The Social Media Conglomerate’s Investment Will Increase Local Grantmaking Through the Foundation’s Racial Equity Fund
[MIAMI] – Social networking conglomerate Facebook, Inc., has invested $1 million to advance racial equity through The Miami Foundation’s recently established Racial Equity Fund.
This contribution is part of Facebook’s effort to support Black-led nonprofits and will enhance the Foundation’s work to combat systemic racism and inequity in Greater Miami.
In response to the national reckoning on racial injustice after the killings of George Floyd, Breonna Taylor and Ahmaud Arbery, the Foundation launched the Racial Equity Fund in June 2020. The Foundation seeded the Fund with $100,000, and has made two rounds of investment thus far.
“Facebook’s contribution helps build momentum and unlock serious charitable resources to push for system-level change in Greater Miami,” said Rebecca Fishman Lipsey, president and CEO of The Miami Foundation. “The investment fuels our drive to convene donors, nonprofits, activists, community leaders and residents to stand together to address racism,”
Initial awards made from the Racial Equity Fund bolstered Miami-based nonprofits that had an established track record of taking on issues of inequality, discrimination, access to services, poverty, professional development and community-building.
The second round of grants invested in individuals who worked outside of a nonprofit structure, but who were uniquely positioned to bring about change.
“We’re excited to work with The Miami Foundation to help bring much needed funding to nonprofits that are serving and supporting the Black community in Greater Miami,” said Marcy Scott Lynn, director of global impact partnerships at Facebook. “We’re providing funding directly to The Miami Foundation to build on their track record of supporting Black-led nonprofits and ensure that people locally are making the decisions about where these dollars are most needed and can have the most impact.”
In 2021, the Foundation plans to identify and evaluate societal structures that may hinder progress and development for residents of color and other traditionally marginalized groups, then make larger investments from the Fund to help address them.
“Systems of injustice are deep, far-reaching and multifaceted, so we need everyone united and working on solutions,” shared Lipsey.
