Today, Compass Working Capital (“Compass”), a national non-profit dedicated to supporting families with low incomes to secure their futures, announced $6 million in funding from Ballmer Group, a funder committed to improving economic mobility for children and families nationwide. With this significant investment, Compass has now raised more than 70% of the $72 million needed to fulfill its 7-year strategic vision.
“We are thrilled to count Ballmer Group among our leading philanthropic partners as we pursue the ambitious goals laid out in our strategic plan. This kind of significant, trust-based, and unrestricted support puts us in the strongest possible position to expand our impact and capitalize on strategic opportunities as we continue to break down barriers to asset-building for families with low incomes,” said Markita Morris-Louis, CEO of Compass Working Capital.
“Ballmer Group is excited to partner with Compass to deepen and scale their work over the next two years,” said John Griffith, Executive Director for Strategy & Operations at Ballmer Group. “Compass’ model has proven to boost earnings and savings for families receiving federal rental assistance, and they have a clear and viable path to significantly expand their reach in the coming years. We’re thrilled to be part of that effort.”
In addition to Ballmer Group, Compass has also secured significant investments from other philanthropic partners:
JPMorgan Chase awarded $3 million to Compass, as part of $20 million in philanthropic funding for organizations around the country working to expand home ownership opportunities.
Wells Fargo awarded $3.45 million over a 3-year period to Compass.
Blue Meridian Partners made an unrestricted investment of up to $30 million over a 5-year period.
About Ballmer Group
Ballmer Group is committed to improving economic mobility for children and families in the United States, funding leaders and organizations that have demonstrated the ability to reshape opportunity and reduce systemic inequities. We focus on multiple impact areas and systems that can impact economic mobility - such as early learning, K-12 education, college and career pathways, housing, behavioral health, and criminal justice - and we support leaders and organizations that focus on undoing systemic racism and the barriers it has created. Ballmer Group is both a national and regional funder – we have a presence and invest deeply in southeast Michigan, Washington state, and Los Angeles County. Ballmer Group was co-founded by philanthropist Connie Ballmer and her husband Steve Ballmer, former CEO of Microsoft, founder of USA Facts, and chairman of the Los Angeles Clippers. Learn more at www.ballmergroup.org.