February 13th, 2009
by Karen Topakian
The current issue of the Chronicle of Philanthropy reports on which foundations have taken the biggest hit in their assets since the financial crisis hit. The Bill and Melinda Gates Foundation lost 20% of their assets – from $38 billion to $31. I can’t imagine how it must feel to lose seven billion dollars. I feel badly when I misplace a twenty-dollar bill. Despite this loss, they are increasing their grantmaking in 2009.
But the Gates Foundation didn’t even lose the largest percentage, according to the Chron of Phil. That title belongs to the Starr Foundation in New York, which has lost 57% of their assets since 2007. And yes they are decreasing their grantmaking budget for 2009.
You will be happy to know that the Agape Foundation didn’t lose a dime of our endowment in the stock market. How were we such smart investors? Easy, we never put a dime of into the market. Despite my request to the Board to form an Investment Committee. Despite their recommendation to the Board of Trustees to invest in equities. Despite the Board’s approval of a plan I helped draft, I never followed through.
Do I look smart now? Sure I do. Did I follow the wishes of the Board? Nope. I am merely the lucky survivor of procrastination. In August, when I should have authorized our financial manager to move the money from Calvert Community Investments with a fixed rate of return of 3% to socially responsible investing, I was too busy focused on making the Peace Prize event a success in September. And that’s when it all came tumbling down.
The good thing is, we didn’t lose any of our assets. The bad thing is, I disobeyed the Board’s direction. Will I get punished? Probably not. But if it had gone the other way and we lost money because we weren’t in a booming market, I would have a lot of explaining to do.
Not sure what the lesson is here. But I do know one thing, years ago when the board began raising money for the endowment, the Trustees decided not to invest in the market because two board members lived through the depression and remembered how so many people suffered. Their personal experiences coupled with the other Trustees’ healthy skepticism about capitalism created a risk-free plan for our donors’ hard earned contributions.
And it paid off.
So thank you, Shirley and Harold, for leading us towards conservativism, but only when it comes to investing.
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December 24th, 2008
The Staff of Agape Foundation (L to R) : Nicole Hsiang (Development Associate), Karen Topakian (Executive Director), Nina Dessart (Administrative Director) Photo by Bob Hsiang
Dear Friends,
After two fulfilling years of working as the Development Associate for the Agape Foundation, I’m sad to announce that I’ll be leaving my position at the end of the year. I am incredibly grateful to the staff of Agape for having nurtured my growth as a grassroots fundraiser for social justice. Although I’m moving on from the organization, my commitment to working for social change only strengthens with time.
It was a pleasure to work with my friends and colleagues, Karen Topakian and Nina Dessart. One would never know that all of the Foundation’s accomplishments are achieved by a team of three. Like most non profit organizations, we wear multiple hats, filling in the gaps when needed to make sure everything gets done. Instead of a place of scarcity, we work from the abundance of our hearts.
Fundraising is not easy, and I wouldn’t be able to do it if I wasn’t passionate about the Agape Foundation’s mission and work. I believe that funding local, emerging grassroots organizations working for social change will create the world we envision. A world where ordinary people can make a difference. And that’s why we raise money from you, and you, and you. We’re building a mass movement for peace and justice.
To every donor of Agape, I thank you for being a daily affirmation of my work. There is no greater motivation than knowing the power of generosity.
With extreme gratitude,
Nicole Hsiang
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December 3rd, 2008
by Karen Topakian and Nicole Hsiang
On Sunday, November 16th, 2008, the Agape Foundation’s Board of Trustees awarded six grants for grassroots social justice: Arlington West Film and Speakers Program, People United for a Better Life in Oakland, Housing Long Beach, Insight Garden Program, Out4Immigration, and San Joaquin Et Al.
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Tags: Agape Granting Session
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November 10th, 2008
By Nicole Hsiang
Yesterday morning, Agape Foundation Board of Trustee Members Winnie Chu and Gwyn Kirk hosted a houseparty fundraiser to benefit our work that supports grassroots social change. On this lovely morning, we enjoyed a delicious brunch, made new connections, and learned about what can be accomplished by small groups of people who are committed to seeking justice. Read the rest of this entry »
Tags: fundraiser, grassroots social justice, houseparty
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