News Column

Foundations' Philanthropy in the Spotlight

May Issue

Suzanne Heibel--HispanicBusiness.com

joe coto, minority nonprofits, public funding
California State Assemblyman Joe Coto (D-San Jose)

In an era of corporate scandals and federal government bailouts, the country's nonprofit organizations have continued their quiet and noble mission.

Hispanic nonprofit organizations in particular have thrived in their efforts to assist minority communities in obtaining a greater share of public dollars to support the rising social needs of the communities they serve.

In this edition, HispanicBusiness Magazine presents the list of 25 leading Hispanic-run nonprofit organizations ranked according to their expenditures. While many big businesses failed in 2008, these nonprofits increased expenditures from $702 million in 2007 to $802 million in 2008.

The Top 25 Hispanic nonprofits are on their way to capturing their first billion dollars in consolidated expenditures.

The competitive world of minority nonprofit funding assumed this year a more aggressive and edgy posture toward large-scale public foundations that fund diverse social and cultural programs through their giving. As nonprofits look to survive the current tumultuous economic conditions, there is an effort mounting nationwide to influence big foundations to disclose the racial/ethnic makeup of the nonprofits to which they give money. It's a move ultimately designed to get more financing flowing to minority-run nonprofit organizations.

The debate escalated in California in 2008 and has expanded into Florida and likely beyond in 2009.

In California, state Assemblyman Joe Coto (D-San Jose) wrote AB 624, a measure that would require foundations with assets of $250 million or more to divulge the racial makeup of the charities they give to.

To read the rest of the story, access the complete May issue, and get access to all digital archives, click here



Source: HispanicBusiness.com (c) 2009. All rights reserved.


Story Tools