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  Press Release

FOR IMMEDIATE RELEASE  

CONTACT:

Nikki Ortolani
(212) 807-2492

The 2003 Edition of The PRI Directory—Offering Fundraisers and Grantmakers Current Information on Program-Related Investments

New York, NY, August 27, 2003—With the Foundation Center's new second edition of The PRI Directory: Charitable Loans and Other Program-related Investments by Foundations, fundraisers, PRI providers, other foundations, and researchers have an up-to-date, comprehensive resource that measures the scope of this important means of nonprofit support. While most foundations make grants to support their programmatic interests, some funders also use alternative forms of financing to supply capital to the nonprofit sector. Taking the form of loans, loan guarantees, and other investments made for charitable purposes, program-related investments (PRIs) are commonly used to support community revitalization, low-income housing, microenterprise development, and also historic preservation, human services, education, church renovations, and many other types of projects.

The PRI Directory examines the latest PRI trends and includes detailed profiles on 255 of the top PRI providers as well as information on 1,137 individual PRIs totaling over $776 million made between 1999 and 2002. In addition to listing the recipients, amount and purpose of specific PRIs, funder profiles provide vital information on the foundations and their PRI programs. Eight indexes are included to research PRIs by subject, types of support, recipient name, recipient location, foundation name, foundation location, and names of foundation trustees, officers and donors. In addition, The PRI Directory includes tips on how to seek out and manage PRIs.

PRI Financing Trends and Statistics

Since 1999, the overall level of PRI financing climbed, while the actual number of PRI distributions decreased slightly. The number of active providers has remained fairly steady. Still, several major new PRI providers have recently emerged. Other key findings, include:

Dimensions of PRI Financing: Based on a sample of 135 leading PRI providers for the two-year period 2000 - 2001, the value of PRIs exceeded $421 million, up from about $401 million in 1998 - 1999. At the same time, the number of PRIs authorized dipped to 667 in this time period, compared to 689 in the prior period.

PRI Financing Spreads to Nearly all Fields: While community development and housing remain strongly represented, in 2000-2001, two-thirds of PRIs and roughly 63.4% of PRI dollars financed projects and organizations other than development, especially education, the environment, arts and culture, human services, public affairs, and religion.

Dramatic Increase in PRI-related Activity Overseas: Most PRIs are made to U.S. organizations. In 2000-2001, foundations made just 45 PRIs totaling over $28 million to overseas recipients. However, these totals were up substantially from 29 PRIs valued at $9.4 million made to cross-border recipients in 1998-1999.

PRIs over $100,000 Account for over 97% of PRI dollars: Although many local PRI funders tailor their loan programs to provide small amounts-especially for interim financing and emergency loans-close to two thirds (61.9%) of the PRIs invested with recipients were in amounts of at least $100,000. These larger PRIs accounted for over 97% of PRI financing in 2000-2001.

Ordering Information

Orders for The PRI Directory may be charged with VISA, MasterCard or AMEX by calling the Foundation Center's toll-free number, 1-800-424-9836; by faxing your request (with return address and credit card number) to 212-807-3677; by placing an order online at www.foundationcenter.org/marketplace; or by mailing orders to the Foundation Center, Dept. NN15, 79 Fifth Avenue, New York, NY 10003-3076. Prepayment of $75.00 is required. Please add $6.50 shipping and handling for the first copy ordered, and $3.50 for each additional copy. Note: CA residents add local taxes before shipping; GA residents add local taxes after shipping. Make checks payable to the Foundation Center.

Call 1-800-424-9836 for information on multiple copy discounts.

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