While Connecticut is the third wealthiest state based on median income, the disparity in household income is striking. The state has the second most unequal household income distribution in the nation, and has seen the greatest growth in income inequality in the past few decades. The Shumway Capital Foundation seeks to address the underserved population of the state. We fund grant recipients that provide a variety of services to families in poverty such as training early child care providers, operating charter schools and providing financial literacy training. The common nexus among these diverse programs is excellence in improving the well-being of individuals in Connecticut.
Our selection approach focuses on outcomes and impact. The Foundation evaluates each organization’s program model, leadership team, capacity for growth, financial data, and program impact. In order to more fully understand the challenges each organization faces on a daily basis, we visit qualifying organizations in advance of funding.
The board of directors, comprised of SCP senior staff members, meets bi-monthly to consider grant applications. Typical grants range in size from $60,000 to $250,000 over a three-year grant cycle. The Foundation’s objective is to fund between 30 and 45 organizations per year.
The Foundation meets with grant recipients at least annually to discuss outcomes and address challenges. Throughout the process, we are available to assist in consulting and to address strategic issues that may arise. By partnering with our grantees, we aspire to create meaningful benefits in the community that far exceed the value of our initial contributions.