Funding Exchange Board Votes to Begin Process of Dissolution

NEW YORK, NY, April 11, 2013 (Press-News.org) In December 2012, The Funding Exchange (FEX), a national philanthropic network based in New York, announced that due to financial challenges facing the organization, it would cease operations. Following several months of detailed fiscal analysis and deliberation of current internal and external realities, the FEX Board of Directors came together on March 1, 2013 to determine the next steps.

The FEX board has ultimately concluded that it is necessary to dissolve the organization. According to Casey Cook, Chair of the FEX Board, "this was a very difficult, emotional but necessary decision to close FEX's doors. The FEX Board of Directors made this decision responsibly based on fiscal realities and careful assessment."

Working in full compliance with New York State laws, FEX administrative efforts are expected to be completed by the end of 2013. The office, in a prime Manhattan location, is currently on the market. The important history of the organization will be compiled to preserve its legacy and remain instructive for the future of social justice philanthropy. Any remaining assets will be distributed based on the original charter and founding intent, and consistent with FEX's mission and purpose.

For over three decades FEX significantly impacted movements for social, racial, economic and environmental justice, redistributing millions of philanthropic dollars to community organizations and creative grassroots efforts seeking progressive change. Cutting edge national grants programs like the Robeson Fund for Independent Media, the OUT Fund and the Saguaro Fund were organized at FEX.

In 1979, six of its local member funds created the Funding Exchange to serve as a supporting organization to network and strengthen an alternative to traditional philanthropy. Over the years, the network membership grew to sixteen public funds serving regions from the islands of Hawaii to California, the Pacific Northwest, the mid-West, the Southeast, as well as the Mid-Atlantic region and New England. These sixteen foundations continue their critical work and will ensure that efforts to network and expand social justice philanthropy are on-going.

Board Chair Cook said, "We have nothing but great respect and admiration for all the amazing leaders and grantees of the Funding Exchange over many decades. The organization played a crucial role for over thirty years, and helped to grow the network of 16 member funds around the country. They will carry on the great legacy of the Funding Exchange. "

For more information, contact Interim Executive Director, Richard Burns, at richard.burns@fex.org or (212) 529-5300.

The Wakeman Agency is an award-winning event management and public relations firm based in New York. For further information, please contact us at (212) 500-5953.