The New York Life Foundation has announced that it will increase its charitable giving by 15 percent, to $12.9 million, in 2011.
While the foundation will boost funding in the existing focus areas of educational enhancement and safe places to learn and grow, the biggest expansion will occur in childhood bereavement, a relatively new focus area for the foundation. The foundation's grantmaking in this area, which was added in 2008, provides resources for children who have lost a parent, sibling, or caregiver and aims to make childhood bereavement a national concern.
According to a November 2010 survey (34 pages, PDF) by the Nonprofit Research Collaborative — which includes the Association of Fundraising Professionals, Blackbaud, the Center on Philanthropy at Indiana University, the Foundation Center, GuideStar, and the National Center for Charitable Statistics — U.S. nonprofits recorded a slight improvement in grant revenue in the first nine months of 2010, but it hasn't been enough to help many nonprofits that are grappling with staff and service cuts even 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 New York Life Foundation president Christine Park. "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."