The Ireland Funds America charity provided philanthropic grants worth $16.5 million (€15.1 million) to 239 Irish-based organisations last year, the group’s latest accounts show. However, this was down on the previous year from the $17.7 million distributed in 2021.
The funding was delivered in the form of “donor-advised gifts” to a diverse range of organisations from the North-South agency Co-operation Ireland to the National Autism Charity and the George Moore scholarship programme. Significant funding was also channelled to seven Irish organisations supporting Ukrainian refugees.
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Ireland Funds America is the largest chapter of the global Ireland Funds charity. Donor-advised grants comprised the majority of funds distributed.
The charity, which was set up in the 1970s by Sir Anthony O’Reilly and the late Dan Rooney to support charitable causes on the island of Ireland, said revenue raised through donor gifts and fundraising events in 2022 was $22.7 million, up from $22.3 million in 2021.
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The accounts indicated, however, that the group made a $3 million loss on its investment income.
“For the purpose of clarity, there was no realised loss. The fund has a separate endowment account invested in equities and bonds and its value fluctuates up or down each year,” a spokeswoman said.
“The investments valuation declined by $3 million in 2022, in line with the investment valuation declines in global financial markets in 2022, and these were unrealised losses in 2022,” she said, noting the investments had increased in value by $2.2 million in 2021.
“Fluctuations in the investment valuations in the separate endowment account do not impact the fund’s operations and activities,” she said.
Caitriona Fottrell, president and chief executive of The Ireland Funds said: “We are incredibly grateful to our generous community of donors, who in 2022 facilitated us in providing support to over 239 worthy organisations.”
“While this number is important, what motivates us as an organisation is the significant difference the programmes we fund are making among their communities. Witnessing the impact unfold is what is most important. Our donors transform lives, and we work to ensure their gifts have the maximum impact across a broad range of priorities,” she said.
According to the accounts, which were filed in the US, Ms Fottrell received a total remuneration package of $330,682 in 2022, which included a basic salary of $290,385.
The Ireland Funds America contributed to what it said was a “widening access to education” through its scholarship programmes No Mind Left Behind and the George Moore Scholars. Through No Mind Left Behind, 252 students in 41 Deis schools across the country received funding totalling €1,020,000 to cover the cost of books, accommodation and other key expenses.
Through the George Moore Scholars programme, 57 academically talented third-level students who completed their education on the island of Ireland and wanted to undertake a master’s degree in the US, UK or Canada.
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