SEATTLE — A coalition of wealthy foundations is offering up to half a billion dollars to match federal grants meant to encourage education reform, taking the pressure off schools scrambling to find the matching dollars they need to get the money.
A dozen foundations plan to announce this week that they are investing $506 million, a portion of which is for a matching fund for the $650 million federal government grant program, called Investing in Innovation.
The foundations also set up an Internet portal for applying for matching funds from all the foundations in one step, streamlining the task of seeking money from multiple sources. School districts, schools and other nonprofits have until May 12 to apply for the money, which will be paid out by the end of September.
Education Secretary Arne Duncan said he was ecstatic about the foundations' interest in the innovation program and called the partnership unprecedented.
"This is how we should be working together. This is how sectors should collaborate," Duncan said. "If this goes well, think of the possibilities going forward."
The unusual group effort by a dozen education-focused foundations reflects their enthusiasm for the fact that the Obama administration is pushing states and school districts to embrace
