Hartford Business Journal

HARTFORDBUSINESS.COM | March 6, 2023 11 ON THE RECORD | Q&A A. We recognize that there are donors who want to make significant philanthropic contributions through the foundation, but really want to be able to maintain their financial management team. Previous to last year we did not allow that, but we want to be responsive to the interests of donors. Now we offer it to those who are considering significant philanthropic activity through the foundation. Q. Did the increase in donations last year directly correlate with the increased grant-making? A. Yes, that contributed to it. But we are also seeing a trend in philanthropy where donors are much more inclined to want to see their donations go out into the community in a much shorter period of time. Based on our spending policy, you would expect donors to grant about 5% of their money each year. But some newer donors are saying 'this year I want to do 15% or 20%' and we're saying that's fine. This is a trend that's happening across the industry, not just at the Hartford Foundation. Q. How's it determined which organizations are grant beneficiaries? A. You basically have two different strategies. You have the donor advised fund, where the donor — or a family member or other designated advisor — really directs where those grants go. It's usually aligned with the work the foundation is already doing. Then there is the discretionary funding. We are fortunate that the Hartford Foundation has one of the highest amounts of discretionary funding of any community foundation in the country. Almost 60% of our resources are discretionary, whereby the donor has said 'here are the resources, I am entrusting and designating the Hartford Foundation and its discretion to make the grants as to what it thinks is in the best interest of the community.' So, in that regard, that's where we are working very closely with the board, outside stakeholders and partners, and the expertise of the staff to engage nonprofit organizations consistent with the priorities of the foundation. Q. One of the foundation's top priorities is to increase the number of Hartford residents living in higher opportunity neighborhoods within and outside Hartford. What does that mean? A. At its core, higher opportunity neighborhoods are the types of neighborhoods that you or I, or any citizen would aspire to live in that has quality affordable housing, a reasonable expectation of safety, amenities — whether it's a small business or a coffee shop — and access to transportation to school, among other things. That could be a neighborhood in Hartford or outside Hartford. One of the challenges that the state has outside of Hartford, is that there aren't always pathways or welcome mats in other communities with respect to affordable housing. There's the stigma and the barriers that exist that are rooted in some of the challenges and issues of the past. Why shouldn't someone who happens to live in Hartford have an opportunity to live in another part of this region? Q. How are you supporting this effort? A. We support this several ways including through grants to Desegregate Connecticut and the Open Communities Alliance, which are organizations that are working to ensure that these barriers to affordable housing are challenged and mitigated. We are also working with the city of Hartford and other local organizations to make sure there are neighborhoods of choice within Hartford. (For example, the foundation last year provided more than $225,000 in 'Love Your Block' grants to support 21 projects to beautify 15 Hartford neighborhoods.) Those are organizations that are saying 'hey, Hartford is as much of a destination as anyplace else. Let's ensure that there are neighborhoods of choice within Hartford.' Q. Affordable housing has become a hot-button issue at the state legislature. The Hartford Foundation has been providing testimony on this and other issues. Has the foundation been getting more involved in public policy, particularly in the legislature? A. We will advocate on legislation that we have knowledge or experience in, or investment in. We are a registered lobbying organization. It's a small part of what we do, but we realize that so many of the barriers and inequities that exist, and that we are trying to address with our grant-making, have their origins in legislative initiatives. So, we want to at least be at that table to weigh in where we think we have standing based on our work, investments or our own experiences. Washington Trust Wealth Management® is a registered trademark of The Washington Trust Company, which has licensed its use to its parent, affiliates, and subsidiaries, including Washington Trust Advisors, Inc. Investment products are offered through Washington Trust Wealth Management. Non-deposit investment products are: not deposits; not FDIC insured; not insured by any federal government agency; not guaranteed by the Bank; may go down in value. Long-term planning for you. For them. For everyone to come. 800.582.1076

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