As charities see donations dip and needs spike during the recession, a giving circle in New York made up of professionals from the business and nonprofit worlds has created a fund to combine cash with other forms of support, according to the Future Leaders in Philanthropy blog.

The New York City Venture Philanthropy Fund, created in early 2008, seeks to help charities grow into “stable and sustainable” organizations, according to Maya Iwata, a founding member of the group. It accomplishes this goal by giving each grantee a three-part grant: an unrestricted cash award, free management support through a fund committee, and professional connections via the networks of its membership and Advisory Council.

The fund’s first grant, announced last fall, went to Concrete Safaris, a charity in New York’s East Harlem neighborhood that promotes “green exercise” programs for youth.

Should more foundations and giving circles follow this three-pronged approach to helping charities in the recession? Click on the “comments” link below to share your thoughts.