The Robin Hood Foundation is a charitable organization which attempts to alleviate problems caused by poverty in New York City. The organization also administers a relief fund for disasters in the New York City area. In 2010, a key supporter gave every family with children on welfare in New York State $200 to buy school supplies.[6] In 2017, Wes Moore became the first CEO.[7] In September 2021, Richard Buery, Jr. replaced Moore as the CEO.[8]
 | |
| Founded | 1988[1] |
|---|---|
| Founder | Paul Tudor Jones Peter Borish Glenn Dubin David Saltzman Maurice Chessa |
| Type | Venture philanthropy[2][1] |
| Focus | Poverty reduction[1] |
| Location |
|
Area served | New York City[1] |
| Method | Combining investment principles and philanthropy to assist programs that target poverty. |
| Revenue | $132,189,791 [4] (2019) |
| Expenses | $157,218,464[5] (2015) |
| Website | robinhood.org |
History
editFounded in 1988 and named after the heroic outlaw from English folklore, the Robin Hood Foundation was conceived by hedge fund manager Paul Tudor Jones and co-founded with Peter Borish and Glenn Dubin.[9][10][11][12]
The foundation combines investment principles and philanthropy to assist programs that target poverty in New York City.[2]
Funding for the organization's activities comes from donations and fund raising efforts. In 2009, George Soros gave the foundation a US$50 million contribution. The money reportedly helped the organization raise significantly more than that amount.[6] In 2001 The Concert for New York City provided funds for the organization. After Hurricane Sandy, the 12-12-12: The Concert for Sandy Relief concert also provided funds for the foundation's efforts.[13]
As of 2016, the foundation was No. 79 on the Forbes 100 Largest U.S. Charities list.[14]
In 2017, Robin Hood appointed author and veterans advocate Wes Moore as its CEO.[7] Moore grew up in poverty in the Bronx before becoming a Rhodes scholar at the University of Oxford, a paratrooper and captain in the 82nd Airborne, and investment banker at Citigroup. Moore succeeded David Saltzman who was the Executive Director since co-founding the organization.[15]
Wes Moore stepped down as CEO of Robin Hood Foundation in May 2021.[16] Derek Ferguson, who served as Robin Hood’s Chief Operating Officer since December 2017 stepped into the role of Interim Chief Executive Officer, until a permanent replacement was identified.[17] As of September 2021, Richard Buery, Jr. joined Robin Hood as the new Chief Executive Officer.[18] Buery brings extensive experience in nonprofit and civic leadership to Robin Hood, after serving in leadership roles with Robin Hood partners like Achievement First and Children’s Aid, and as a Deputy Mayor of New York City.[19]
In May 2022, during Robin Hood’s annual event to benefit poverty-fighting efforts in New York, the company announced the launch of a new, $100 million Child Care Quality and Innovation Initiative for New York City. The fund was created from commitments of $50 million from Robin Hood, $25 million from Ohanian’s 776 Foundation and $50 million from New York City. Additionally, the annual event raised $126 million, all of which will support poverty-fighting programs citywide.[20]
Fortune magazine said "Robin Hood was a pioneer in what is now called venture philanthropy, or charity that embraces free-market forces. An early practitioner of using metrics to measure the effectiveness of grants, it is a place where strategies to alleviate urban poverty are hotly debated, ineffectual plans are coldly discarded, and its staff of 66 hatches radical new ideas."[2]
Programs
editThe Robin Hood Foundation works with more than 240 nonprofit organizations in New York and surrounding areas.[21] They categorize their programs into "Core fund recipients" and "Relief fund recipients".[21] Core fund recipients consist of four portfolios: early childhood, education, jobs and economic security, and survival.[21]
Reception
editThe Robin Hood Foundation was featured in Fortune's 18 September 2006 issue, where the article states that the foundation is "one of the most innovative and influential philanthropic organizations of our time".[2] On September 16, 2013 the news show 60 Minutes aired a report on Jones and how the Foundation has given away more than 25 million dollars.[22]
Founding members
editThe founding members of the board were as follows:[2]
- Lee Ainslie, Maverick Capital
- Victoria B. Bjorklund, Simpson Thacher & Bartlett
- Lloyd C. Blankfein, Goldman Sachs
- Peter Borish, Twinfields Capital
- Geoffrey Canada, Harlem Children's Zone
- Tom Brokaw, NBC News
- Maurice Chessa, Bedford-Stuyvesant I Have a Dream Program
- Richard Chilton, Chilton Investment
- Steven A. Cohen, SAC Capital
- Glenn Dubin, Highbridge Capital
- Marian Wright Edelman, Children's Defense Fund
- Richard S. Fuld Jr., Lehman Brothers
- Jeffrey R. Immelt, General Electric
- Paul Tudor Jones II, Tudor Investment
- Peter Kiernan III, Cyrus Capital
- Marie-Josée Kravis, Hudson Institute
- Kenneth G. Langone, Invemed Associates
- Mary McCormick, Fund for the City of New York
- Doug Morris, Universal Music
- Daniel Och, Och-Ziff Capital
- Gwyneth Paltrow, Actress
- Robert Pittman, Pilot Group
- David Puth, J.P. Morgan Chase
- Diane Sawyer, ABC News
- Alan D. Schwartz, Bear Stearns
- John Sykes, MTV Networks
- Harvey Weinstein, Weinstein Co.
