In June 2020, financial institutions nationwide committed a record-breaking $4.2 billion to racial equity. Nonprofits directly received $300 million, representing 51% of total donation volume that month. However just six months later, funding for racial equity fell to 5% of the donation share. Now three years later, while energy has further slowed, racial justice remains a top concern across demographics. We know nonprofits steered by Black leaders and people of color are best positioned to drive racial equity. However, it’s simply not enough for corporate funders looking to affirm their values to financially empower BIPOC leaders. To properly equip nonprofit leaders, financial institutions and other corporate funders must embrace a two-pronged approach of capital and capacity building. One of the most effective interventions in capacity-building for BIPOC-led nonprofits lies in technology. Seventy-four percent of nonprofits say digital transformation is a need-to or must-have, yet...

Mary Barra, the CEO of General Motors (GM), is under fire after the leaders of several Black-owned media companies accused her of racism for refusing to meet with them. The leaders blasted Barra in a full page advertisement in the Detroit Free Press on Sunday, the outlet reported, which included an open letter that said she has refused to meet with them “consistently, over time and after multiple requests.” The ad was signed by the heads of seven Black-owned media companies, including Ice Cube, founder of Cubevision; Byron Allen, head of Allen Media Group; and former NBA player Ulysses Bridgeman, owner of Ebony and Jet magazines. The leaders originally demanded an hour-long Zoom meeting with Barra and GM executives in the ad and asked that GM allocate at least 5 percent of its ad budget to Black-owned media companies. The group said they would like to see Barra’s resignation if these demands weren’t met. “You stand on stage, after the death of George Floyd, saying, ‘Black Lives...

Walmart is standing on its word to fight against racial disparities in the U.S. On Monday Feb. 1, the retail giant announced that Walmart and the Walmart Foundation will distribute the first $14.3 million of its $100 million commitment in June. Grants will be dispersed to 16 various nonprofit organizations.   View this post on Instagram   A post shared by Walmart (@walmart) “Walmart has made a commitment to advancing racial equity, finding areas where we, as a company, can best contribute our resources and expertise to change society’s systems that perpetuate racism and discrimination,” said senior director of the Walmart.org Center for Racial Equity, Kirstie Simms. “We are excited to announce our initial investment to these deserving nonprofits that help advance racial equity through their organizations every day.” The center’s mission is to extend while also complementing the societal impact of Walmart’s business initiatives in an effort to advance racial equity in the nation’s...