Charity Raises $20m for Boston Victims
24 April 2013 at 12:48 pm
In an amazing show of public and corporate giving, a charity set up to assist victims of the Boston Bombing has raised more than $20 million in less than ten days.
The Massachusetts Governor, Deval Patrick and Boston Mayor Menino announced the formation of The One Fund Boston, to help those families most affected by the bombings in the days after the April 15th tragedy.
The most recent figures on the One Fund Boston site shows $6,054,185 in public donations and $14,800,000 in corporate donations totalling $20,854,185.
“I am humbled by the outpouring of support by the business community and individuals who are united in their desire to help; The One Fund Boston will act as a central fund to receive much needed financial support,” Governor Patrick said.
“At moments like this, we are one state, one city, and one people.”
According to Mayor Menino, support from the business community was immediate.
“Within an hour, I had calls from business leaders and local philanthropists who, like me, were heartbroken by the impact this hideous tragedy has had on individuals, their families, and friends.
“And they want to do everything they can to help these people physically and psychologically in the future.”
The cornerstone donation to The One Fund Boston is a $1 million commitment from the insurance and financial services company, John Hancock.
The longtime chief sponsor of the Marathon, Hancock had hundreds of employees, volunteers, guests, and runners involved in the race — two of whom were injured in blasts.
“John Hancock is honored to contribute to The One Fund Boston, aiding those who were affected by this terrible event,” Hancock President, Craig Bromley said.
“The Boston Marathon is about courage and resilience and community. John Hancock, which has been headquartered in Boston for more than 150 years, will continue to stand by our city, the people of Boston, our community partners, the runners, and the Boston Athletic Association as we unite in recovery and in renewal of our commitment to the Boston Marathon.”
Boston law firm Goodwin Procter volunteered to organize The One Fund Boston and has applied for 501(c)(3), the tax exempt status within the US Internal Revenue Service.
Although the Fund says it cannot guarantee that the IRS will make a determination that the organization qualifies as a tax-exempt entity, if approval is received within the expected time frame, the determination will be retroactive to the date of the Fund’s formation.