Iovino Family Foundation offers $1 million ‘Impact prize’ to three nonprofits for workforce development
Applications are now being accepted for funding that will help young persons, who are neither in school or employed, get vital job training.
Tom Iovino Courtesy of Iovino Family Foundation
A new $1 million grant program called the Impact Prize is now accepting applications from nonprofits working to advance economic equality. The prize will be distributed among three nonprofits that have a proven track record of growing economic mobility through workforce development and technical training programs.
To be considered for this prize, organizations must be 501(c)(3) nonprofits with an annual operating budget of less than $5 million for at least two of the last four fiscal years. Interested organizations have until May 24, 2024 to apply.
Founded by entrepreneur and philanthropist Tom lovino, the Impact Prize is a part of the Iovino Family Foundation, which has a mission to create more pathways for career progression and wage growth.
“There is an urgent need for more on-ramps to higher-paying, family-sustaining jobs as the demand for skilled labor continues to grow,” lovino said in a news release.“We see tremendous opportunities to build better lives through workforce and technical training initiatives, and we need to support innovation if we want to make a real impact. That’s where the Impact Prize comes in.”
According to a 2023 report by the National Skills Coalition, over 4 million people ages 16 to 24 are neither employed nor in school. The Impact Prize intends to help nonprofits target this population and increase workforce participation and create a stronger and more diverse talent pipeline.
The grant program is supported by the Iovino Family Foundation and managed in partnership with Rockefeller Philanthropy Advisors, an advisory, management and implementation services organization.
“We are excited to be on this journey and break new ground with Tom and the Iovino Team,” said Greg Ratliff, senior vice president of Advisory Services at RPA. “Addressing the gaps in education and skills training in the U.S. is a pivotal step in bridging inequality and reducing the barriers to social mobility that are so ingrained in today’s economy. We’re especially optimistic about this new prize model and its potential to fast-track innovation in the field.”
The Impact Prize program has information on how to apply on its website.