On behalf of our Board of Directors and staff, I am pleased to provide this brief report on the activities of the Weingart Foundation for the fiscal year ending June 30, 2010. Financial highlights for the year can be found by clicking here.
In fiscal year 2010, the Foundation made almost $38 million in grant payments, once again exceeding the minimum distribution requirement to charitable organizations. Recognizing the severity of the impact of the financial downturn on the nonprofit organizations we support, the Foundation chose to maintain a relatively high level of grant activity. A list of Foundation grant awards can be found by clicking here.
As our nonprofit partners have struggled to meet increased demands for service in the face of declining sources of revenue, their capacity to achieve their missions and sustain operations has been seriously threatened. For that reason, the Foundation has continued to focus on providing unrestricted core operating support grants, with a priority given to established and well-managed organizations operating programs that serve the needs of poor and underserved communities. In addition, the Foundation commissioned a study of nonprofit capacity-building needs and services in Los Angeles County (download report). It is our hope that the findings and recommendations of this study will lead to the development of a better coordinated and more effective approach to strengthening the organizations that we depend on to achieve a healthy and more equitable civil society.
I want to thank the members of our Board and staff for their hard work and commitment to furthering the goals of the Foundation. I also want to commend the excellent work of our grantees, and the entire nonprofit and philanthropic community.
Steven L. Soboroff