The California Community Foundation announced a 10-year, $1-billion commitment Thursday to provide grants, loans, and scholarships to nonprofits in Los Angeles County, the Los Angeles Times writes.
The pledge, marking the foundation's 100th anniversary, exceeds by $300 million the amount the community fund has granted over the last decade. The organization aims to cover the higher spending through fund raising and interest on its $1.5-billion endowment.
"For us, it’s a stretch and we will have to go out there and work more with our donors, but we feel that we will be able to meet that commitment," foundation President Antonia Hernandez said. She said the community fund hopes to focus on early-childhood education, low-income housing, community health, and the arts. The foundation's staff and board will review applications quarterly to choose grantees.