A Letter from the President

These are defining times that provide opportunities for leadership, creativity and compassion. Fifty years from now, the first decade of the 21st century will certainly be viewed as tumultuous. The impact of September 11, 2001 and the financial crisis of 2008 was all encompassing and has touched every level of society in all corners of the world. For New York City and its citizens, the implications are immeasurable and nonprofit organizations have been especially vulnerable. The sector represents a vital segment of New York City’s business, employment, and services. In the current environment the sustainability of many of these organizations, always fragile, is seriously threatened.

As the city and the nonprofit community is struggling with how to survive with less while meeting greater demand, the world of technology marches on at a rapid pace. We are acutely aware of the importance of the new frontiers of communications through the web, the amazing ability to collect and analyze data, and the importance of our grantees achieving a level of operation that many businesses consider essential. Infrastructure and data tracking are vital to the future of non profit organizations.

The Altman Foundation has been a partner with the nonprofit community for 96 years. For the Foundation’s staff and trustees the decisions in 2008 were challenging but we were somewhat prepared. In 2007, the Foundation began to take a more strategic view of its grantmaking and moved to a results-based approach. In 2008 new procedures for grant application, results measurement, and reporting became operative. As funds have become limited our planning has helped us prioritize. The new process of reviewing grant proposals has infused energy into the work of both staff and board.

Like other organizations that depend on investment portfolios, the Foundation’s assets are diminished but thanks to several years of refining asset allocation policy and diversifying the portfolio, the reduction was not devastating. With a deep commitment and compassion for the work of our grantees, the trustees courageously decided not to reduce the payout for 2009 despite a smaller asset base and were able to continue to support many of our regular grantees. Sadly, at the moment, there are limited funds for new organizations or innovative ideas and it may be several years before we will be able to make larger grants or find new programs to support. However, the board and the staff are determined to find creative ways to support the non profit community through collaboration, support for capacity building and in some situations, program related investments.

This is a time to be bold, a time for the nonprofit sector, funders and grantees, to begin to think in new ways and look to the future. As the City celebrates the 400th anniversary of Henry Hudson’s discovery of the Hudson River, the challenges are great but our legacy leads us to take the long view. Our gratitude goes to the trustees and staff who are dedicated to a 21st century vision of Benjamin Altman’s commitment to the people of New York City and the support of its disadvantaged populations. Always, it is the extraordinary work of our grantees, who carry the most difficult burden during these times, that inspires us all to step up. We are in admiration and are honored to be their partners.