Robin Hood Foundation
Robin Hood is a charitable organization which attempts to alleviate problems caused by poverty in New York City. The organization also administers a relief fund for disasters in the New York City area. In 2010, a key supporter gave every family with children on welfare in New York State $200 to buy school supplies. In 2017, Wes Moore became the first CEO. In September 2021, Richard Buery, Jr. replaced Moore as the CEO.
History
Founded in 1988 and named after the heroic outlaw from English folklore, Robin Hood was conceived by hedge fund manager Paul Tudor Jones and co-founded with Peter Borish and Glenn Dubin.The foundation combines investment principles and philanthropy to assist programs that target poverty in New York City.
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.
As of 2016, the foundation was No. 79 on the Forbes 100 Largest U.S. Charities list.
In 2017, Robin Hood appointed author and veterans advocate Wes Moore as its CEO. Moore grew up in poverty in the Bronx before becoming a Rhodes scholar at the University of Oxford, a paratrooper and captain in the 82nd Airborne, and investment banker at Citigroup. Moore succeeded David Saltzman who was the Executive Director since co-founding the organization.
Wes Moore stepped down as CEO of Robin Hood in May 2021. Derek Ferguson, who served as Robin Hood’s Chief Operating Officer since December 2017 stepped into the role of Interim Chief Executive Officer, until a permanent replacement was identified. As of September 2021, Richard Buery, Jr. joined Robin Hood as the new Chief Executive Officer. Buery brings extensive experience in nonprofit and civic leadership to Robin Hood, after serving in leadership roles with Robin Hood partners like Achievement First and Children’s Aid, and as a Deputy Mayor of New York City.
In May 2022, during Robin Hood’s annual event to benefit poverty-fighting efforts in New York, the company announced the launch of a new, $100 million Child Care Quality and Innovation Initiative for New York City. The fund was created from commitments of $50 million from Robin Hood, $25 million from Ohanian’s 776 Foundation and $50 million from New York City. Additionally, the annual event raised $126 million, all of which will support poverty-fighting programs citywide.
Fortune magazine said "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."
Events
In 2001, The Concert for New York City provided funds for the organization in response to the September 11 attacks, raising $35 million.After Hurricane Sandy in 2012, the 12-12-12: The Concert for Sandy Relief concert also provided funds for the foundation's efforts, with $35 million in ticket sales and $50 million total.
In May 2020, Robin Hood, along with iHeartMedia held a virtual hour-long telethon called Rise Up New York! aimed at supporting the residents of New York who had been heavily impacted by the COVID-19 pandemic in the United States. The event raised over $115 million.
Grant Making
Robin Hood funds more than 300 nonprofit organizations. The organization aligns its grant making approach with life-stage milestones for economic mobility: early childhood, school-age children, young adults, and adults & household supports. Robin Hood also makes grants to support capacity building, policy advocacy, and special initiatives. Since its founding in 1988, Robin Hood has invested $3 billion to fight poverty in New York City.Reception
Robin Hood 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 report on Jones and how the Foundation has given away more than 25 million dollars.Board of Directors and Notable Members
Robin Hood's Board of Directors includes a cross section of notable leaders from a variety of sectors, such as finance and business; sports and entertainment; government; philanthropy; education, and entertainment. The current Chair of the Board is Kenneth G. Tropin, Chairman and Founder of Graham Capital Management.Notable board members, past and present include: