In many cases, the answer is “no.” That is, unless your fellow is ready to release your foundation from its obligations. 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. 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.) 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. Even if your foundation has fewer resources for grants, you have other options. Consider making program-related investments (PRIs). With an IRP, you could act as a guarantor and have a loan granted to a charity to another organization or bank.
Or you could serve as a lender and lend the money directly. 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. These scholarship agreements do not tell the full stories of the hundreds of schools, thousands of professors and millions of students we proudly work with, but they do provide insight into the range of projects and faculties we support. You are not alone in your dilemma. The rapid economic decline has led some foundations to review the promises of multi-year grants. Therefore, if the foundations fall rapidly – and significantly – all the commitments of last year consume a larger percentage of the dollars available to give grants.
Can we regress from a multi-year commitment that we made last year because our foundation`s heritage has diminished? 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.