Reduce racial wealth gaps
Why it’s important to us
Wealth matters a lot. Wealth makes a huge difference in a person’s ability to weather challenges and take advantage of opportunities. That’s why wealth is such a big factor in predicting a child’s life outcomes.
We also know that it’s easier to build wealth when your family already has it. And we know that historical injustices have enormous, lasting effects on many people, particularly our Native American and Black communities.
How we’re doing
In 2020, we raised $100 million through social impact bonds to create two community trust funds ($50 million each), designed and operated by two steward organizations — Nexus Community Partners and NDN Collective.
We announced in 2021 that we would commit another $50 million through our regular grantmaking programs to help reduce racial wealth gaps. That commitment originally was planned to be a five-year goal (by 2025) — and we achieved it in two. We are currently at $51.4 million. You can read more about these commitments here.
Examples of the grants we made include include Akiptan, working to transform agricultural lending in Native communities, and Hope Community’s efforts to preserve local home ownership by enabling first-time homeowners to also become landlords.
We reached our milestone but are still looking for opportunities for Black, Indigenous and people of color in the region thrive in our economy and build wealth for themselves and those to follow.
We are also working to encourage other funders to do more to address racial and ethnic wealth gaps — including spreading the concept of reparative action and sharing how we used social impact bonds to give more away sooner.