Irvine Foundation Awards $1 Million to Help Nonprofits Adapt to Downturn

The San Francisco-based James Irvine Foundation has announced grants totaling more than $1 million to seven nonprofits to help them adapt to the economic downturn and build their long-term financial health.

Awarded through the foundation’s $2 million Fund for Financial Restructuring, which was announced in August, the grants of up to $150,000 each went to organizations that are pursuing strategic alliances or mergers, re-examining their revenue streams to diversify funding sources, and/or changing operational structures to adapt to economic pressures.

The grantees are the Balboa Park Cultural Partnership, Kala Art Institute, L.A. Stage Alliance, Oakland East Bay Symphony, San Francisco Chanticleer, Theatre Bay Area, and Valley Public Television. A second round of grants will be announced in the spring.

“With revenue down and needs increasing for so many nonprofits, we want to support grantees that are ready to develop new business models that better align revenues and expenditures,” said Irvine Foundation president and CEO Jim Canales. “We believe this fund can both help the grantees directly, as well as uncover best practices that can be shared with other nonprofits.”

“Irvine Commits $2 Million to Organizations Adapting to Economic Downturn.” James Irvine Foundation Press Release 1/21/10.

Source: PND