Two years on, foundations stand by issuing bonds in pandemic [ABC News]
JP Morgan Chase & Co. (JPM)
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Source: ABC News
NEW YORK --Two years later, the foundations all stand by their decisions to take on long term debt, allowing several to essentially double the amount of their grantmaking. But they also caution they are unlikely to repeat the move any time soon.Responding to what the MacArthur Foundation called the “twin pandemics” of COVID-19 and systemic racism, the foundations mostly issued social bonds ranging from $100 million to Ford's $1 billion. The unusual moved allowed them to increase their donations and take advantage of favorable market conditions, instead of dipping into their endowments.As of June this year, the Ford Foundation has spent more than 90% of the funds it raised in its only bond offering, with 70% of the grants so far going to organizations led by people of color and 87% going to general support, meaning the funds could be spent any way the organizations wanted.“It just let us put on steroids something that we wanted to do anyway,” said Hilary Pennington, an executive vice p
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