Foundation will fully leverage nearly half-billion dollar endowment to further their mission
Press Release – NEW YORK, March 13, 2018 /PRNewswire-USNewswire/ –Today the Nathan Cummings Foundation announced that they will align 100 percent of their nearly half-billion dollar endowment with their mission. The Nathan Cummings Foundation is focused on finding solutions to the climate crisis and growing inequality, and is one of the largest foundations to commit 100 percent.
“Our decision reflects our values and our aspirations, our assessment of the market, and the opportunity for NCF to both join and leverage a chorus of philanthropic and private sector investors changing the landscape for investing and the business model of philanthropy,” said NCF President Sharon Alpert. “The problems we are working on – the climate crisis and growing inequality – will not be solved by grantmaking alone. Capital markets have to change to drive sustainable and inclusive growth that will create long-term value for people, the planet, and the economy. How we invest our assets and leverage our influence as an investor are powerful tools to make that change to happen.”
NCF joins a growing number of foundations aligning their investments in companies and strategies that advance their missions. American foundations collectively have trillions in assets but often only use the legally required 5 percent on their missions through grantmaking. This move asks the question of what is possible if foundations begin using the other 95 percent.
The Foundation has already started looking at all of its investments to assess their alignment and develop a pipeline of aligned investment strategies across all asset classes, and will provide an update at the end of 2018.
Over the last 27 years, NCF has provided nearly $500 million in grants to support social movements, organizations and individuals pursuing justice for people and the planet. The Foundation has a history of leveraging their endowment and investment position to advance their mission, and was one of the first to employ active ownership strategies that directly engage companies. They were a founding signatory of the United Nations Principles for Responsible Investing and have voted on thousands of proxies associated with the stocks they own, filing nearly 200 shareholder proposals to ensure that companies are managing the risks and opportunities associated with environmental, social and governance issues.
SOURCE Nathan Cummings Foundation
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