Tag: Hood

13
Oct
2020
Posted in technology

Robin Hood foundation scores Wall Street support for nonprofits

CEO of The Robin Hood Foundation, Wes Moore, speaks during The Robin Hood Foundation’s 2018 benefit at Jacob Javitz Center on May 14, 2018 in New York City.

Kevin Mazur | Getty Images

One of Wall Street’s favorite charitable organizations has raised several million dollars to support a fund that invests in nonprofit groups run by people of color. 

The Robin Hood foundation’s Power Fund kicked off this summer as the coronavirus pandemic spread and amid nationwide protests sparked by the police killing of George Floyd on Memorial Day.  

Robin Hood funds over 200 poverty-fighting programs in New York City. It is led by Wes Moore, an author and former investment banker at Citigroup.

“I think part of the thing we’ve seen is that everything we’ve witnessed post George Floyd, these aren’t new things because of George Floyd,” Moore told CNBC. “I think that the conversations we’ve been able to have with — whether they be donors or CEOs of companies — is about the more we look into the patterns and practices that we had even prior to all this, the more it just highlights that we have to move with a sense of urgency.”

Robin Hood’s board is full of Wall Street leaders, including chairman John Griffin, who was once a hedge fund manager; and the group’s vice chair, Dina Powell McCormick, an executive at Goldman Sachs. David Solomon, Goldman Sachs’ CEO, is also a board member.

Robin Hood’s latest 990 disclosure form shows that it raised almost $140 million in 2018 through contributions and grants. The group raised nearly $130 million the prior year.

The Power Fund, which has raised over $6 million on top of the seed money provided by the Robin Hood Foundation, has moved to support five organizations including America on Tech, which runs