Focus Poverty reduction Website www.robinhood.org Type of business Venture philanthropy | Area served New York City Founded 1988 | |
Location New York, New York, United States Method Combining investment principles and philanthropy to assist programs that target poverty. Mission "Since 1988 Robin Hood has targeted poverty in New York City by supporting and developing organizations that provide direct services to poor New Yorkers as well as improving their earning power and long-term prospects. Robin Hood provides program grants, general operating support, capital grants, and funds to build management capacity." Founders Paul Tudor Jones, Glenn Dubin Profiles | ||
Robin hood foundation annual gala raises record 101 million
The Robin Hood Foundation is a charitable organization which attempts to alleviate problems caused by poverty in New York City, United States. The organization also administers a relief fund for disasters in the New York City area.
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Paul tudor jones of robin hood foundation discusses his plan to rank socially responsible companies
History
Founded in 1988, Robin Hood was conceived by hedge fund manager Paul Tudor Jones. Peter Borish was also a founding board member of the organization.
The foundation combines investment principles and philanthropy to assist programs that target poverty in New York City. In 2006, the board of directors included such names as Jeffrey Immelt, Diane Sawyer, Harvey Weinstein, Marie-Josee Kravis, Lloyd Blankfein, of Goldman Sachs, Richard S. Fuld, Jr., formerly of Lehman Brothers, Glenn Dubin, of Highbridge Capital, Marian Wright Edelman and actress Gwyneth Paltrow.
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. 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. Artists including The Rolling Stones, Robert Plant & The Strange Sensation, Shakira, John Legend, The Black Eyed Peas, Lady Gaga, The Who and Aerosmith have performed at the group's annual fund raising galas.
Approach
According to Fortune magazine, "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."
More specifically, the foundation states that it applies the following principles:
Programs
The Robin Hood Foundation works with more than 240 nonprofit organizations in New York and surrounding areas. They categorize their programs into "Core fund recipients" and "Relief fund recipients". Core fund recipients consist of four portfolios: early childhood, education, jobs and economic security, and survival. Relief fund activities established to assist low income victims of the 9/11 attacks addressed employment, lower income victims' services and relief and mental health services in addition to other grants. The relief fund also benefited victims of Hurricane Sandy.
Reception
The 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." On September 16, 2013 the news show 60 Minutes aired a glowing report on Jones and the Foundation.((cn))