching, public presentations, product development and training NFF staff. In 2001, he managed the Nonprofit Recovery Fund, an 18-month project that raised and distributed over $10 million to help New York City nonprofits recover financially from the economic effects of September 11th. Findings from that work informed his effort to lead the creation of NFF’s signature advisory service, the Nonprofit Business Analysis, which has generated more than $15 million in revenue since 2006. Most recently, he has been co-manager and program officer for NFF’s $15 million Leading for the Future (LFF) initiative. The five-year program funded by the Doris Duke Charitable Foundation has provided more than $10 million in "change capital" to ten arts and culture organizations and has produced several publications and webinars articulating the importance of the change capital concept.

He has a master of science in urban policy analysis and management from The New School and holds a BA summa cum laude in Social Sciences from Bard College at Simon's Rock (the nation's first early college), which established a scholarship fund in his name in 2006 to help its students afford study abroad. Mr. Christopher is the board treasurer for Fractured Atlas, a technology-driven national service organization for artists and arts organizations.

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Media contact:
Toni Johnson
212.404.1810
tjohnson@heronfdn.org

Nonprofit Finance Fund Report: Economic Recovery Calls on Small Nonprofits

asoya — Thu, 24 Jan 2013 17:44:11 +0000

Front-line Organizations Poised to Drive Community Revitalization

New York – February 4, 2013 – Nonprofit Finance Fund (www.nonprofitfinancefund.org) today released a report on the critical role small nonprofits can play in aiding economic recovery – if they have the right financial and strategic support.

“Small Nonprofits Solving Big Problems” draws on Nonprofit Finance Fund’s 30 years of experience providing loans and strategic consulting services to nonprofits of all sizes. It also shares specific examples based on NFF’s recent work in Philadelphia through the Capital and Capacity for Economic Recovery (CCER) program. CCER offered grants and consulting solutions for 22 Philadelphia-area nonprofits that provide job training services and other forms of economic development in the region.

“Nonprofits like us can rarely access or afford services like those offered through CCER,” said Dr. Robert Emberger, Executive Director of Whosoever Gospel Mission, a program participant. “The insight we gained about how to financially support and grow our mission work will have lasting value to our organization and the community.”

CCER helped participating nonprofits address core organizational challenges, with the end goal of improving the services they offer to their clients. Nonprofits – and small nonprofits in particular – often have trouble securing this kind of money and support, because many funders focus on paying for program delivery and do not want to pay for “overhead.” NFF’s report includes concrete guidance for funders who want to help their communities by building stronger local nonprofits, such as:

Fund important capacity needs, which include things like financial reporting systems, development staff, and improved technology.
Embrace the idea that nonprofits should have surpluses, and don't penalize them or automatically reduce funding if they do.
Fund what already works, rather than only offering funds for new or innovative approaches—especially when funding small, local organizations that have already identified and are filling a real need in their community.

“Mission returns from capacity and system-building investments can be just as large as those from program grants,” said Kristine Alvarez, head of NFF’s Mid-Atlantic Advisory Services, based in Philadelphia. “Changing the way that capital is used and filling gaps in an organization’s internal expertise through consulting support can help boost outcomes.”

CCER let funders support dozens of small nonprofits in a cohesive way that maximized positive outcomes for the community. This model created opportunities for nonprofits to learn from each other, even while NFF created tailored solutions for each organization based on its particular needs, opportunities and environment.

To view the report, visit: http://nonprofitfinancefund.org/research-resources/small-nonprofits-solving-big-problems

About Nonprofit Finance Fund (www.nonprofitfinancefund.org)
Nonprofit Finance Fund (NFF) is a national leader in nonprofit, philanthropic and social enterprise finance. Founded in 1980, NFF provides loan financing, access to capital and direct advisory services that build the capacity and the financial health of nonprofits. A leading community development financial institution with over $80 million in assets, NFF has provided over $250 million in loans and access to additional financing via grants, tax credits and capital in support of over $1.4 billion in projects for thousands of nonprofit clients nationwide. NFF has a staff of more than 60 serving nonprofits nationally from offices in New York City, Philadelphia, Newark, New Jersey, Boston, Detroit, San Francisco, and Los Angeles.

