www.projo.com/news/content/RI_Foundation_grant_12-04-08 -
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Published on: 12/4/2008
Last Visited: 12/5/2008
Those are the core problems facing today's Rhode Islanders, Neil Steinberg, president and chief executive officer of the Rhode Island Foundation, said yesterday.
And those are the needs the foundation hopes to address with a one-time emergency community grant of $500,000, which will be paid immediately out of the organization's endowment.
The foundation has never before given money in this fashion.
Driven by the current economic difficulties, the state's largest charitable foundation -- and one of the nation's oldest and largest -- announced yesterday that the grant will be shared equally by three statewide organizations that provide direct service to people in need.
"This is very unusual," Steinberg said, noting that the foundation typically gives out money through a competitive grant process that requires applications and takes time.
"We could not ignore the immediate need."
The foundation recently called Crossroads Rhode Island, the Rhode Island Community Food Bank and the Salvation Army Good Neighbor Energy Fund to tell them of the gift.
Steinberg said the foundation's board of directors considered making a challenge grant but didn't want to "burden" the organizations by making them raise additional money.
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The Rhode Island Foundation is also hoping to "lead by example," Steinberg said, and to inspire other philanthropic endeavors as the state is tied with Michigan with the country's worst unemployment rate.
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"You can imagine my relief when Neil called me about this awesome grant," said Schiff, who said the money will buy 350,000 pounds of food.