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New Directions in Funding

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Amendment to Social Progress Trust Fund Agreement

Since 1973, the IAF has received funds distributed through the Social Progress Trust Fund (SPTF). The program began when the U.S. government and the Inter-American Development Bank entered into an agreement establishing the SPTF to support the efforts of countries in Latin America and the Caribbean toward social progress and balanced economic growth. Congress appropriated resources for the SPTF in the Latin American Development Act of 1960. These funds have helped finance social development projects the IAF has selected in its review process. The SPTF agreement was amended during fiscal 2002, permitting all remaining resources, approximately $80 million over 15 years, to be directed to the IAF until exhausted. The IAF’s SPTF account is administered by its Office of Operations.

Corporate Foundation Network of the Americas

Based on a draft proposal developed by the IAF, the Corporate Foundation Network of the Americas (CFN), with a founding membership of 27 foundations from 10 countries, was formally inaugurated on September 21 in Miami. Its goals are to raise awareness of grassroots development as key to poverty reduction in the Americas; set new agendas; and build a coordinated, hemispheric capacity to mobilize and channel funding. Through a common system for measuring results, the network will be able to show specifically what its funding has accomplished. Walter Price, special assistant to IAF’s president, will work full time on this initiative and related issues. At its first meeting, the CFN elected a coordinating committee (with IAF as an observer) and named the Mexican Center for Philanthropy to a one-year term as Secretariat.

Currently represented in the CFN are Fundación Arcor, Fundación Juan Minetti and Fundación Telefónica in Argentina; Fundação Acesita para o Desenvolvimento Social, Fundação Odebrecht, Fundação Otacilio Coser and GIFE in Brazil; Fundación Inti Raymi in Bolivia; Fundación Pehuen, Fundación PROhumana and Fundación Telefónica in Chile; Fundación Corona, Asociación Colombiana de Fundación Petroleras, Fundación Restrepo Barco, Fundación EPSA and Fundación Smurfit-Carton in Colombia; Fundación Esquel and Fundación LANN in Ecuador; CEMEFI, Fundación Coca-Cola, Fundación Dibujando una Mañana, Fundación Merced, Fundación Wal-Mart-Mexico and Industrias Peñoles in Mexico; the Avina Foundation and the Levi Strauss Foundation in the United States; Fundación ACAC in Uruguay; and Fundación Polar in Venezuela.