Letter to the Community from the Executive Director
May 8, 2013
To our Partners and the Community,
The Freddie Mac Foundation recently finalized its plan to complete the Foundation’s activities and distribute its assets by year-end 2014. The plan, which will be implemented in two phases, was approved by the Foundation Board and Freddie Mac’s conservator, the Federal Housing Finance Agency.
In developing the plan, we carefully considered the impact to the nonprofits we fund and the communities we serve. Our top priority is to leverage the remaining Foundation assets to help sustain our current grantees so they can continue to improve the lives of children and their families ─ even as the Foundation ends its operations.
In the current phase one implementation, the plan focuses on supporting our nonprofits during the transition period by awarding funding in the form of a gradual reduction in program support. This will help our grantees carry on their work until alternative resources are identified or allow them time to realign their structure and programs to address the loss of funding.
As such, the Foundation will accept grant applications in 2013 for current grantees only ─ those in good standing who were funded in 2012. We are notifying eligible grantees directly about how to apply and how the grants will be distributed. The Foundation will award funding to grantees that will provide them full funding in 2013 and then gradually reduce support through 2016. Beginning in 2014, The Community Foundation for the National Capital Region will administer the funding for the majority of these grantees.
During the transition we will continue to provide funding for our Wednesday’s Child program as well as our Heart Gallery. Additional details will be announced later as part of our phase two implementation of the plan.
All Foundation funds will continue to be invested in our core priorities and signature programs: Stable Homes, Stable Families; Foster Care and Adoption; and Academic Achievement and Career Success (including J.C. Nalle Elementary School in Washington, D.C.). Our funding comes from an irrevocable trust created in 2003, and uses no corporate or taxpayer funding.
We will continue to update you on this website and by email as our plans progress.
We are grateful for the Foundation’s partnerships and the impact our work, with all of you, has made for more than 20 years. Thank you for all that you do to strengthen our community and make home a place where children and families thrive.