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| Opportunities & Exposures |
Many Happy Returns
Ralph Smith
08/02/2004
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Increasing concerns about the uncertainty and unevenness of the
youth development field also prompted a dramatic restructuring of the venerable
Edna McConnell Clark Foundation. The new, improved Clark traded its grant-making
strategy of supporting initiatives seeking to reform large public systems for
multiyear, multimillion-dollar investments in promising, high-performing,
youth-serving nonprofits.
VPP’s regional investment strategy and Clark’s
sectoral approach share much in common. Both expend significant time, energy and
attention in selecting exemplary organizations with strong leaders committed to
growth and quality. Both require well-developed business plans. They provide the
flexible dollars and strategic assistance needed to implement these plans. And,
they work with the boards and executives of these organizations to monitor
management and track performance.
Mario Morino of VPP describes its approach
as “high-engagement philanthropy.” Michael Bailin of Clark says his foundation
must “think and act like a savvy, results-oriented investor.” Call it what you
will. I see a more rational capital market heading this way.Ralph Smith is senior vice president of the Annie E. Casey Foundation,
which works to help disadvantaged children and their families.
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