New public charity announced
Resource type: News
The Royal Gazette | [ View Original Source (opens in new window) ]
By Ceoloa Wilson
A new public charity dedicated to grant making for non-profit organisations was announced by the Atlantic Philanthropies today in support of the Bermuda Community Foundation (BCF).
At a press conference held this morning Atlantic also announced a $6 million award to the new charity as its final grant in Bermuda.
“Bermuda is the first home of the Atlantic Philanthropies; it’s a community where we are proud to have made a significant philanthropic investment over the past three decades,” said Atlantic president Christopher G. Oechsli.
“We feel a great sense of responsibility to Bermuda and its people, and we are pleased to help launch and support a community foundation that embodies (founder) Chuck Feeney’s spirit of giving and ensures local organisations have a steady and sustainable source of future funding.
“The Bermuda Community Foundation is its final grant in Bermuda,” he added.
The Bermuda Community Foundation is an independent funding organisation that will serve as a permanent philanthropic resource in Bermuda and a liaison between non-profit organisations and future donors.
With a starting endowment of approximately $8.4 million from Atlantic and other donors, including RenRe and Bloomberg Philanthropies, the BCF will provide funds to community organisations, charities and non-profit. The BCF will also help shape funders’ grant-making strategies and provide professional guidance for institutions’ grant making to ensure that they have the greatest impact on the communities and people they serve.
BCF CEO and Managing Director Myra Virgil said: “Atlantic has made such important contributions to Bermuda, not the least of which is creating a culture of philanthropy on the Island that has driven significant advancements in racial justice, non-discrimination and democracy.”
“We are honoured to carry forward that legacy and ensure the sustainability of Bermuda’s philanthropic community and the positive social change that it has propelled.”
Atlantic has invested upwards of $22.3m to support non-profit organisations, build capacity for social change and advance the “giving while living” philosophy of Mr Feeney. Atlantic has made grants in Bermuda for 30 years.