- Dirk Edward Ziff, Ziff Brothers
References
edit- ^ a b c d "Approach". Robin Hood Foundation. Archived from the original on January 3, 2011. Retrieved October 7, 2010.
- ^ a b c d e Serwer, Andy (September 8, 2006). "The legend of Robin Hood". Fortune. Retrieved October 7, 2010.
- ^ "Contact us". Robin Hood Foundation. Archived from the original on June 30, 2008. Retrieved October 7, 2010.
- ^ "Audit Report 2019" (PDF).
- ^ "Robin Hood Foundation" (PDF). Foundation Center. Retrieved December 12, 2017.
- ^ a b Strom, Stephanie (September 6, 2010). "George Soros to Donate $100 Million to Human Rights Watch". The New York Times. ISSN 0362-4331. Retrieved June 11, 2013.
- ^ a b Elizabeth A. Harris (April 25, 2017). "Robin Hood, Favorite Charity on Wall Street, Gets New Leader". The New York Times.
- ^ "Richard R. Buery, Jr., CEO, Robin Hood: When injustice makes you angry, you can do something about it".
- ^ Teltsch, Kathleen (May 9, 1991). "Nowadays, Robin Hood Gets the Rich to Give to the Poor". The New York Times.
- ^ "The Emperors of Benevolence". New York magazine. November 5, 2007.
- ^ "Board of Directors – Peter Borish" Robin Hood
- ^ Tom Brokaw (2012). The Time of Our Lives: A Conversation about America - Who We Are, Where We've Been, and Where We Need to Go Now, to Recapture the American Dream. Random House. p. 159. Retrieved April 22, 2014.
Peter Borish.
- ^ Joshua Dawsey (December 12, 2012). "A Preview of the '12-12-12′ Concert and Where to Watch". Wall Street Journal.
- ^ "#79 Robin Hood Foundation". Forbes. December 14, 2016. Retrieved October 9, 2019.
- ^ Amanda L Gordon (April 25, 2017). "Robin Hood Turns to Ex-Paratrooper, Citigroup Veteran as CEO". Bloomberg.
- ^ "Author and educator Wes Moore to step down as CEO of Robin Hood anti-poverty foundation". February 8, 2021.
- ^ "Derek Ferguson". September 2021.
- ^ Gamboa, Glenn (January 12, 2022). "How New Robin Hood CEO Buery Plans to Fight NYC Poverty". U.S. News and World Report. Retrieved September 30, 2023.
- ^ "Wall Street-backed mega-charity Robin Hood names new CEO". June 17, 2021.
- ^ "Robin Hood launches $100 million childcare initiative". Philanthropy News Digest. May 11, 2022. Retrieved May 11, 2022.
- ^ a b c "Programs". Robin Hood Foundation. Archived from the original on June 30, 2008. Retrieved October 8, 2010.
- ^ "Modern-day Robin Hood". Retrieved July 11, 2017.
