New Coast Foundation to close on 8/30/19
As you may know, New Coast Foundation (NCF) was launched in 2017 by Alex Ross who was inspired to pilot a nonprofit venture philanthropy fund for next-generation philanthropists. He and co-founder, Anne Sweeney, built the model to identify and fund emerging nonprofits bringing innovative solutions to poverty alleviation in Chicago.
We are very proud of what we have accomplished over the past two years, particularly our partnership with our two grantees - VOCEL and Working Credit NFP. Both of these organizations have built game-changing program models to tackle poverty head-on, and we are honored to have played a role in helping to advance their missions.
Despite this momentum, we are sorry to share that NCF will be closing its doors at the end of the month. This was a difficult decision for all of us to come to and one that we did not make lightly. Our Founder’s move out of Chicago and competing health and business priorities have required a shift in resources and attention away from NCF. In the end, our Board of Directors has decided to sunset the organization.
As we work through the process of wrapping up, we want to be clear about a few key points:
Each of our grantees will have their full grant honored by NCF’s Board of Directors.
We will not be accepting donations for open pledges to NCF. If donors wish to support the nonprofits that were in our portfolio directly, please do so via the following:
We are humbled that our donors, Board of Directors, Advisory Board, and everyone who has contributed to this organization over the past couple of years were all willing to support this vision of collective philanthropy. We feel strongly that we put our donor dollars to great use and amplified your impact through our due diligence, strategic grants, and close partnership with our portfolio of grantees.
While NCF will not continue in its current form, we all remain dedicated to supporting our city's social entrepreneurs tackling poverty head-on. And, if this mission inspired you, please don’t let this be the end of your pursuit of smart philanthropy!
As Julie shared in her blog post back in June, there is tremendous need throughout Chicago. Poverty, violence, and lack of access to quality education, food, and resources all continue to be significant challenges for our city. Poverty isn't waiting for us to catch up, and the time to act is now. Please continue to give generously and don’t be afraid to make big bets with your philanthropy.
Thank you for your support and understanding.
Chief Executive Officer
Founder + Chairman