Billionaire businessman, Warren Buffet, has committed to giving $90 million to help empower women of color. The first round of grants amounts to $13 million and will be distributed this fall. All of the money will be given over a period of 7 years.
Peter Buffet, the youngest son of Warren Buffet, established the NoVo Foundation dedicated to helping non-profit organizations and agencies who empower girls of color. The foundation is also giving much latitude to grant recipients, relying on the expertise of these organizations to determine how best to use the funds.
This is a move that has amazed nonprofits like Brooklyn-based Girls for Gender Equity. Founder Kameisha Smith stated that she had "never had a funder approach grants from a position of following the guidance of the people doing the work."
Grants awarded in 3 areas
The grants will be awarded in three areas: organizations that work with girls of color, girls and organization in the southeast United States, and national policy and research dedicated to the unique issues facing black and brown girls.
To learn more about the Novo Foundation, visit www.novofoundation.org
