New York Life Foundation Increases Giving To Nonprofits By 15 Percent In 2011
NEW YORK, N.Y., January 6, 2011 — The New York Life Foundation announced today an increase to their 2011 charitable giving budget to $12.9 million. This is a 15 percent increase over last year’s budget of $11 million.
Although it has been reported* that U.S. nonprofits saw a slight improvement in giving in the first nine months of 2010, it hasn’t been enough to help many nonprofits that are grappling with staff and/or service cuts as demand for their services has increased.
“It is especially gratifying during these economically challenging times to be able to increase our funding for nonprofits,” said Chris Park, president, New York Life Foundation. “Growing the giving by the Foundation illustrates the financial health of the company and enables us to continue our commitment to funding programs that impact the lives of disadvantaged children.”
The Foundation is increasing funding in its focus areas of educational enhancement and safe places to learn and grow, but the relatively new area of childhood bereavement will undergo the biggest expansion. Added in 2008, this focus provides resources for children who have lost a parent, sibling or caregiver and aims to make childhood bereavement a national concern.
About The New York Life Foundation
Inspired by New York Life’s tradition of service and humanity, the New York Life Foundation has, since its founding in 1979, provided more than $140 million in charitable contributions to national and local nonprofit organizations. Through its focus on “Nurturing the Children,” the Foundation supports programs that benefit young people, particularly in the areas of safe places to learn and grow, educational enhancement opportunities and childhood bereavement. The Foundation also encourages and facilitates the community involvement of employees, agents, and retirees of New York Life through its Volunteers for Life program. To learn more, please visit the Foundation's Web site at www.newyorklifefoundation.org.
*Nonprofit Research Collaborative