Program-Related Investments

Program Related Investments (PRIs) are loans that the Foundation makes to local organizations in Tompkins County, New York that align with the Foundation’s mission. PRIs must advance the philanthropic mission of the Foundation and they must be at below-market interest rates. The Foundation’s PRI program was initiated in 2010 with the restriction that total lending does not exceed 1% of the total portfolio value, and that PRIs be focused locally in Tompkins County. As of June 30, 2023, PRI commitments totaled $5.3 million dollars. The Park Foundation’s PRI roster includes:

Lendee Date Purpose
Go Ithaca additional2024Cash Flow -- NYS Grants
Paleontological Research Institute2023Cash Flow General Operations
Friends of the Ithaca Farmers Market2023Cash Flow Parking lot improvement project
Go Ithaca2023Cash Flow -- NYS Grants
Alcohol & Drug Council of Tompkins County2023Cash Flow -- NYS Grants
Khuba International2022Cash Flow -- Dormitory Authority of the State of New York (DASNY) grant
Finger Lakes Land Trust2021Purchase of Bell Station Property
Downtown Ithaca Children's Center2020Cash flow -- delayed state funding
Groundswell2019Cash flow -- USDA grant
State Theatre Inc. 2019Boiler replacement
Friends of Stewart Park2019Cash flow for phase II construction
Historic Ithaca2018New museum renovation bridge loan
Hangar Theatre2017"A Christmas Carol" production bridge loan
Finger Lakes Land Trust2017Land acquisition
Challenge Industries2017Cash flow reserve
TCAction2016Head Start Classrooms construction
Ithaca Carshare2015Vehicle Purchase Fund
Finger Lakes ReUse2014Transition to a new material reuse facility
TCAction2014Head Start Program building renovation/expansion
State Theatre2014Restroom renovations
Tompkins County Area Development2012Sustainable business loan fund
Alternatives Federal Credit Union2012Residential energy efficiency loan fund (Changed in 2020 to Loan loss reserve for Community Assistance loan fund)
Ithaca Neighborhood Housing Services2010Green affordable housing revolving loan fund
Alternatives Federal Credit Union2010Secondary capital

A report on the Foundation's first five years of PRIs is located at Park Foundation - Five Years of Program Related Investments

Investing Locally

Wherever possible the Foundation invests locally.  We operate checking accounts with an Ithaca-based regional bank.  The Foundation's PRI commitments and other local investments exceed $6 million.

Impact Investing

The Foundation’s working definition of impact investing is when we actively seek opportunities to invest in companies that advance environmental solutions. Our primary focus is on water stewardship. We actively screen investments along water guidelines.

Water Investing

In parallel with our grantmaking around the environment and water, the Foundation has an interest in investing in water.  To this end, we have produced two studies:

"Park Foundation Water Risk Report (2015)" by Dan Apfel and Jon M. Jensen; and "Park Foundation Water Investing Values and Sector Summaries 2016" by Dan Apfel. These studies respectively examine risk factors in investing in water and application of the Foundation's values to investing in water.