Peninsula Open Space Trust Awarded $1.75 Million Challenge Grant from The Kresge Foundation
March 23, 2005
The Peninsula Open Space Trust (POST) received a $1.75 million challenge grant from The Kresge Foundation to encourage the completion of the $200 million Saving the Endangered Coast campaign.
Since launching its campaign in April 2001, POST has raised $185,003,138 and entered into agreements to protect 14,259 acres of land. POST must raise the additional $13.25 million by December 31, 2005, at which time The Kresge Foundation will complete the capital campaign with the transfer of challenge funds in the amount of $1.75 million.
The Saving the Endangered Coast campaign is the largest land protection initiative ever undertaken by any local land trust. The scope of this campaign — $200 million and 20,000 coastal acres — matches the important task before us: Saving one of the last accessible, rural coastlines near a major metropolitan area, in one of the nation's most expensive and desirable real estate markets.
Based in Troy, Michigan, The Kresge Foundation awards challenge grants to charitable organizations in capital fund-raising drives. These grants require the recipient organization to raise all remaining funds to complete its campaign goal, thus helping to broaden and deepen the organization's base of support and encouraging volunteer involvement in the fund-raising effort and beyond.
"With a challenge grant, we aim to strengthen the leadership and to change the campaign from a funding obligation to an opportunity," said John E. Marshall, III, president and CEO of The Kresge Foundation. "We offer endorsement, opportunity and leverage, all reinforced by a deadline."
"We are thrilled to receive The Kresge Foundation's generous challenge grant," said POST president Audrey Rust. "This grant, awarded by one of the largest foundations in the country, reflects the urgency and importance of the Saving the Endangered Coast campaign, not just locally, but on a national scale. Our open space lands are at risk, and this challenge will energize POST donors and the local community to give in order to save one of this country's most spectacular natural treasures, the beautiful San Mateo Coast."
During the remainder of the campaign, POST will look to the Peninsula community to ensure that meeting the Kresge challenge becomes a reality. Every contribution will move POST one step closer to accomplishing that goal.
"This challenge comes at an especially critical time, as we work to complete the final and most difficult stage of our fund-raising effort," said Karie Thomson, POST Board member and campaign chair. "This challenge will help us leverage every campaign gift from here on out, right up to our December 31st deadline. The generosity and commitment of POST supporters and volunteers is what put us in a strong enough position to receive this important grant. Their continued help is more important than ever to meet this challenge and inspire others to give."
The Kresge Foundation is an independent, private foundation created in 1924 by Sebastian K. Kresge "to promote the well-being of mankind." The foundation has assets worth more than $2.4 billion, and in 2004 reviewed 636 proposals and awarded 175 grants totaling $119,434,874 to charitable organizations in the United States, Canada, United Kingdom and France. Grants are made to institutions operating in the areas of higher education, health and long-term care, arts and humanities, human services, science and the environment, and public affairs.