POST Awarded $1,000,000 Challenge Grant From the Kresge Foundation
July 1, 1998
MENLO PARK, CA – The Peninsula Open Space Trust (POST) announced today that The Kresge Foundation of Troy, Michigan has awarded a $1,000,000 challenge grant to inspire the completion of POST's current $28.5 million capital campaign, Completing the Vision Campaign.
Since launching its $28.5 million campaign in September 1996, POST has raised just over $24 million and has acquired 10,000 acres of land. If POST can raise $27.5 million by December 31, 1999, The Kresge Foundation will complete the campaign with the transfer of challenge funds in the amount of $1,000,000. These funds will be specifically allocated to help complete the acquisition of the Johnston Ranch, a 647-acre Half Moon Bay property which POST optioned in March 1998.
The Kresge Foundation awards challenge grants to charitable organizations engaged in capital fund-raising drives. These grants require the recipient organization to raise all remaining funds to complete their campaign goal. "With a challenge grant we aim to strengthen the organization in their task and to change the campaign from a funding obligation to an opportunity," said John E. Marshall, III, President and CEO of The Kresge Foundation.
"This is an exciting opportunity for POST and the Peninsula community," said Audrey Rust, POST's Executive Director. "The Kresge Foundation's generous challenge will help us complete the final and most difficult stage of our fund-raising goal. All new gifts made to the Completing the Vision campaign will help POST realize The Kresge Challenge!"
POST will look to the Peninsula community to ensure that meeting the "Kresge Challenge" is a reality. "We have been so fortunate to have both generous and committed supporters and volunteers who have contributed to the Campaign," said Christy Holloway, POST Board Member and Campaign Chair. "Without their involvement, we would not have been in the position to merit this important challenge grant. We will continue to need their help as we seek to meet the December 1999 deadline."
The Kresge Foundation is an independent, private foundation created in 1924 by Sebastian S. Kresge "to promote the well-being of mankind." In 1998, the Foundation has awarded 111 grants for a total of $58,080,000. Last year, the Foundation reviewed 610 proposals and awarded grants totaling $95,908,521 to 180 charitable organization in 37 states, the District of Columbia, Canada and Mexico. 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.
The Peninsula Open Space Trust (POST) is a private, public benefit land conservancy dedicated to preserving the beauty, character and diversity of the San Francisco Peninsula landscape. In its twenty-one-year history, POST has protected more than 35,000 acres of land, assuring agricultural production, wildlife habitat, scenic vistas, and recreational opportunities on the Peninsula. Currently POST is engaged in a three-year $28.5 million initiative, Completing the Vision: The Campaign to Save Essential Open Space, to preserve 12,000 acres in San Mateo and Santa Clara Counties.