T. Rowe Price Foundation Awards $6.5 Million to Baltimore Nonprofits
The T. Rowe Price Foundation has announced $6.5 million over three years in grants in support of Baltimore nonprofits.
The grants will address critical gaps in Baltimore’s nonprofit sector and include an initial $2.25 million to be distributed among eight initiatives focused on building a healthy nonprofit community. In addition, more than $3 million in multiyear general operating grants will be distributed across more than 140 nonprofits.
In allocating the funds, the foundation drew insight from its report 2022 State of the Baltimore Nonprofit Sector, a resource on the Baltimore nonprofit sector. Recipients of the first round of grants include Neighborhood Financial Trust, which was awarded $450,000; Coppin State University, which will receive $450,000; and Baltimore Nonprofit Finance Fund, which will receive $300,000 as part of its launch. The remaining funds from the dedicated $6.5 million will be allocated toward additional impact portfolios, with announcements scheduled throughout 2024.