Celebration not enough when racial equity is at stake | Opinion

The Miami Foundation has hosted the “State of Black Philanthropy” for nine years, an annual event honoring the legacy of leadership and generosity in Miami’s Black community. The standing-room only event, filled with philanthropists and community champions, has become one of our favorites.

But in a year such as this, where we see our elected leaders and highest courts barring opportunities designed to increase racial equity, how can we just celebrate? As we honor the outstanding accomplishments of Black leaders in Miami, we must also talk seriously about the ways that perhaps we have taken a step backward, and we must hold ourselves and our community accountable to increased commitments to racial equity.

At the State of Black Philanthropy event last week, we sought to do just that.

During an evening filled with performances and honors, we also shared a report on the current state of racial equity through a “State of Black Philanthropy Report,” digging into issues like generational wealth creation, maternal health outcomes and philanthropic support of Black-led organizations.

We learned that Black entrepreneurs are outpacing the overall business growth rate by more than 20 times and that Black business owners generate 10 to 12 times more wealth than their peers. Yet, we also learned that even at the current rate of Black business growth, it would take an unacceptable 200 years or more for Black families to build wealth equal to white families.

We learned that Black women are building new businesses at two times the rate of other female entrepreneurs. Yet, while Black women are flourishing as professionals, they continue to face life-threatening risks as mothers, with Black women being two to three times more likely to die from birth-related complications when compared to other groups.

Finally, we did an assessment of where dollars go on Give Miami Day, our foundation’s largest initiative of the year to increase generosity in our community. We learned that Black-led organizations have seen an 81% increase in the funds they raise on Give Miami Day. Yet, while Black-led organizations represented 21% of Give Miami Day participants, they benefited from only 11% of the dollars raised.

While there is progress to be proud of, including the consistent outsized positive impact Black-owned businesses have on our community at large, there are still inequities that need to be addressed, especially the underinvestment in Black-led nonprofits that are doing the essential work to solve these challenges.

Using this data and knowledge to drive action, The Miami Foundation ended the night by launching the Saltwater Fellowship, designed to invest boldly in leaders addressing Miami’s most pressing issues. In its inaugural cohort, we will invest in brilliant leaders at the forefront of addressing racial inequities in Miami.

Each fellow will receive a two-year investment totaling $100,000, as well as access to a yearlong fellowship that’s designed to fuel their sustainability and impact. The fellowship program includes community-based skills training, coaching, networking opportunities and wellness retreats, among other supports.

Nominations for the Saltwater Fellowship are open until March 21.

In these times, we cannot justcelebrate the accomplishments of outstanding Black leaders. We must double down on our commitments to strengthen Black communities, to immerse ourselves in the power of Black history and to steadfastly invest in creating a Miami that reflects our highest values. From the reaction we saw at our event, we know we’re not standing alone.

Grove Bank & Trust CEO Sheldon T. Anderson is board chair of The Miami Foundation. The Miami native also serves on the boards of Baptist Health of South Florida, the New World Symphony, the Institute of Contemporary Art and the Orange Bowl Committee.