The 1772 Foundation, based in Pomfret, Connecticut, has awarded its largest-ever single grant of $1 million to Coastal Community Foundation to support our Rev. Pinckney Scholars Program and the Place-Based Impact Investing initiative supporting CommunityWorks, a certified CDFI.
The 1772 Foundation, after learning about its founder’s Kean and Livingston ancestors’ participation in the American Slavery system, issued an apology statement and began a long-term, corrective action granting program supporting efforts that lead to meaningful change towards a more just and equitable society.
“We are honored and very grateful for The 1772 Foundation’s generous grant supporting The Reverend Pinckney Scholarship and the Place-based Impact Investing (PBII) programs, which have impacted countless lives and generated significant potential for generational change for families in the Lowcountry of South Carolina,” said Coastal Community Foundation President & CEO Darrin Goss. “Our two foundations are committed to righting the wrongs of historic, systemic racism and we are proud to stand together with The 1772 Foundation in this effort.”
The Reverend Pinckney College Readiness and Scholarship programs of Coastal Community Foundation promote access to higher education for African-American students in Beaufort, Charleston, Colleton, Hampton and Jasper counties. The College Readiness program begins working with students in their junior years of high school to help them prepare for, research, evaluate and ultimately select which college is right for them. Those who complete College Readiness in the second semester of their senior years are then eligible to apply for the Rev. Pinckney Scholarship Program, which provides scholarships and other supportive resources to students throughout college.
The Place-based Impact Investing Fund was launched in 2018 to actively invest in businesses and nonprofit programs that will achieve both a measurable financial return as well as a positive, social impact.. Over the last three years, we have made investments that helped to create jobs for construction workers in downtown Charleston, ensured affordable access to healthcare in South Carolina, developed a permanent home for several nonprofits working on economic mobility in North Charleston, and will expand access to affordable housing in the Beaufort area.
Our most recent investment is in a state-wide CDFI, CommunityWorks, which will focus on affordable housing and economic mobility in the greater Beaufort area. By partnering with CommunityWorks, CCF will provide underserved communities with access to much-needed capital while also leveraging the lending knowledge and expertise of the CommunityWorks team.
In addition to CCF, the Center for Heirs Property Preservation based in Charleston received $125,000, the second half of a two-year grant.