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 additional | 2024 | Cash Flow -- NYS Grants |
| Paleontological Research Institute | 2023 | Cash Flow General Operations |
| Friends of the Ithaca Farmers Market | 2023 | Cash Flow Parking lot improvement project |
| Go Ithaca | 2023 | Cash Flow -- NYS Grants |
| Alcohol & Drug Council of Tompkins County | 2023 | Cash Flow -- NYS Grants |
| Khuba International | 2022 | Cash Flow -- Dormitory Authority of the State of New York (DASNY) grant |
| Finger Lakes Land Trust | 2021 | Purchase of Bell Station Property |
| Downtown Ithaca Children's Center | 2020 | Cash flow -- delayed state funding |
| Groundswell | 2019 | Cash flow -- USDA grant |
| State Theatre Inc. | 2019 | Boiler replacement |
| Friends of Stewart Park | 2019 | Cash flow for phase II construction |
| Historic Ithaca | 2018 | New museum renovation bridge loan |
| Hangar Theatre | 2017 | "A Christmas Carol" production bridge loan |
| Finger Lakes Land Trust | 2017 | Land acquisition |
| Challenge Industries | 2017 | Cash flow reserve |
| TCAction | 2016 | Head Start Classrooms construction |
| Ithaca Carshare | 2015 | Vehicle Purchase Fund |
| Finger Lakes ReUse | 2014 | Transition to a new material reuse facility |
| TCAction | 2014 | Head Start Program building renovation/expansion |
| State Theatre | 2014 | Restroom renovations |
| Tompkins County Area Development | 2012 | Sustainable business loan fund |
| Alternatives Federal Credit Union | 2012 | Residential energy efficiency loan fund (Changed in 2020 to Loan loss reserve for Community Assistance loan fund) |
| Ithaca Neighborhood Housing Services | 2010 | Green affordable housing revolving loan fund |
| Alternatives Federal Credit Union | 2010 | Secondary 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.
