$50 Million Social Innovation Fund for Nonprofits Planned
The Obama administration plans to establish a $50-million social-innovation fund intended to leverage corporate and foundation support to expand innovative nonprofits, the Philanthropy News Network reported May 8.
First lady Michelle Obama announced the program — which has not yet been approved by Congress — and a White House spokesperson said that funding would go to nonprofits and community groups working in healthcare, education, economic mobility, and other areas. Funding would help groups that are doing exceptional work but have been hit hard by the economic downturn.
“The idea of the fund is simple: Find the most effective programs out there and then provide the capital needed to replicate their success in communities around the country,” Mrs. Obama said. “By focusing on high-impact, results-oriented nonprofits, we will ensure that government dollars are spent in a way that is effective.”