The Penny Foundation is a non-profit community chest organization founded by Lyord Watson in 2017. The foundation uses its resources from charitable giving and donor-advised funds to address economic inequality in the Black community. It is named in honor of William Pettiford's Alabama Penny Savings Bank, founded in Birmingham in 1890.
In 2021 the Penny Foundation was selected to administer the pilot for Birmingham's Embrace Mothers program, which grants $375 a month in supplemental income to single mothers who participate. The program is one of 20 nationwide to be funded by a grant from Mayors for a Guaranteed Income, a California non-profit.
- Garrison, Greg (October 19, 2021) "Birmingham pilot program will guarantee income of $375 a month for 110 single mothers." The Birmingham News
- Penny Foundation website