April 2, 2012 | Read Time: 1 minute
The winners of the men’s NCAA basketball tournament will cut down the nets in New Orleans on Monday night. And at least one nonprofit will also have plenty of reason to celebrate.
For a third year, the One Percent Foundation, an organization devoted to fostering philanthropy among young people, is hosting its Grant Madness basketball pool. People who do the best in choosing the winners of March Madness games are declared the winners, just like in any pool, except they have to give their money to a charity of their choice.
“We have to be able to make philanthropy really fun and really low barrier, and everyone does March Madness pools anyway, so why not do one for social good?” says Lana Volftsun, the organization’s executive director.
So far, 379 people have joined the pool, donating a total of $6,786. A matching $5,000 grant from the company MerchSource puts the total pot at almost $12,000—with 75 percent to be donated to the winners’ charities and 25 percent going to the One Percent Foundation. The top ten brackets will each receive money to give away, ranging from $3,000 for first place to about $339 for tenth.
Last year, 203 participants raised more than $8,000. In 2010, the pool’s first year, 105 participants raised $2,000.
“What’s really cool this year is that it’s only $10 to join the pool, and people were giving a lot more than that,” Ms. Volftsun says.
The top donor, as of Friday, had given $250 to play.
The foundation plans to expand the program in 2013 to allow companies and other organizations to set up their own Grant Madness pools.
Send an e-mail to Cody Switzer.
