Announcing the NYC COVID-19 Response & Impact Fund

My dear and dedicated colleagues,

This morning, Carnegie Corporation of New York announced with peer institutions the formation of a new fund to assist New York City in addressing the many hardships caused by the coronavirus pandemic. I am grateful that our board of trustees has approved emergency funding so that the Corporation once again joins the New York philanthropic community in coming together and doing its best in response to a catastrophe.

Following the model of generosity and collaboration established by the New York City philanthropic community during the aftermath of 9/11 and Hurricane Sandy, the NYC COVID-19 Response & Impact Fund will provide $75 million in grants and interest-free loans to small and midsize nonprofit organizations to help them respond to emerging needs, cover losses associated with the disruption of their operations, and help them continue their critical work. As of this morning, 17 foundations, companies, and philanthropists have made substantial investments in the fund with the expectation that more funders will join.

Through this collaboration, the Corporation seeks to address the disruption that the coronavirus pandemic is having on our entire society, especially our children. It will assist the City of New York with its many urgent needs, including services for the public school system such as student meals and after school arts and cultural programs for 1.1 million children. In addition, our Education Program is providing greater flexibility to many of its grantees in order to expand services such as online learning and resources for teachers, parents, and students to help communities nationwide.

As Adam Smith argued in The Theory of Moral Sentiments, a stable society is based on “sympathy,” a moral duty to have regard for our fellow human beings. The establishment of this fund represents our duty, conscience, and commitment to others and others to us. Please join me in sharing this announcement widely through the social media links listed below and take a moment to read media coverage of the fund, including articles in the Washington Post and Politico.

With gratitude for all that you do,
Vartan Gregorian
President, Carnegie Corporation of New York

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