As the NoVo Foundation gets into its grantmaking from the $90 million in funds established to support young women and girls of color, one of its first big grants will go to help young women and girls of color involved in the juvenile justice system.
The Young Women’s Freedom Center, which has been organizing around juvenile justice for young women and girls in California since 1993, will be the recipient of new funding from the NoVo Foundation to support its work. The NoVo Foundation, which began in 2006, made a commitment last year to deploy $90 million in the service of supporting self-led organizing by young women who have “directly experienced poverty, violence, addiction, and incarceration.”
Of the $71.4 trillion dollars controlled by the asset management industry, only 1.1 percent of total assets under management are with firms owned by women and minorities.
You heard that right. Although the number of firms that are women- or minority-owned can range from 3 to 9% across the four different asset categories in the industry, assets controlled by those firms account for only 1.1% of all assets under management.
A press release from the Knight Foundation, which commissioned the study, states that this is the most in-depth study to date about ownership diversity in asset management. Additional analysis revealed that the 1.1% managed by women and minorities had no difference in performance from the 98.9% non-diverse asset management industry.
“The more that philanthropy can do to encourage and support women in running for office, the better,” says Kate Coyne-McCoy, CEO of The Campaign Fixer, who has spent much of her career trying to bring more women into American politics. Coyne-McCoy has trained over 9,000 women to run for office, and she has a message for philanthropy.
“Do more politically, period,” she said in a recent interview with Philanthropy Women, when asked what her message would be to progressive women donors and their allies. “Until you make an investment in the electoral and political process, you’re never going to see the change you want.”
Great private wealth is nothing new, but reading David Callahan’s The Givers will convince you that there is a different game at play today, with staggering fortunes and unprecedented elite hubris. Some fortunes are so big, and growing so fast, that even a dedicated philanthropist can’t give the money away fast enough. To cite just one example, Michael Bloomberg was worth around $5 billion when he became mayor of New York in 2002; he’s now worth more than $45 billion. With this figure in mind, the over one billion dollars he has given Johns Hopkins University to date doesn’t seem so big. Still, it’s an astonishing sum for most of us to contemplate. And that’s not all. Bloomberg has also given hundreds of millions to reduce smoking and traffic deaths globally, and combat climate change.
Given that Walmart is the largest employer in America, second only to the government, the fact that they are taking an active stance in addressing women’s empowerment is particularly important.
We want to make sure Walmart’s grantmaking gets talked about here on Philanthropy Women because they are such a large and influential company, not just in America, but globally. Because of their size, their ability to influence both the economy and the culture is great, and will likely have a growing impact on issues related to women as time goes on.
With gender-based violence still a major barrier to women’s equality and empowerment, funders are starting to put more money toward prevention internationally.
The World Bank Group recently announced, in partnership with the Sexual Violence Research Initiative (SVRI), ten awards of up to $150,000 each to organizations who will prevent and respond to gender-based violence worldwide. World Bank Group President Jim Yong Kim, in announcing the grants, said another $3.5 million will also be invested in the cause of ending physical and sexual violence against women.
Am I being watched by the government? Am I the kind of activist/writer who might get detained and questioned at the US border? Across the world, activists and social justice leaders are asking themselves scary questions about what the many repressive events of recent days portend for their safety and security, and for political struggle worldwide.
A new report from the Transnational Institute (TNI) in Amsterdam makes the point that civil society may be shrinking in the coming years, as we face increasing barriers to movement-building from government.
Progress for women is gradual in a world where an estimated 15 million girls are sold into marriage. In developing nations, the situation is even worse. According to the UNFPA, an estimated “one in three girls is married before reaching age 18. One in nine is married under age 15.” Among other scary news on child marriage is this recent report that child marriages are on the rise in Syria.
There are several funders paying close attention to the problem of child marriage. These include Kendeda, which has committed over $31 million in this arena in recent years, and provides support for Human Rights Watch, the Global Fund for Women, and Girls Not Brides. The Ford Foundation also does some significant work in this area, and The NoVo Foundation is also committed to the cause of ending child marriage.