Building the Genesis Legacy News Initiative: Navigating Structure and Community Investment

When I was a little girl, I would pass by Seaway Bank, a Black-owned bank in Chicago, and hear stories about the vital role it played in our community. I remember saying to myself, "One day, I am going to open an account there." Seaway Bank was more than just a financial institution—it was a pillar of economic empowerment for Black families and businesses.

Fast forward to today, as I searched for a financial institution to house and manage our grant funds for the Genesis Legacy (GL) News Initiative, I deliberately sought out an organization that carried forward Seaway Bank’s legacy. While the institution that acquired one of Seaway's branches is no longer Black-owned, it remains committed to economic development in underserved communities. Aligning with a financial partner that holds those values was a full-circle moment in my journey of community investment and nonprofit development.

The Challenge of Structuring a Nonprofit in Illinois

This is the third installment in my series on developing the Genesis Legacy (GL) News Initiative under my nonprofit organization, One Purpose Love. Over the past few weeks, I have been deeply engaged in laying the foundation for this initiative by dissecting the community landscape and ensuring the organization is structurally sound in Illinois.

Establishing a nonprofit organization in Illinois comes with many layers of complexity. To be positioned for success—whether in receiving grants, fundraising, or being recognized as a legitimate and respected entity—it is crucial to have all structural elements in order. Illinois has a robust network of nonprofits doing impactful work, and to join that space means meeting a high standard.

Building a strong foundation requires significant investment in time, effort, and relationship-building. Over the past two weeks, I have focused on ensuring compliance with state requirements, organizing essential paperwork, and aligning One Purpose Love with the necessary operational frameworks.

Finding the Right Banking Partner

One of the major challenges I faced during this process was selecting the right banking institution for my organization. I needed a financial partner that aligned with our mission to serve and uplift underserved communities. After thorough research, I found the right fit in a credit union located in Chicago’s Chatham community—a historic hub for Black business development, grassroots initiatives, and economic empowerment.

Chatham, along with surrounding neighborhoods like Hyde Park and Woodlawn, serves as a center for community-driven efforts. The credit union’s focus on economic development and its commitment to underserved populations made it the ideal partner for One Purpose Love. Establishing this banking relationship was a crucial step in ensuring financial stability and aligning with institutions that share our vision.

Strengthening Governance and Compliance

This past week, we held a critical board meeting where we adopted new bylaws to better align with IRS expectations. Governance and compliance are foundational to any nonprofit’s success, and this step was necessary to ensure that GL News Initiative operates with transparency and integrity.

Initially, I considered pivoting entirely to a for-profit model and stepping away from the nonprofit structure. However, I decided to persevere and explore grant opportunities to sustain our work. This decision required strategic adjustments, including refining our governance framework to meet federal and state standards.

Looking Ahead

As I continue this journey, my focus remains on securing funding, building strategic partnerships, and ensuring that GL News Initiative has a lasting impact on the communities it serves. The past few weeks have been a testament to the dedication and effort required to build a sustainable nonprofit, and I am committed to seeing this vision come to life.

Stay tuned for the next installment in this series, where I will discuss the next steps in developing the initiative through securing funding and expanding our outreach efforts. More updates to come on building the GL News Initiative!