August 20, 2025 – The Central New York Community Foundation’s local impact investing program has closed on a $490,000 deal for WCNY’s Entertainment Academy−a 28-week workforce development training program−until funding from a state grant contract is fulfilled. This project is receiving funding from a Certificate of Deposit (CD) the Community Foundation has established in partnership with Pathfinder Bank.
WCNY is Central New York’s public communications organization and is committed to improving education, creating economic opportunities and enhancing the quality of life in the region. This new agreement will allow WCNY to host an intensive training program while awaiting reimbursement from Empire State Development. The course teaches 25 to 39 year olds from underserved neighborhoods the skills needed to work in the television and film trades.
The program is comprised of intensive 14-week sessions, during which up to 40 students will learn skills in shopcraft, gaffer and grip work as well as the operation of aerial lifts. These skills can be applied to higher paying film production and warehouse jobs. WCNY reports that most of the previous participants who started the training while on public assistance have since been able to reduce or fully eliminate their assistance within a month of completing the program.
“We are grateful for the partnership with the Central New York Community Foundation, Pathfinder Bank and the New York State Economic Development Corporation,” said Carol Opee-Stelios, vice president of human resources and workforce development at WCNY. “This type of community coalition is instrumental in allowing WCNY to train talented and committed people for jobs in our region’s growing television and film production industry.”
Through its impact investing program, the Community Foundation forms similar agreements for the benefit of nonprofit organizations and unincorporated organizations working with a 501(c)(3) fiscal sponsor that seek larger amounts of support than its nonprofit bridge loan program can provide. The Community Foundation is responsible for intake and preliminary due diligence review. Applications that meet the Community Foundation’s internal standards could be eligible to receive a lower interest rate from a local bank over the duration of a CD term.
The bridge loan and CD line of credit programs are designed to help nonprofit organizations continue essential community services while awaiting the receipt of approved grant funding. It is common for government agencies and other funders to require awardees to draw down funds on a reimbursement basis, often taking several months to process reimbursements. A Community Foundation survey of more than 50 local nonprofit organizations found that 58% have experienced funding delays from New York State grant contracts.
This investment marks a total of more than $6.5 million now advancing housing, business development and lending through the Community Foundation’s local impact investing program. Impact investing allows the organization to use its financial resources to make investments that generate both financial returns and positive social outcomes. In 2023, the foundation’s board of directors approved a policy that allows the use of up to 5% of its main investment pool for the purpose of impact investment.
“It is not uncommon for Central New York nonprofits to wait several months to receive grant payments, forcing them to alter services or find other stop-gap measures,” said Frank Ridzi, vice president of community investment at the Community Foundation. “The vital work of local community organizations is our top priority, so by providing flexible support through this loan fund, we hope to help ensure their services continue.”
The Community Foundation’s local impact investing program is designed to tackle a wide range of community needs with an emphasis on helping Central New York residents build wealth, equipping residents with the opportunity to contribute to the economic performance of the region and providing under-resourced communities and nonprofit organizations access to capital. Learn more at cnycf.org/impactinvesting.
The Central New York Community Foundation is a public charity that turns community dollars into community change. Established in 1927, it receives contributions from donors, manages them to grow over time and then distributes funding to address the region’s greatest needs. The foundation has invested more than $320 million in community projects that benefit Central New York. It also serves as a civic leader, convener and sponsor of strategic initiatives that foster a thriving and equitable region and address the most critical issues of our time.
