The Corporation for National and Community Service today released a long-awaited draft notice spelling out how it will award grants under the $50-million Social Innovation Fund.
The “Notice of Funds Available” — which was delayed by slow Congressional action to approve the agency’s budget — says the corporation plans to award approximately five to seven grants of $5-million to $10-million during the 2010 fiscal year, which ends September 30.
The money, which will be awarded for periods of up to five years, will go to “intermediary grant-making organizations” that will in turn award grants of at least $100,000 annually to promising nonprofit groups. Both the intermediary organizations and the nonprofit groups must provide matching funds.
Original Article: Federal Agency Issues Preliminary Plans for Social Innovation Fund - Philanthropy.com
