In an effort to attract a new generation of philanthropists, the Brooklyn Community Foundation is ditching the word “foundation” and establishing itself under a new name: The Brooklyn Organization.
Jocelynne Rainey, who took over as president of the 14-year-old funder two years ago, said the name change was meant to convey the foundation’s service to Brooklyn residents and emphasize the expertise of its people, Rather than recommending “top foundations.” Funders sometimes take a “-down” approach.
“There’s nothing wrong with the word ‘foundation,'” she said. “But we’re hearing from the next generation of donors that ‘foundations’ feel a little archaic and a little controlling.”
Rainey’s goal is to attract new donors and make the funder — which allocates about $12 million annually to a range of causes, including justice reform, housing and health — as well-known as the Brooklyn Museum or the Brooklyn Academy of Music.
To complete the name change, Brooklyn Org purchased the Brooklyn.org domain name for less than $50,000 and received pro bono brand consulting from a Brooklyn-based company.
The change comes as more Americans turn a cold shoulder to philanthropy.This year, 26% said Suspect According to statistics, philanthropy increased by five percentage points over last year poll Conducted by the Independent Sector, a membership organization of nonprofits and funders, and Edelman Data and Intelligence.
But Sruthi Sadhujan, senior director of strategy at branding company Hyperakt, said charities that want to completely shed their former identity should proceed with caution. Hyperakt is a branding company working to reshape the public image of several funders, including the Ford Foundation.
Sadhujan said foundations are under intense pressure to shed their image as organizations that can only write big checks. Rather than denying their power and influence, foundations should consider how to use their institutional influence as a force for good. Recognizing their status and leveraging their influence as wealthy foundations may help grantees gain a seat at the table at other elite institutions, including professional associations and prestigious universities.
“The goal was not to eliminate any and all institutional artifacts from the landscape,” Sadoujan said of the rebranding process. “It’s about redefining an institution and creating a new understanding of what it does, why it exists and who it serves. “
That’s not lost on Rainey, who said no matter what people call it, the Brooklyn organization is still a foundation. But she said the new name reflects the foundation’s different approach to letting residents guide the agency’s direction.
The foundation has approximately $70 million in grant-making assets for its own use and approximately $40 million in donor-advised funds, which are administered by the foundation but released at the direction of donors.
All of the foundation’s discretionary grants use a participatory approach, with residents researching and selecting nonprofits to receive grants, Rainey said.
“We want to be an example of how philanthropy can make a difference,” she said. “We want to be able to show that in our name.
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