Walton Family Foundation Honors CSDC with $5.6 Million Investment
(October 24, 2014, Columbia, MD) Charter Schools Development Corporation (CSDC) has been awarded two grants from the Walton Family Foundation, totaling $5.6 million, to provide affordable facilities and financing support to charter schools.
CSDC offers a variety of financing programs that enable fledgling charter schools to secure and improve safe yet affordable facilities, streamlining an often complicated process that can otherwise drain resources away from the core academic mission. Each year demand from charter schools for CSDC services far outweighs CDCS’s capacity to respond. The bulk of the Walton Family Foundation awards, $5 million in the form of a Program Related Investment (PRI), will go directly toward expanding, by as much as 45%, CSDC’s direct lending and turnkey development programs.
“The Walton Family Foundation grants will allow us to significantly expand the number of schools we can help over the next 10 years and result in the creation of a minimum of 9,000 new student seats, the majority of which will be in lower income communities,” said CSDC Executive Vice President Michelle Liberati. “Our goal is to bring more and better public educational options to the children who need them most.”
In keeping with its core mission, CSDC will target this funding to support new and early-stage schools facing unique challenges in obtaining and developing facilities, while also trying to establish and grow enrollment and develop staff and curriculum.
The remaining $600,000 grant will fund CSDC’s operational expansion to support this capacity growth. In addition, the grant will facilitate tracking and analysis of the impact of CSDC’s work on the communities in which its schools are located, looking at indicators such as student proficiency and growth, college acceptance rates, and high school and college graduation rates.
As CSDC has done with previous philanthropic grant support, it will establish a self-sustaining framework in which this seed money is leveraged over and over again through its lending and leasing programs. Said President and CEO Al Dubin, “This grant will allow CSDC to support more charter school founders dedicated to improving the educational outcomes of the children in their communities by providing quality educational choice in a responsive, fiscally sustainable way.”
About Charter Schools Development Corporation
Charter Schools Development Corporation, a 501(c)(3) nonprofit corporation and Community Development Financial Institution (CDFI), promotes innovation and excellence in education by helping charter school entrepreneurs and leaders finance, build, expand and replicate their school models, to create great public charter schools nationwide. For more information, visit www.csdc.org.
About the Walton Family Foundation
The Walton Family Foundation is dedicated to changing the trajectory of young people’s lives and helping end the poverty that plagues so many of our nation’s communities by expanding K-12 education opportunities for all students. The foundation has invested more than $1 billion to date to improve all types of schools-traditional district, public charter and private-and to support innovative organizations that share a common goal: to give all families the ability to choose the best school for their child, regardless of their zip code. Visit the foundation at: www.waltonfamilyfoundation.org.