Prescott Foundation for Children and Youth Concludes 163-Year Legacy of Service to New York City

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After more than a century and a half of service, the Prescott Foundation for Children and Youth has formally concluded its operations, closing one of the longest-running philanthropic chapters in New York City history. Founded in 1858, the organization dedicated its mission to expanding educational opportunity and community support for underserved children and families.

The foundation’s decision to wind down reflects not a retreat from its mission, but its thoughtful completion—ensuring resources were deployed responsibly, impactfully, and in alignment with its original purpose of advancing education and social well-being.

A Legacy of Service Spanning 163 Years

• Founded in 1858 to Serve New York City’s Most Vulnerable Communities
  Established by the Church of Divine Paternity, the Prescott Foundation began as a neighborhood-based social service organization responding to the urgent needs of children and families in a rapidly growing city.
  
• Evolved to Meet Changing Educational and Community Needs
  Over generations, Prescott expanded its work to include early childhood education, youth programming, immigrant literacy initiatives, health services, and community-based support programs.
  
• Transitioned Into a Modern Educational Grant-Making Foundation
  Following the sale of its historic East 53rd Street property, Prescott reinvested its assets to operate as a private charitable foundation focused on improving educational outcomes through strategic partnerships.
  
• Leadership and Stewardship Under Bob Knakal
  Bob Knakal of BKREA represented Prescott in the sale of its property while serving as Founder & Chairman of Massey Knakal Realty Services and was later invited to join the Board of Directors, serving as President for five consecutive terms.
  
• Mission-Driven Decision to Conclude Operations
  Under Knakal’s leadership, the foundation sharpened its focus on responsible resource deployment, ultimately determining that winding down operations best honored its charitable purpose and fiduciary responsibility.
  
• An Enduring Model of Thoughtful Philanthropy
  While operations have concluded, Prescott’s legacy endures through the institutions it supported and the lives it impacted across multiple generations of New Yorkers.
  
  

Leadership Rooted in Service and Integrity

Bob Knakal’s philanthropic leadership extends beyond Prescott. In 2012, he received The Brooklyn Hospital Center’s Founder’s Medal, recognizing his commitment to voluntarism, philanthropy, and community service. The annual Founders Ball that year raised $1 million to support healthcare, education, and research initiatives serving Brooklyn and the greater New York area.

“It has been an extraordinary privilege to help steward an organization with such a profound and lasting impact,” said Knakal. “Prescott’s work spanned generations, and its legacy lives on through the countless lives it touched by expanding access to education and opportunity.”

Frequently Asked Questions

Why did the Prescott Foundation conclude its operations?

The foundation completed its charitable mission responsibly, ensuring that its remaining resources were deployed in alignment with its long-standing purpose and values.

How long did the Prescott Foundation operate?

Prescott served New York City for 163 years, making it one of the city’s longest-standing charitable organizations.

What was the foundation’s primary focus?

Prescott focused on advancing educational opportunity for underserved children and youth, adapting its programs over time to meet evolving community needs.

What role did Bob Knakal play in the foundation’s later years?

Bob Knakal served on the Board of Directors and as President for five terms, helping guide the foundation through its modern grant-making phase and eventual wind-down.

Does Prescott’s legacy continue after its closure?

Yes. While operations have ended, the foundation’s impact lives on through the educational institutions, programs, and individuals it supported over generations.

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