[IMC] MODIFIED: Important News about Funding Exchange

[Funding Exchange]

A letter from the Funding Exchange Board of Directors
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** A Letter From the Funding Exchange
Board of Directors
December 10, 2012
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Dear Friend of the Funding Exchange:

Like many other non-profit organizations, the Funding Exchange (FEX) is being forced to make difficult decisions in the current economic climate. Across recent years the national office of the network, based in New York, has faced a continuous decline of revenues, particularly in general operating support.

In the face of these structural challenges, and after careful and extensive deliberation, the Board of Directors has voted unanimously to cease all programmatic operations at the national office, effective immediately. In keeping with FEX’s core values, we are committed to treating staff justly through the closing of positions. We hope you will join us in wishing them well.

While FEX will cease operations at the national level, our philanthropic work will live on through the ongoing efforts of the 16 local funds which have comprised the Funding Exchange network. These local funds will continue to operate as free-standing philanthropic organizations. We encourage you to connect directly to the fund nearest you. Click here for a listing of local funds. (http://fex.org/memberfoundations)

Please be assured that we understand our responsibilities as a Board of Directors. We will respect the intent and desires of all donors holding donor advised funds at the Funding Exchange, and we are committed to managing all unrestricted assets in light of FEX’s original charter and in keeping with laws of the State of New York governing non-profit organizations.

Established in 1978, the Funding Exchange was in a position of leadership when progressive philanthropy was but a dream. Because of the many relationships and institutions born from this dream, philanthropy will never be the same. We thank you for your part in this proud history.

We will be in touch soon about opportunities to reflect on the history of the Funding Exchange and to share opportunities for continuing to promote philanthropy dedicated to “Change, not Charity.”

In the interim, if you have any questions, please don't hesitate to contact me at (215) 731-1107 x203, Demetria Ledbetter at (336) 682-4781, Jeanne Kracher at (773) 227-7676, Cindy Chang at (617) 448-2152 or cori parrish at (212) 620-9110.

Sincerely, for the Funding Exchange Board of Directors,

Casey Cook
Chair

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