FOR A STRONGER, MORE PROSPEROUS CHICAGO REGION
The Trust envisions a Chicago region that’s stronger and more prosperous because everyone—regardless of race, ethnicity or zip code—has equitable access to the opportunities and resources they need to succeed. We believe our vision is attainable, but only if we address our greatest barrier: racial and ethnic economic inequity.
Chicago’s growing racial and ethnic wealth gap is at the root of so many pressing concerns in our region: violence, population loss and economic decline, to name just a few. As such, in 2019 we announced a new, decade-long focus on closing this gap so everyone in our region has an equitable chance to prosper and thrive.
WHAT IS THE WEALTH GAP AND WHY FOCUS ON IT NOW?
The racial and ethnic wealth gap refers to the stark difference in wealth between White households and Black and Latinx households. These disparities are deeply rooted in Chicago’s legacy of systemic racial and ethnic discrimination and inequity. If we do nothing, we continue down a path that is devastating for all of us.
WE WILL CONTINUE TO LOSE PEOPLE
The Chicago region is losing population, driven by a decline in immigration and an exodus of Black residents.
OUR ECONOMY WON’T CATCH UP
The Chicago region’s economic growth lags far behind New York and L.A.—ranking 67th among the 100 largest metropolitan regions in the U.S.
CHANGE BEGINS WITHIN
As we focus our efforts on transforming our region, we know change starts from within. In light of our strategy, we reviewed the Trust’s operations and learned from our peers to determine how we needed to function differently to realize our vision.
The Trust offers the same dependability and stewardship for which we’ve always been known, along with new ways of working to address root causes and make a measurable impact. Four new capabilities enhance our offerings across the Trust and make us well-positioned to deliver on our strategy.
Learning and Impact
Using Data to Drive Our Work
As we focus our efforts on transforming our region, we know change starts from within. In light of our strategy, we reviewed the Trust’s operations and learned from our peers to determine how we needed to function differently to realize our vision.
The Trust offers the same dependability and stewardship for which we’ve always been known, along with new ways of working to address root causes and make a measurable impact. Four new capabilities enhance our offerings across the Trust and make us well-positioned to deliver on our strategy.
POLICY AND ADVOCACY
Using Our Voice to Advance Systemic Change
Just as policies and systems put in place over the course of our city’s and nation’s history have created the racial and ethnic wealth gap, policies and systems will be critical to closing it. As a public charity, the Trust is able to focus a portion of its energies on policy and advocacy in support of our mission.
Our new Policy and Advocacy team is helping define a role for the Trust in advancing public policies that support a prosperous, equitable region.
In this first year, we are examining state and local policies that seek to reduce wealth inequities, such as expanding the earned income tax credit and increasing the availability of affordable consumer lending products. Beyond the racial and ethnic wealth gap, we are exploring policy approaches related to our core work—for example, supporting charitable giving laws that help our donors do the greatest good. For each issue, we will thoughtfully and strategically determine the best way for the Trust to use its voice, be it supporting the policy and advocacy work of grant recipients, joining a coalition, taking a public stance, or urging lawmaker action.
Strategic Communications
Spreading the Word to Fuel the Movement
To close the racial and ethnic wealth gap, the Trust’s community engagement work must go deeper than ever. Our new strategic communications function ensures the greater Trust community feels connected to our vision, understands how important their role is and knows how to get involved. By amplifying our new strategy, we are raising awareness and inspiring action that builds equity, opportunity and prosperity.
Resource Development
Building Partnerships to Multiply Impact
No single funder can close the racial and ethnic wealth gap. Resource development (a new area within the Philanthropic Services team) was created to forge partnerships with peer foundations, corporations and individual donors who also envision a thriving, equitable Chicago. We are eager to share our passion, skills and expertise to help our partners accomplish their philanthropic goals. Together, we will build the collective might required to move the needle on our region’s greatest challenges.
