LI Community Foundation Hosting Event To Close Racial Wealth Gap

MELVILLE, NY — The Long Island Community Foundation is scheduled to host an event Thursday intended to spark collaboration between national and local donors in a bid to close the racial wealth gap on the island. The event is slated for 11 a.m. at the foundation's office space at 900 Walt Whitman Rd., Suite 204, Melville.

The foundation, which said in a news release that it's making strides to encourage a "fairer and more equitable Long Island," convened a group of funders and partners to support nonprofits that are working to advance equity but stand to be more impactful if provided additional financial resources. At the event, results of the landscape study from Urban Institute will be revealed. Discussions on the state of racial and economic inclusion are also planned, as well as an announcement on a request seeking proposals to help remove barriers that inhibit change and advance "equitable growth."

"With approximately three million residents, Long Island is home to world-class research, medical, and academic institutions that are fueling a new innovative economy," the foundation said in a statement. "Despite the region's achievements, the American dream that Long Island was built to fulfill remains out of reach for many residents, particularly black families in Nassau and Suffolk counties. Equity — just and fair inclusion — is the key to success and prosperity for these families, communities, and the region. Closing racial income gaps would result in the average black income increasing by $22,000."

Long Island would benefit greatly by addressing racial inequalities, the foundation said.

"In 2014 alone, the region’s economy could have been nearly $24 billion stronger if its racial gaps in income had been closed," the group said. "To build a sustainable Long Island economy, public, private, and nonprofit leaders across the region must commit to advancing policies and strategies that increase health equity, wealth, and economic resilience of all Long Islanders."

A question-and-answer session will follow the program.