Yesterday, the 40-year-old Edna McConnell Clark Foundation (EMCF) issued an update to its sunsetting plan, declaring that it was entering its final stage of life. But is there a philanthropic life beyond to be lived out?
As foundation chair Larry Clark and president and CEO Nancy Roob write, “Our mission is best accomplished by putting all of our capital behind the best of what works, right now. As we enter this final stage of EMCF’s work, we know we are contributing to something much more meaningful than a namesake: a future in which every child has the opportunity to achieve his or her full potential.”
EMCF has not just been spending its own money; instead, it has spent the past five years helping to attract other money to a new, collaboratively managed pool—Blue Meridian Partners (current asset base $1.7 billion and that is not endowment). This entity, which has been incubated and informed by the foundation’s model of growth capital investment, is being incorporated as a standalone 501c3.
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