Crains New York - December 10, 2012 - (Page 13)

REPORT PHILANTHROPY INSIDE The Scoop As operating expenses increase, nonprofits face having to do more with less PAGE 16 The List New York area’s largest nonprofits PAGE 16 & QA A stormy debut for UW chief buck ennis O buck ennis BY THERESA AGOVINO n Sheena Wright’s first day as the president and chief executive of the United Way of New York City, Superstorm Sandy swept in. The disaster upended her plan to take time to get acquainted with the staff, donors and nonprofits the organization supports. Instead, Ms. Wright worked feverishly with the mayor’s office to mobilize volunteers and initiated a special fund to raise money for storm victims in 11 states. So far, the fund has brought in $9 million. Ms. Wright still plans to come up with new project ideas for the 74-year-old institution that focuses on improving education, income and health. It has a $63.5 million annual budget. Ms. Wright, 42, spent the previous decade as president and chief executive of Abyssinian Development Corp., a Harlem organization. During her tenure, the nonprofit more than doubled the affordable-housing units in its portfolio to 1,280. It also built nearly a half-million square feet of community,commercial and retail space, including the first new high school in Harlem in 50 years.The Bronx native graduated from Columbia College and Columbia University Law School. BY THE NUMBERS: Oppenheimer CEO Bill Glavin said the firm’s new philanthropic endeavors include sponsoring the Museum of Math’s “String Product” exhibit, shown here. Firms find new approach They’re providing greater resources to fewer causes, getting employees involved BY MIRIAM KREININ SOUCCAR OppenheimerFunds has long had a charitable division, but it donated money to a number of causes without getting deeply involved in the projects. On Dec. 10, the mutual-fund giant will announce a sweeping overhaul of its corporate philanthropy program that consolidates the bulk of its giving to just two lucky recipients. The firm is making a multimilliondollar commitment over the next several years. It has signed an extensive 10-year sponsorship agreement with the Museum of Math, a new cultural institution opening Dec. 15 near Madison Square Park. Though Oppenheimer wouldn’t reveal the dollar amount, it will be one of the museum’s largest sponsors and has put up the funds for the facility’s most prominent exhibit, called “The String Product.” Oppenheimer will help support future MoMath shows and will have its employees give lectures at the institution. At the same time, the investment GROWING GIVING $15.7B TOTAL AGGREGATE GIVING by large corporations in 2011 28% INCREASE IN GIVING by large firms since 2009 firm is launching a partnership with Cross-Cultural Solutions, a nonprofit that sends volunteers to impoverished countries.Starting in 2013,Oppenheimer plans to dispatch up to 50 employees each year. “We have a fundamentally different approach to philanthropy than we have had in the past,” said Bill Glavin, chief executive of Oppenheimer. “This is a much more significant financial commitment, with employee involvement and an integrated strategy. It’s a more cohesive approach.” With the financial crisis in the rearview mirror, corporations are once again opening up their vaults. See CORPORATE on Page 14 Has all the attention you’ve gotten as the first woman to run the United Way in New York City surprised you? Does gender matter? See WRIGHT on Page 14 December 10, 2012 | Crain’s New York Business | 13

Table of Contents for the Digital Edition of Crains New York - December 10, 2012

THE INSIDER
IN THE BOROUGHS
IN THE MARKETS
SMALL BUSINESS
BUSINESS PEOPLE
OPINION
GREG DAVID
REAL ESTATE DEALS
REPORT: PHILANTHROPY
THE LIST
CLASSIFIEDS
FOR THE RECORD
NEW YORK, NEW YORK
SOURCE LUNCH
OUT AND ABOUT
SNAPS

Crains New York - December 10, 2012