FUNDING EXCHANGE TO CEASE PROGRAMMATIC OPERATIONS

Contact: Vanessa Wakeman, The Wakeman Agency
Email: vwakeman@thewakemanagency.com
Phone: 212‐500‐5953 x110

FOR IMMEDIATE RELEASE
FUNDING EXCHANGE TO CEASE PROGRAMMATIC OPERATIONS

Member Organizations of 30‐Year National Network to Continue Supporting Social Justice

The Board of Directors of The Funding Exchange, a national philanthropic network based in New York, announced earlier today that the organization would cease all programming and operations, effective immediately.

The sixteen member funds of the network will continue their philanthropic and programmatic work in regions spanning the continental United States and Hawaii.

At the time of its founding in 1979, the Funding Exchange brought together six local foundations to work at the forefront of a generational shift advancing progressive values within the tradition‐bound field of philanthropy. Since that time, FEX has provided more than $66M in grants to approximately 10,500 grassroots organizations across the country. Across three decades, FEX and its expanding network of member funds provided lead funding for organizations in virtually every contemporary movement for progressive social change.

In recent years the national office, based in New York, has faced continuing shortfalls in support for its core operations.

“While it has continued to manage millions of dollars in philanthropic assets, the Funding Exchange is, at the end of the day, a small non‐profit organization,” said Casey Cook, President of the organization’s Board of Directors. “And the recession has affected the Funding Exchange in the same way it has affected so many non‐profits. After careful and extensive deliberation, the Board of Directors acted unanimously to cease all programming and operations at the national office in New York.”

This past week Cook sent a letter on behalf of the Board of Directors to all Funding Exchange donors and stakeholders, assuring them of the Board’s commitment to managing the organization’s assets “in full compliance with the laws of the State of New York governing non‐profit organizations.”

In the letter, Cook also wrote: “While FEX will cease operations at the national level, our philanthropic work will live on through the ongoing efforts of the 16 local funds which have comprised the Funding Exchange network.”

For information about the FEX legacy and member funds, please visit www.fex.org.

About Funding Exchange
The Funding Exchange is a network of 16 public foundations and a national office that together grant nearly $15 million annually to grassroots organizations working for social, racial, economic and environmental justice around the country.

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