Foundation donates $250,000 to fund
Bank of Bermuda Foundation (Foundation) continues to recognise the important work of our third sector and endorses the vital establishment of the Bermuda Nonprofit Stabilisation Fund (Fund), which is designed to ensure that the valued work of the nonprofit sector is sustained. The Board of the Foundation recently approved an increase to their 2020 budget and, as a result of this increase, has directed $250,000 in support of the Fund.
The Fund, which was announced last week and administered by Bermuda Community Foundation will assist registered nonprofits in delivering a myriad of services and programmes dedicated to bolstering the quality of life in Bermuda. These services and programmes range from healthcare services, senior support, services to specific at-risk or marginalised populations, arts and cultural programmes, environmental conservation, sports programmes, education enrichment and youth development programmes, to name just a few. The Fund will enable nonprofit organisations to remain open, staffed and health department compliant, allowing them to focus on the necessary shifts in their programme decisions and strategies.
Allison Towlson, Managing Director of the Foundation, explained, “We recognise the many hardships our community is facing in light of COVID-19 and the need to ensure support services and programmes can continue. Nonprofit organisations provide many opportunities, not only for critical support and services, but for enrichment, development and growth, impacting a wide cross-section of our community.”
“The value of nonprofit organisations is not always apparent to those who don't work in the sector. For example, a single child may have received support in a school reading programme, then attended a summer camp for the arts and later received counseling services, thereby being supported by three different and distinct nonprofit services and programmes. In the current COVID-19 crisis, these nonprofit services and programmes are at risk, as are the jobs for those employed there.”
The Foundation recognises the importance of a unified approach to sustaining this vital work in the community. The creation of the Fund brings an accessible model for nonprofits to avail themselves of much needed funding quickly.
Tom Conyers, the Foundation Chairman, said: “We want other donors to see this as an opportunity to join us in the shared vision of maintaining Bermuda's social stability. We see the Fund as easing the burden for nonprofits, enabling them to quickly secure necessary funding, while at the same time allowing donors to support the sector more holistically.”
For donors looking to support the Nonprofit Stabilisation Fund please visit www.bcf.bm – GIVE NOW and SELECT ‘Nonprofit Stabilisation Fund' from the drop-down menu.
Nonprofits needing immediate financial support to maintain operations, please go to Apply Now to apply for funding at: www.grantinterface.com/Process/Apply?urlkey=bermudacf
The Foundation embraces philanthropic best practices. This may mean supporting capacity building to strengthen nonprofits and providing stimulus support to enable nonprofits to continue to deliver their services and programmes, while reducing restrictions on grants. The Foundation's aim is to find innovative ways to accelerate payments to nonprofits; supporting the Fund will achieve increased efficiency and demonstrates the Foundation's desire to continue to partner with the nonprofit community through these challenging times.
Bank of Bermuda Foundation encourages nonprofits to apply for funding through the Nonprofit Stabilisation Fund for short term funding, and for larger funding apply through Bank of Bermuda Foundation's traditional grant cycle. Bank of Bermuda Foundation will continue to support nonprofits with their traditional grantmaking, offering operational and programme grants. The Foundation's next grants cycle deadline is September 30th.
Support of the Nonprofit Stabilisation Fund is another avenue for the Foundation to continue to find meaningful ways to make funding efficient and readily accessible to the nonprofit community.
• Press release from the Bank of Bermuda Foundation