Culture and Communities: A Conversation about the Creative Sector, Community Development and Impact Investing

October 16, 2020

The Federal Reserve Bank of New York hosted a discussion with Upstart Co-Lab on the role of cultural institutions in New York City’s recovery from COVID-19 on October 16, 2020 via Webex.

New York City’s museums, libraries, and other nonprofit cultural organizations steward endowments of more than $15 billion in aggregate. This conversation assembled leaders from endowed cultural institutions for a practical orientation to impact investing aligned with institutional mission and values. The discussion included local experts, foundation leaders and other peer investors to highlight the importance of New York City’s creative economy; described culture as a driver of community well-being; and presented actionable investment opportunities supporting New York City’s communities.

The event was by invitation only to endowed cultural institutions, foundations, financial institutions, and capital providers.

watch the event

Welcome & Overview

New York City Creative Economy Review

Culture and Social Wellbeing in New York City

State of the Creative Economy & Outlook

In Conversation: Cultural Institutions, Communities and Capital

Welcome Back and Overview

Investing for Mission and Values

Impact Investing FAQs

Investing in NYC Today

Closing Reflections

Event Details

Date & Time
October 16, 2020
9:00am - 11:30am

9:00am-9:05am Welcome & Overview

David Erickson, Senior Vice President, Federal Reserve Bank of New York
9:05am-9:15am New York City Creative Economy Review

Preston Niblack, Deputy Comptroller for Budget, Office of New York City Comptroller Scott M. Stringer
9:15am-9:25am Culture and Social Wellbeing in New York City

Mark J. Stern, Social Impact of the Arts Project, University of Pennsylvania
9:25am-9:45am State of the Creative Economy & Outlook

Kristina Newman-Scott, President, BRIC
Idehen Aruede, Co-Chief Operating Officer & CFO, Whitney Museum of American Art
Taryn Sacramone, Executive Director, Queens Theatre and co-lead Culture@3

9:45am-10:05am In Conversation: Cultural Institutions, Communities and Capital

John Williams, President, Federal Reserve Bank of New York
Darren Walker, President, The Ford Foundation
10:05am-10:15am COFFEE E-BREAK
10:15am-10:20am Welcome Back and Overview

Laura Callanan, Founding Partner, Upstart Co-Lab
10:20am-10:35am Investing for Mission and Values

Clara Miller, President Emerita, Heron Foundation
Stephen Heintz, President and CEO, Rockefeller Brothers Fund
10:35am-10:55am Impact Investing FAQs

Jessica Matthews, Managing Director - Head of Sustainable Investing, J.P. Morgan
Lisa Hall, Chair of Impact, Apollo Global Management
Tom Mitchell, Managing Director, Cambridge Associates
10:55am-11:15am Investing in NYC Today

Maurice A. Jones, President & CEO, Local Initiatives Support Corporation
Julia Shin, VP & Managing Director Impact Investing, Enterprise Community Investment
11:15am-11:30am Closing Reflections

Rick Segal, CEO of Seavest Investment Group & Rethink Capital Partners, Whitney Museum trustee
Karen Brooks Hopkins, President Emerita, Brooklyn Academy of Music

Media & General Inquiries
This event was open to the media. All remarks and panels were on-the-record, unless otherwise noted. For media inquiries, contact Andrea Priest to RSVP. All other inquiries may be directed to NY.Fed.CommunityDevelopment@ny.frb.org.

Federal Reserve Bank of New York
Upstart Co-Lab



  1. Our Cultural Institutions: Mission, Values and Impact Investing
  2. 2020: The Case for Sustainable Investing
  3. Creative Solutions in the Time of COVID-19
  4. Culture and Communities: Event deck

New York City Creative Economy

  1. The Creative Economy: Art, Culture and Creativity in New York City

Culture and Social Wellbeing in New York City

  1. Culture and Social Wellbeing in New York City: Highlights of a Two-Year Research Project
  2. The Social Wellbeing of New York City’s Neighborhoods: The Contribution of Culture and the Arts

In Conversation: Cultural Institutions, Communities and Capital

  1. Community Development Investment Review: Creative Placemaking
  2. Community Development Innovation Review: Transforming Community Development through Arts and Culture
  3. Transformative Capital: How mission-related investing can deepen foundations’ impact
  4. Capital for Justice: Spurring On Impact Investing for Racial Equity

Investing for Mission and Values

  1. Arriving at 100 Percent for Mission. Now What?
  2. Mission Accomplished: How The Heron Foundation Went 'All In'
  3. Investing In Our Mission: A Five-Year Case Study of Fossil Fuel Divestment at the Rockefeller Brothers Fund

Impact Investing FAQs

  1. Racial Equity Investing: The Time is Now
  2. The Materiality of Sustainability for Investors
  3. Decoding the Elements of Sustainable Investment
  4. Debunking the Five Myths of Sustainable Investing
  5. Sustainable Investing in the Spotlight
  6. In the Loop: Why consider a circular economy?

Investing in NYC Today

  1. LISC NYC Inclusive Creative Economy 2020 Impact Report
  2. LISC Annual Report 2019
  3. Enterprise Community Partners 2019 Annual Report
  4. Building Community Resilience through Placemaking
  5. Creative Places and Businesses: Catalyzing Growth in Communities

Closing Reflections

  1. City Arts Community Needs a 'Marshall Plan'
  2. Anchor Arts Institutions: What Are They and How Can They Enrich Communities?
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