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November 19, 2001

Recovery Fund Established for Community Based Nonprofits
By Calvert Foundation

The Nonprofit Finance Fund (NFF) recently established the Community Recovery Fund to help support community based nonprofit organizations that have been structurally or economically damaged by the terrorist attacks on New York on September 11th. -- The Community Recovery Fund (CR Fund) will provide flexible financial aid packages for the relief, recovery and stabilization of New York and Washington, DC area nonprofits affected by the September 11th disaster, to help them regain the financial strength they had before the event. By donating to the Community Recovery Fund one can support nonprofit organizations facing pressing needs and foster the recovery of low-income communities. This Fund will be used to support organizations in these communities that suffered disruption or losses from the disasters, provide long-term community services and work with low-income individuals who lost employment or were displaced by the events.

The Community Recovery Fund will not limit this program to immediate relief efforts and, over time, will support nonprofit organizations’ medium-term or longer-term needs. For example, it is anticipated that educators, pastors and mental health professionals will need resources to prevent hate crimes, commemorate the event, or to help children adapt to the aftermath of this tragedy. Furthermore, there is likely to be more than one stage of recovery. While difficult to predict at this stage, this fund aims to husband resources and be prepared for second, third and fourth generation-needs of organizations serving the people most traumatized by these recent events, easing their re-entry to a productive life.

Given the large number of relief efforts that have emerged, one of the Community Recovery Fund’s priorities is to encourage and facilitate coordination among funds targeted to nonprofits. To this end, the CR Fund will offer a process to analyze and assess requests for financial assistance, through a simplified form that NFF has used for 20 years to make loans to nonprofits of all types. Also, NFF is committed to combining a common, systematic approach that will help avoid duplication and increase accountability of funds. NFF has collaborated with a number of leading funders and financial institutions and has instituted a system to analyze and assess financial needs of nonprofits, in order to deploy the funds efficiently to organizations with the most need.

"Requests for assistance from organizations affected by September 11th will far exceed available funds, especially in the longer term," commented Clara Miller, President of NFF. "The system of distributing limited resources from the Community Recovery Fund will be equitable and based on the knowledge we've accumulated over twenty years.

To date, the Nonprofit Finance Fund has raised more than $3 million for the Community Recovery from the Ford Foundation and the September 11th Fund, with an additional $2 million now likely, Fund. Calvert Foundation, in cooperation with NFF, will monitor and report the activities of the Community Recovery Fund to its donors over the coming months and years. The Community Recovery Fund is also known as the Nonprofit Recovery Fund.

Click here to donate to the Community Recovery Fund.

Another fund that was established to support low-income communities in New York is the American Dream Disaster Relief Fund . The primary goal of the fund is to provide immediate relief to existing ACCION New York clients and other small business owners in New York City affected by the attack on the World Trade Center and the ensuing disruption of their business in lower Manhattan and throughout the city. ACCION New York has already committed $200,000 of its existing lending capital and the human resources to the new fund in order to begin meeting clients' needs immediately. This fund will reach out to more microentrepreneurs as additional funds are committed.

© Calvert Foundation

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