Five U.S. charities announced that they would collectively dole out an additional $1.7 billion to nonprofit organizations over the next two years to counter the long-term economic damage wrought by the COVID-19 pandemic. The five donors—the Ford Foundation, the John D. and Catherine T. MacArthur Foundation, the Doris Duke Charitable Foundation, the W.K. Kellogg Foundation and the Andrew W. Mellon Foundation—will distribute the new funds to causes spanning social justice to arts and culture initiatives.
The individual pledged amounts begin at $100 million from the Doris Duke Foundation. From there, the MacArthur Foundation is committing $125 million; the Andrew W. Mellon Foundation, $200 million; the W.K. Kellogg, $300 million; and finally, the Ford Foundation committing $1 billion.
The Ford Foundation, the Doris Duke Foundation, and the MacArthur Foundation, will be borrowing money in order to increase the amount of funds available for disbursement, according to The Art Newspaper
. The Mellon and Kellogg foundations have not yet finalized their funding strategies.
on the Ford Foundation website reads in part: