Organizations that Bolster Newark’s Nonprofits Invest in Their Ability to Meet Long-Term Community Needs
The Prudential Foundation Partners with Nonprofit Finance Fund to Lead the Second Newark Nonprofit Capacity Accelerator, a $1.2 M Initiative Supporting Nonprofit Intermediaries with Services from Cause Effective, the Institute for Nonprofit Practice, Nonprofit Finance Fund, Prudential Financial, Taproot Foundation, and the TCC Group.
NEWARK, NJ, July 11, 2023 – Newark’s residents and nonprofits are connected and supported by intermediary organizations critical to the overall health and well-being of the community. Now, seven of these intermediary nonprofits are participating in the second Prudential Newark Nonprofit Capacity Accelerator to strengthen the financial and operational strength of these organizations that advocate for and organize other nonprofits and community members around specific issues or opportunity areas.
“Newark’s nonprofits – and everyone who relies on their services – depend on these sometimes-unseen intermediary groups that have broad knowledge and deep expertise earned from decades of experience,” said Elise Miller, Director of Community Engagement at NFF. “We’re honored to support these powerhouses of connection and community, alongside partners who share our commitment to improving the flow of resources to community-centered organizations led by and serving people of color in Newark.”
The initiative will include tailored consulting engagements, leadership development opportunities, and collaborative learning exchanges, paired with flexible grants to support each organization’s specific goals and priorities. Participants include: Newark Alliance, Newark Arts, Newark City of Learning Collaborative, Newark Opportunity Youth Network, Newark Public Safety Collaborative, Newark Thrives (United Way of Greater Newark), and The Newark Trust for Education.
The Accelerator is designed to support the specific needs of intermediaries. These groups are sometimes overlooked by donors who often prefer to give to direct-service nonprofits. Many of these intermediary organizations are at critical stages of their organizational growth and can use additional support to continue on their journey. Investments in these groups have a ripple effect to improve the overall sustainability of a region’s social sector.
"The Newark Nonprofit Capacity Accelerator offers our team a unique way to learn from other Newark-based intermediary organizations how to be better prepared to achieve organizational and leadership success in the nonprofit sector," said Alejandro Giménez-Santana, Director, Newark Public Safety Collaborative (NPSC).
The Newark Nonprofit Capacity Accelerator is a collaborative effort funded by $1.2 million from The Prudential Foundation, led by Nonprofit Finance Fund, and designed in partnership with initiative service providers and participants. It builds on the success of the inaugural Newark Nonprofit Capacity Accelerator which focused on Community Development Corporations and concluded in 2022.
As in the previous Accelerator, participants will engage with partners including:
- Cause Effective for fundraising, governance, and board development support.
- The Institute for Nonprofit Practice for leadership development opportunities that equip social impact leaders at all career levels with the skills, resources, networks, and confidence to boldly advance their organizations and missions, creating a more equitable future for all.
- Nonprofit Finance Fund for financial consulting and coaching.
- Taproot Foundation for tailored pro bono engagements in partnership with a diverse array of Prudential employees, including Prudential’s executive leadership group, leveraging their expertise in areas such as technology, marketing, and human resources.
- Prudential Financial employees for pro bono services, training, and leadership development opportunities.
- The TCC Group for assessment of organizational strengths and opportunities through its Core Capacity Assessment Tool (CCAT).
Additional partners may be added to respond to the evolving needs of Accelerator participants.
“This partnership continues the success of the first Nonprofit Capacity Accelerator and supports organizations that are essential to Newark’s economic and social wellbeing,” said René O. Deida, Vice President of Inclusive Solutions at Prudential. “We further our purpose mission when we support the goals and aspirations of nonprofits that benefit all residents in our hometown.”
About Nonprofit Finance Fund
Nonprofit Finance Fund®️ (NFF®️) is a nonprofit lender, consultant, and advocate. For more than 40 years, we’ve worked to strengthen nonprofit organizations and improve the way money flows to social good. We believe that alongside others we must build a more equitable and just social sector, and are committed to helping community-centered organizations led by and serving people of color access the money and resources they need to realize their communities’ aspirations. To learn more, visit https://nff.org