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.
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
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.
Co-sponsors
Federal Reserve Bank of New York
Upstart Co-Lab
Prereading
- Our Cultural Institutions: Mission, Values and Impact Investing
- 2020: The Case for Sustainable Investing
- Creative Solutions in the Time of COVID-19
- Culture and Communities: Event deck
New York City Creative Economy
Culture and Social Wellbeing in New York City
- Culture and Social Wellbeing in New York City: Highlights of a Two-Year Research Project
- The Social Wellbeing of New York City’s Neighborhoods: The Contribution of Culture and the Arts
In Conversation: Cultural Institutions, Communities and Capital
- Community Development Investment Review: Creative Placemaking
- Community Development Innovation Review: Transforming Community Development through Arts and Culture
- Transformative Capital: How mission-related investing can deepen foundations’ impact
- Capital for Justice: Spurring On Impact Investing for Racial Equity
Investing for Mission and Values
- Arriving at 100 Percent for Mission. Now What?
- Mission Accomplished: How The Heron Foundation Went 'All In'
- Investing In Our Mission: A Five-Year Case Study of Fossil Fuel Divestment at the Rockefeller Brothers Fund
Impact Investing FAQs
- Racial Equity Investing: The Time is Now
- The Materiality of Sustainability for Investors
- Decoding the Elements of Sustainable Investment
- Debunking the Five Myths of Sustainable Investing
- Sustainable Investing in the Spotlight
- In the Loop: Why consider a circular economy?
Investing in NYC Today
- LISC NYC Inclusive Creative Economy 2020 Impact Report
- LISC Annual Report 2019
- Enterprise Community Partners 2019 Annual Report
- Building Community Resilience through Placemaking
- Creative Places and Businesses: Catalyzing Growth in Communities
Closing Reflections
