FOR IMMEDIATE RELEASE

The Winnipeg Foundation will administer a new, half-million dollar education assistance plan on behalf of the Province of Manitoba. The initiative, aimed at creating educational endowments for students wishing to pursue post-secondary education, will be distributed amongst Manitoba's community foundations outside of Winnipeg. The program provides $100,000 annually, for five years.

"We have seen this kind of provincial incentive to create educational endowments for a long time but they have always been at the large post-secondary institutions. This program is designed to support local communities and is a significant sign of confidence in local community foundations," said Richard Frost, CEO of The Winnipeg Foundation.

Funds will be distributed amongst Manitoba's rural community foundations, based on their individual success in establishing new scholarship and bursary funds. Announcement of the new incentive program was timed to coincide with a regional meeting of Manitoba's 34 community foundations in Winkler, May 13th and 14th.

"As part of our government's commitment to building strong communities, we are working with The Winnipeg Foundation and other Manitoba community foundations to increase access to post-secondary education for students from rural and northern communities," said Diane McGifford, Minister of Advanced Education and Training.

"This new initiative will provide bursaries to students to offset the costs of traveling or moving to larger centres to further their education. Provincial funding will be used to leverage at least an additional $500,000 in donor support to create $1 million in endowment funds," she added.

The minister noted eligibility criteria will be established at the local level as Manitoba community foundations work with local donors to create new bursaries and scholarships or add to existing ones. Bursaries will be given to students demonstrating the greatest need for financial support.

"Whether local foundations decide to offer bursaries to students who excel in specific subjects or to provide financial support to those wanting to further their education, Manitoba communities are the winners," said Frost.

"We have seen tremendous results through similar incentive programs in Winnipeg and we're excited about the continuing growth of vibrant community foundations in other areas of Manitoba," he added.

The Province's contribution will be paid to local community foundations based on their success in growing educational endowments. It provides tangible recognition to the importance of community efforts at building bursaries and scholarship funds through Manitoba's network of community foundations.

There are 34 community foundations serving virtually all parts of Manitoba. By investing gifts of capital, community foundations generate annual income to be distributed locally as grants to charitable organizations. As assets grow, so do annual grants. In the past 5 years, the market value of endowments, held by Manitoba community foundations – outside of Winnipeg – have doubled to approximately $21 million.

The Winnipeg Foundation, established in 1921, is Canada's first community foundation. In 2005, it will distribute more than $15 million in grants to support the activities of approximately 550 different charities.

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For more information, contact:
Richard Frost, CEO
The Winnipeg Foundation
204.944.9474