2021 AT A GLANCE
BY The numbers
Total Dollars Invested
Affordable Units Created or Preserved
Total Early Care and Education Seats Created
Commercial and Nonprofit Facilities
The 2021 Cornerstone Award
In the building trades, the cornerstone guides the workers in their course; it is the standard of measure and alignment.
The Leviticus Fund presented its 2021 Cornerstone Award to the nonprofit Concern Housing and its Executive Director, Ralph Fasano, in recognition of its work for social equity and poverty relief.
Concern has done truly extraordinary work under Ralph Fasano’s leadership for over 28 years. They have received no fewer than 13 awards for their organizational vision and housing projects, which provide over 1,300 units of permanent affordable housing and supportive services to residents across Suffolk and Nassau counties, Brooklyn and the Bronx.
At Leviticus, we know that changing the world starts with changing one person’s world. And our partners at Concern Housing know that, too.
Building a Joyful Legacy
On April 5, 2021, Easter Monday, the Legacy Fund received its first donation.
Nearly four decades after 27 religious communities invested $360,000 to form the Leviticus 25:23 Alternative Fund, several of our founding members elected to convert their investments to donations and in so doing, create the Legacy Fund.
At the end of 2021, the Legacy Fund included 14 members, with donations totaling $545,000.
Investments from our members are a vital part of Leviticus’ lending pool, and converting an investment to a donation multiplies the mission impact of those funds.
Compared to a subvention, a donation increases the amount added to our lending capital base in two ways. First, we can count it as a dollar-for-dollar matching grant when we apply to the federal CDFI Fund. Second, by converting a subvention to a donation, we can leverage additional borrowing on a 3:1 basis. Because a subvention is considered repayable debt on our balance sheet, we cannot borrow against it.
The Legacy Fund is a permanently restricted fund to be used for lending capital. Unlike traditional grants, this gift will never be “spent down” – but will keep revolving into communities in need. Through donations to the Legacy Fund, Leviticus’ members will continue to relieve poverty and suffering by investing in community-focused efforts that foster social, economic, environmental, and racial justice.
We are deeply grateful to the following communities, the first members of the Legacy Fund, who have entrusted us as stewards of their resources on a permanent basis.
- Congregation of the Infant Jesus, Nursing Sisters of the Sick Poor, Inc.
- Crusade for Family Prayer
- Dominican Sisters of Amityville
- Dominican Sisters of Hope
- Dominican Sisters of Sparkill
- Franciscan Sisters of Peace
- FSC DENA (District of Eastern North America) Endowment Trust
- Marist Brothers of the Schools
- Religious of the Sacred Heart of Mary
- Sisters of Our Lady of Christian Doctrine
- Sisters of St. Dominic of Blauvelt
- Sisters of the Divine Compassion
- Sisters of the Good Shepherd
- Ursuline Sisters of the Roman Union
For more information about becoming a member of the Legacy Fund, please contact Colleen Ryan at [email protected].
A safe, affordable place to call home is a basic human right. People who are coping with mental illness or substance use issues need a little support to leave homelessness behind and start down the path toward a new and more stable life.
We are honored that Global Sisters Report, a project of National Catholic Reporter (NCR), took a deep dive into our work and our Legacy Fund in August.
Read the article here. https://leviticusfund.org/building-a-joyful-legacy/