Foundations offer $506M for education innovation

A coalition of wealthy foundations is offering up to half a billion dollars to match federal grants meant to encourage education reform, taking the pressure off schools scrambling to find the matching dollars they need to get the money.

A dozen foundations plan to announce this week that they are investing $506 million, a portion of which is intended to match grants from the $650 million Investing in Innovation (I3) program from the U.S. Department of Education (ED). The foundations also set up an Internet portal for applying for matching funds from all the foundations in one step, streamlining the task of seeking money from multiple sources. School districts, schools, and other nonprofits have until May 12 to apply for the money, which will be paid out by the end of September. Education Secretary Arne Duncan said he was ecstatic about the foundations' interest in the innovation program and called the partnership unprecedented.