Bridgeport nonprofit The Inner-City Foundation for Charity & Education has ceased operations after 28 years and plans to share its entire endowment with other Fairfield County nonprofits.
Founded in 1992, the foundation granted more than $32 million to local programs and organizations helping needy children, families and individuals.
“We’re pleased to be able to continue our mission by sharing our sizable endowment with local nonprofits especially now, at this time that is difficult for so many,” said Executive Director Karen Barry Schwarz.
“Connecticut corporations ”“ historically our largest donors ”“ have considerably decreased charitable giving or left the area, and our total charitable giving is down among individual donors.
“Further,” she continued, “our model has always been to have an annual fundraising gala, and of course we could not do that this year, and that method of fundraising is likely to be challenging in the future.”
“Our former donors can rest assured that their money will be well and thoughtfully distributed to programs serving the neediest residents of Fairfield County in these final distributions, just as it has always been,” Schwarz added.
“The Foundation leaves a remarkable legacy of compassion and innovation that has not only served people in need but also empowered them to succeed in their lives through education and other services,” said Bishop of Bridgeport Frank J. Caggiano, who was president of the 501(c)(3) organization.
“Since 1992, the foundation has supported and shared the mission of the church to help those who have nowhere else to turn,” he continued. “I am deeply grateful to all those who assisted in this work, which has had a positive and enduring impact on so many lives in Fairfield County.”
