Turning Brooklyn Cachet Into Cash

Monday, March 10, 2014

The Brooklyn Community Foundation and its President, Cecilia Clarke, were profiled by The Wall Street Journal.

The Brooklyn Community Foundation is looking to press the reset button. The $60 million foundation, which focuses its grant-making in Brooklyn, was intended to grow in influence and size when it transitioned from the private Independence Community Foundation into a full-fledged charity in 2009. The feeling was that as the borough grew in both affluence and cultural cachet, neighborhood-based philanthropy would rise, too.

But that never really happened for the Brooklyn Community Foundation. Assets remained steady. Grant-making plugged along. The foundation did its job, but never really soared. With superstorm Sandy serving as a kind of catalyst for the borough—and for local philanthropy—the foundation is taking a new tack under the leadership of Cecilia Clarke, who began as president last September...

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