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Latino asset-builders lack funding

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Latino-led groups that focus on building assets within the Latino community do not receive broad support from the philanthropic sector, a new scorecard says.

The National Association for Latino Community Asset Builders, a San Antonio-based group representing nonprofits working to build wealth for Latinos, published its first scorecard analyzing grant support for 17 of its more than 65 member organizations from 2001 to 2003.

More than half the revenues of member groups are generated through program services, the scorecard says, and grants from government agencies account for one in three dollars generated.

Six in 10 of the grants received by member groups came from government agencies like the Department of Housing and Urban Development and the Small Business Administration, with the remainder primarily from foundations.

Washington Mutual awarded 14 grants totaling $1.3 million to the member groups analyzed, more than any other private funder, following by Wells Fargo, which awarded 13 grants totaling $934,333.

Fannie Mae Foundation, F.B. Heron Foundation and the Evenly & Walter Haas Jr. Fund round out the groups’ top five grantmakers.

Banking organizations accounted for one of every four dollars granted, with a total of 91 grants averaging almost $50,000, the scorecard says.

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