In an economic crisis like this, billionaires like George Soros can’t just sit idly by. Millions of people are hurting, and wise allocation of charitable dollars can really help ease the pain.
Soros’s organization, the Open Society Institute (OSI), has announced the creation of a new fund meant to shore up the defenses of vulnerable people against the howling winds of the recession. The Special Fund for Poverty Alleviation will give grants to states and organizations that are doing their best to protect those who need the most help, according to the Foundation Center.
“Mr. Soros wants to provide an immediate lifeline for the most underserved people in our community who are struggling to find jobs and keep their families healthy,” said Diana Morris, director of OSI-Baltimore.
The fund has just awarded $5 million to OSI-Baltimore to distribute in grants requiring a one-to-one match. Ten grants totaling $2.5 million have already been approved by OSI-Baltimore’s board, including:
- $1 million to the Family League of Baltimore City for youth job-creation efforts;
- $400,000 to the Fund for Educational Excellence for a program of youth outreach to Baltimore schools; and
- $368,000 to Baltimore Health Care Access for helping homeless people access public medical assistance.
OSI-Baltimore will announce grants comprising the other $2.5 million early next year.
Photo courtesy of aflcio2008, via Flickr