PND (4/25/2000) -- Prudential Foundation to Support Local Nonprofit Endowments

As part of its 125th anniversary celebration, the Newark, New Jersey-based Prudential Insurance Company is giving $20 million in grants to help local nonprofit agencies, reports the New York Times.

The anniversary grants are aimed at stabilizing local agencies and will be given to fund endowments and capital projects. Prudential's charitable arm, the Prudential Foundation, made $25 million in grants last year, one third of which went to local Newark charities.

Newark nonprofits were notified of the Prudential Foundation grant program a few weeks ago and applications are being accepted until Friday, April 28. According to Nancy Burd, director of the Nonprofit Finance Fund of Greater Philadelphia and New Jersey, grants for capital projects and endowments are rarely given to local groups because giving large amounts of funding to smaller, less stable groups is often considered risky.

FCnote: The Prudential Foundation (NJ) had assets of $158,992,184 and made grants totaling $18,813,474 in the year ending 12/31/98.

FCnote: The Prudential Insurance Company of America Giving Program (NJ) made grants totaling $3,400,000 in the year ending 12/31/96.

"Prudential Giving $20 Million to City Charities." New York Times 4/25/2000, p. B10.

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