Bermuda Foundation Board, from left: Dwayne Hunt, Gavin Barlow, Diana Darrell, Brian O’Hara, Myra Virgil (Managing Director), Amanda Outerbridge (Chair), Nikkita Scott and Grant Hopkins (Photograph by Stephen Raynor)
THURSDAY, MAY 2, 2024 (HAMILTON, BERMUDA)
The Bermuda Foundation is celebrating its 10th anniversary with a $2 million birthday gift. Known as a “match donation” this gift will be given, dollar-for-dollar, as funds are received from other donors to the Foundation’s endowment fund.
“Essentially, all funds received over the next few months will be doubled by a matching donation from our anonymous donor,” explained Dr. Myra Virgil. “Every dollar given becomes $2, every $1,000 becomes $2,000. We are particularly grateful for this offer because it addresses the sustainability of our decade-old organisation. Our purpose depends on being here for the nonprofit sector in perpetuity.”
Dr. Virgil, Founding Director and CEO, added that the gift demonstrates confidence in the work of the Foundation.
Ten years ago, the Bermuda Foundation was a dream being discussed by a handful of leaders in the philanthropy field. A decade later, the Bermuda Foundation – registered charity #948 – has disbursed more than $21 million in grants to local organisations and currently manages more than $24 million in assets.
Dr. Virgil said: “None of this would have been possible without the initial significant support of The Atlantic Philanthropies, RenaissanceRe, Buchanan Charitable Fund, Alan & Gill Gray Philanthropies and Bridge Charitable Trust. We have also received contributions from Bloomberg Philanthropies, AxaXL, the Butterfield Bermuda Championship and the Foundation for a Just Society International. PwC, for example, conducted our audit pro bono at first, and today provide their services at a much-reduced rate.
“Rounding out the community assets, numerous individuals and families have set up legacy funds to support the work of nonprofit organisations in Bermuda. They live or have lived in the community; in many cases they have a good life – and want to share their success with those who need help and support.”
The Bermuda Foundation – one of 2141 community foundations world-wide – is set up to address long-term community challenges as well as immediate needs. As a community’s needs change, community foundations are designed to adapt and direct funds towards that need. In addition, they can create a coordinating hub: “At times a community need is greater than can be addressed by any one organisation or sector and a connected, collaborative effort is the only way to create a solution. The pandemic was a prime example.”
Noting that, traditionally, nonprofits in Bermuda have existed hand to mouth, beginning and ending each financial year without funds, Amanda Outerbridge, Chair of Bermuda Foundation, said: “This approach is no longer workable for two reasons: the nonprofit sector has become crucial to the functioning of the community and there is less funding available in our post-pandemic world.”
Dr. Virgil added: “Our long-term dream is to replace the annual funding of $6million that was lost to the sector with the closure of The Atlantic Philanthropies. It’s an immensely ambitious goal but reaching it will enable our grant-making to cover a meaningful portion of nonprofit budgets, freeing them up to focus on mission-critical activities. This is what tackling the problem of sector sustainability can look like.”
For more information on the Bermuda Foundation, visit www.bermudafoundation.org or email . For more information on our 10th anniversary, please click here.
“Our long-term dream is to replace the annual funding of $6million that was lost to the sector with the closure of The Atlantic Philanthropies. It’s an immensely ambitious goal but reaching it will enable our grant-making to cover a meaningful portion of nonprofit budgets, freeing them up to focus on mission-critical activities. This is what tackling the problem of sector sustainability can look like.”
Dr. Myra Vigil, Bermuda Foundation Founding CEO & Managing Director
About the Bermuda Foundation
The Bermuda Foundation (BF) is a limited liability and segregated accounts company, registered as Bermuda charity #948. Its mission is to create an enduring source of funds forever dedicated to the good of Bermuda. BF improves and strengthens Bermuda’s social sector by assisting donors of all kinds to make the most of their generosity. As a public grantmaking foundation, its resources go towards creating a permanent asset base for the public benefit by stewarding and investing charitable gifts from the community, grantmaking, and responsibly managing its operations. BF was founded in 2013 by The Atlantic Philanthropies, the Buchanan Charitable Fund and RenaissanceRe with support from private donors and nonprofits that established their own endowed agency funds to be managed at the foundation. Bloomberg Philanthropies, Hemera Foundation, Allan & Gill Gray Foundation, AxaXL Foundation, and Meritus Trust Company also made key contributions. BF benefits from the professional support of Conyers Dill & Pearman and from PwC who conduct its annual audit.