A Letter from the President

Change and growth mark almost every area of our work as the Foundation nears its centennial. The pictures in this 2007 report are an effort to show some of our grantees as they grow and mature.

Change sometimes implies loss. Within fourteen months, two of our long-term trustees died, Tom Burke, our Trustee Emeritus who served the Foundation for over fifty years, and Bernard Finkelstein, a trustee since 1985. We miss their incisive intellects, humor, and deep understanding of the Altman commitment to the people of New York City.

Change is also a positive force. New faces and new ideas bring new energy. William Goodloe, Executive Director of Sponsors for Educational Opportunity, joined the board in June 2007. His experience in education and the nonprofit community brings an important dimension to our meetings. Three new program officers, two staff members, and an Altman intern have infused our work with new perspectives.

During the past few years the Foundation has responded to the unpredictable economic environment and has revamped our approach to investment management. The finance committee continues to refine the allocation policy and diversify the portfolio as well as consider ways to leverage our grantmaking through program related investments.

In the program area, the Foundation has turned to a results-based approach to grantmaking. The staff developed a revised process of working with grantees, presenting proposals, and reporting results. Improving the ability to assess outcomes has been a goal since completion of the strategic plan in 2003. Trustees will be considering proposals in new formats and looking at results with more information. Over a number of years we will be able to review comparative data.

We continue to focus on our traditional areas, Education, Health, Strengthening Communities, Arts & Culture, and Services to Not-for-Profits, with special interests in literacy in its broadest sense, self-sufficiency, and capacity building. As the photographs highlight, we are convinced that staying at the table is an important aspect of effective grantmaking.

Many people help make all this happen. Special thanks go to our "alumni" staff who helped bring us to this moment in history. The new team of staff, advisors, and trustees will be able to build on their work and continue Benjamin Altman’s legacy to New York City. Our final and strongest thanks go to our grantees and the people they serve. We learn from and grow with them every day.

We are looking forward to hearing from you.