A multi-year grant provides your fellow with a guaranteed stream of income that allows them to start a long-term program or start building construction. And this guaranteed income allows it to focus more on providing services – and less on securing funds. Until 2009, the foundation dropped by 30% – as did the amount available for grants – to $350,000. After donating US$200,000 to the food bank for the final year of its multi-year grant, the Foundation now has only $150,000 to allocate to other organizations in 2009. As part of our commitment to the highest philanthropic standards, we publish agreements for all of our major multi-year scholarships at universities and universities. The Sandra Day O`Connor Law School at Arizona State University has announced a new scholarship to help Professor Erik Lunas develop a university center that will build on the school`s criminal justice work. Multi-year commitments can also help your business achieve its own organizational goals. Suppose you wanted to be homeless. With a multi-year grant, you can allow a fellow to build an institution that will provide transitional housing, advice and other services to homeless people.
And multi-year funding saves you administrative costs. You can support projects that are important to your organization without having to review new proposals each year or enter into new grant agreements with the same fellow. In an open letter published today, Charles Koch shares his motivation to support higher education for more than 50 years. Even if, at first, state law does not impose any reason to impose collateral, you may still be obliged, under certain conditions. Suppose your scholarship relied on this commitment to start a project (for example. B to start building a building) or to raise other dollars. You may be legally obligated to keep your promise. (Contact your local lawyer to discuss your specific situation to determine your obligations and actions.) In 2007, a foundation, with an annual grant budget of $500,000, committed to a $200,000-a-year food bank project.
With a grant budget of $500,000 for 2007, the foundation still had $300,000 to provide additional grants. We invite potential partners to do the same with us – learn more about the other scientists and students we support – to understand how a Charles Koch Foundation grant can improve their work. In addition to the presentation of our proposed scholarship agreement, we also publish our major multi-year scholarship contracts with universities. In many cases, the answer is “no.” That is, unless your fellow is ready to release your foundation from its obligations. Our Foundation has less discretionary grants for the coming year due to previous multi-year commitments. Should we avoid giving multi-year scholarships in the future? In the future, you should add your initial grant commitment to one condition and clearly and concretely state the conditions under which you can suspend payments.