Philanthropists Have Launched a $75 Million Fund for Nonprofit Arts Organizations Put Under Strain by the Coronavirus

A network of philanthropists has
come together to form a new $75 million fund for New York City arts
and social-service organizations impacted by the coronavirus
crisis.

Overseen by the New York
Community Trust, the NYC Covid-19 Response &
Impact Fund will provide
grants and interest-free loans to small and mid-size nonprofits
that have faced losses in the pandemic. Organizations can use the
money for a variety of needs, including to purchase health
supplies, such as masks and hand sanitizer; technologies to allow
employees work remotely; or to offset the loss of revenue from
canceled programs and events. 

Eighteen philanthropic
organizations have donated to the fund, including Bloomberg
Philanthropies, the Ford Foundation, the Andrew W. Mellon
Foundation, and the Rockefeller Brothers Fund. 

An advisory committee formed by
leaders in the fields of public health, community development, and
the arts will direct the money, giving priority to direct service
providers and those who play an active role in their
communities.

The Community Trust will
continue to solicit donations. A similar fund established by the Community
Trust after 9/11 went on to raised and grant more than $500
million.

“This is an unprecedented
situation, but the philanthropic community has had experience
joining together to respond,” Lorie Slutsky, president of the New
York Community Trust, said in a statement. “The NYC Covid-19 Response & Impact Fund will
provide critical funding to shore up the safety net provided by
nonprofits across the city as they struggle to keep up with the
increased demand for their services. We hope everyone who is
passionate about our city and its people will join us.”

You can apply for funds or
donate here.

While the announcement of the
fund comes as welcome news to nonprofits, commercial galleries and
other for-profit businesses in the art world are still desperate
for support. 

Yesterday, the New Art Dealers
Alliance (NADA) launched a petition
calling on New York state’s
leaders, including Governor Andrew Cuomo and New York City mayor
Bill de Blasio, to create a new grant relief initiative that would
help these enterprises. As of this article’s writing, 1,890 people
have signed the letter. 

“Without the financial support
of the local, state, and federal government, these businesses will
not be able to pay their employees, support the artists that they
represent, pay their bills, and pay their rents and/or mortgages on
the spaces in which they operate,” the petition reads. “If no
action is taken, these businesses will not survive and many artists
and art workers will be left without a system of
support.”

The petition points out that the
eligibility requirements of the two New York City relief programs
put into place by de Blasio on March 8 are strict to the point of
precluding the vast majority of galleries. For example, both
programs require businesses to demonstrate at least a 25 percent
decrease in revenue since the outbreak started—a stipulation that,
for galleries relying on staggered payments, is hard to
meet. 

In addition to a new relief
initiative that incorporates these considerations, NADA is also
asking the city to provide emergency Medicare for all, rent and
utility forgiveness for commercial tenants, and a freeze on
mortgage payments for business owners working out of their own
properties.

The post Philanthropists Have Launched a $75 Million Fund
for Nonprofit Arts Organizations Put Under Strain by the
Coronavirus appeared first on artnet News.