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Media contact:
Tricia McKenna
617-553-8020
triciabmckenna@gmail.com

Catalyst Fund Reports: The Promise and Reality of Nonprofit Mergers and Collaborations

asoya — Tue, 29 Jan 2013 00:03:17 +0000

New Insight from Landmark Effort to Spur Meaningful Collaborations Among Boston Nonprofits

Boston – January 30, 2013 – The Catalyst Fund for Nonprofits today released two publications detailing how mergers and collaborations can benefit nonprofits and the people they serve:

The Catalyst Fund for Nonprofits Interim Assessment evaluates progress in the first two years of the Fund’s five-year, $1.9 million effort to support strategic collaborations in the Boston area. It includes lessons learned to-date and details common characteristics of successful mergers and collaborations, as well as red flags and misperceptions that can derail them.

Merging for Greater Impact: a Case Study of Pine Street Inn and hopeFound shares the behind-the-scenes story of how two of the city’s leading homeless service agencies, Pine Street Inn and hopeFound, have combined efforts, in a merger that was formally announced on January 30, 2012, after an exploratory process supported by the Catalyst Fund.

The publications provide a rare look at the realities of nonprofit mergers and alliances, and are intended to serve as a resource for nonprofits that are considering strategic collaboration. The assessment – the first analysis of a cohort of local organizations considering such partnerships – provides new insight into success factors for collaborations. These include: seasoned CEOs and CFOs, staff and board leadership with prior collaboration or merger experience, and partner organizations with clear and aligned strategic priorities. The report also details how organizations navigate the challenges of myriad interests to achieve the mutual trust and shared goals required for successful collaboration.

“There is perennial interest in nonprofit ‘mergers,’ particularly during times of economic hardship,” said Peter Kramer, Catalyst Fund Manager for Nonprofit Finance Fund. “But the idea that mergers create financial efficiency is a red herring – the true value of successful collaboration is in improving outcomes for the people nonprofits serve.”

The Catalyst Fund provides guidance and money for technical assistance to support strategic nonprofit collaborations and mergers in the Boston area. Since its launch in 2010, it has supported 18 collaborations, and is currently accepting applications for additional projects. The Fund is a joint effort of The Boston Foundation, Boston LISC, The Hyams Foundation, The Kresge Foundation and United Way of Massachusetts Bay and Merrimack Valley, and is managed by Nonprofit Finance Fund.

“Mergers and collaborations can be difficult, time-consuming, and expensive – but the ultimate gains often make good strategic sense,” said Lyndia Downie, President and Executive Director of Pine Street Inn. “The Catalyst Fund helps nonprofits and their funders think beyond an organization’s own walls to explore how to best address the community’s pressing social issues. We hope that others can learn from our experience – the ups, downs and surprises along the way.”

Pine Street Inn and hopeFound merged one year ago after several months of planning and negotiations. The goal of the combination is to align more services and resources to better serve those without homes in the Boston area.

The publications’ launch is being marked today with an event at the Federal Reserve Bank of Boston, where nonprofit and foundation executives will lead a frank discussion of the promise and pitfalls of mergers and collaborations. The event is being live streamed beginning at 9 a.m., and a recording will be available online afterwards: http://www.ustream.tv/channel/tbf-forums

The publications, additional case studies, a link to the archived broadcast of today’s event, and information on how to apply to The Catalyst Fund can be found at: http://nonprofitfinancefund.org/northeast/new-england-catalyst-fund.

About Nonprofit Finance Fund (www.nonprofitfinancefund.org)
Nonprofit Finance Fund (NFF) is a national leader in nonprofit, philanthropic and social enterprise finance. Founded in 1980, NFF provides loan financing, access to capital and direct advisory services that build the capacity and the financial health of nonprofits. A leading community development financial institution with over $80 million in assets, NFF has provided over $250 million in loans and access to additional financing via grants, tax credits and capital in support of over $1.4 billion in projects for thousands of nonprofit clients nationwide. NFF has a staff of more than 60 serving nonprofits nationally from offices in New York City, Boston, Philadelphia, Detroit, San Francisco, and Los Angeles.

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Media contact:
Tricia McKenna
617-553-8020
triciabmckenna@gmail.com