The New York Life Foundation, the charitable arm of New York Life Insurance Company, has increased its 2013 budget to $14.5 million, a 7 percent increase over last year.
The third consecutive yearly increase will allow the foundation to support more programs that are in line with its focus of “Nurturing the Children.” New York Life Foundation has been at the fore of childhood bereavement services and the budget increase will allow them to stay there.
The foundation began focusing on childhood bereavement in 2008 and since then, it has been leading the national discussion of the topic as the foundation feels that the issue is “overlooked” and “under-addressed.”
New York Life Foundation has been able to provide $10 million to nonprofits that work to provide child bereavement support. The foundation has also driven the effort to research the effects of the loss of a loved one. The foundation also created a bereavement guide and a Web site.
“The recent tragedy in Newtown, Connecticut, brings even more attention to the need for children’s bereavement services and intensifies our commitment to the issue,” said Chris Park, president of The New York Life Foundation.