New Philanthropic Organizations Created By Student-Loan Groups

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Another Conversion Bonanza?

NELLIE MAE FOUNDATION

History: Created in 1998 as part of the reorganization of the non-profit financer of student loans known as Nellie Mae. The organization is classified as a charity rather than a private foundation.

Purpose and areas of support: The foundation’s mission is “to promote accessibility, quality, and effectiveness of education from pre-school through postsecondary level, for all ages, especially for underserved populations, in the six New England states.”

Assets: Expected to be $395-million by July 1 after sale of the foundation’s for-profit subsidiary to Sallie Mae is completed.

Grants and operating programs: The foundation expects to approve $5-million in grants this fiscal year for education programs and research that focus on ways to help adults and students from poor families obtain higher education.

Key official: Blenda Wilson, who becomes president on July 1.

Application procedures: Before submitting a proposal, applicants are encouraged to call the foundation or write a letter that outlines what they propose to do with the grant money and includes a brief history of their organization. Grant-making guidelines are available on the foundation’s Web site. The organization has four deadlines each year: March 30, June 30, September 30, and December 30.

Address: 50 Braintree Hill Park, Suite 300, Braintree, Mass. 02184; (781) 849-1325 or toll-free (800) 338-5626.

World-Wide Web site: http://www.nelliemae.org/nmf

FOUNDATION FOR EDUCATIONAL FUNDING

History: Created in 1998 as part of the reorganization of a non-profit student-loan organization in the state. The organization is classified as a charity rather than a private foundation.

Purpose and areas of support: The foundation’s mission is “to support higher education in Nebraska.” It gives highest priority to programs that “address access to and preparation for” education.

Assets: $115-million

Grants and operating programs: The foundation expects to approve $3.5-million in grants, scholarships, and other spending during this fiscal year.

Key official: W. Scott Davis, chairman of the board.

Application procedures: Before submitting a proposal, applicants are encouraged to write a letter of inquiry that outlines what they propose to do with the grant money and includes a brief history of their organization. The foundation expects soon to be able to allow applicants to obtain grant applications and information through a Web site.

Address: P.O. Box 82552, Lincoln, Neb. 68501-2522; (402) 475-5566.

THOMAS L. CONLAN EDUCATION FOUNDATION

History: Created in 1998 as part of the restructuring of the non-profit Student Loan Funding Corporation. This restructuring also created a wholly owned for-profit subsidiary of the foundation, Student Loan Funding Resources, to carry on the loan activities once handled by the non-profit organization. The grant-making organization, which is classified as a charity rather than a private foundation, takes its name from the late Thomas L. Conlan, Sr., who helped found the original student-loan organization.

Purpose and areas of support: The foundation’s mission is to “increase the number of people in Ohio and the nation who value and access education.” Grants are made to help minority students and others who are “underrepresented in education,” to increase public appreciation for education, to aid students who go directly from high school into careers, and to provide educational opportunities for infants and young children.

Assets: $140-million as of January 1, 1999.

Grants and operating programs: The foundation expects to approve $4.7-million in grants and foundation-run programs in fiscal 1999, which runs through June 30. Its grants budget for fiscal 2000 is expected to be about the same.

Key officials: Chad P. Wick, president; Joseph P. Tomain, chairman of the board.

Application procedures: Before submitting a proposal, applicants are encouraged to write a letter to the foundation that outlines what they propose to do with the grant money and includes a brief history of their organization. For grant requests that exceed $15,000, the deadlines for submitting formal applications are August 15 and December 15. For grant requests of $15,000 or less, the deadlines are October 1 and February 1, 2000.

Address: One West Fourth Street, Suite 415, Cincinnati 45202; (513) 381-0100 or toll-free (877) 852-3863.

World-Wide Web site: http://www.tlcfund.org

GREAT PLAINS EDUCATION FOUNDATION

History: Started when the Student Loan Finance Corporation converted to a for-profit business this year.

Purpose and areas of support: Still to be determined, but the foundation is expected to support programs that benefit South Dakota schoolchildren. Gov. Bill Janklow of South Dakota, who appoints the foundation’s board members, has said that the foundation might help schools buy and use computer technology in the classrooms.

Assets: $85-million as of June.

Grants and operating programs: To be determined.

Key official: Harvey Jewett, chairman of the board.

Application procedures: To be determined.

Address: P.O. Box 850, Aberdeen, S.D. 57402-0850.