The Ventura County Community Foundation has received a $300,000 grant that it will use to raise more money for its permanent endowment.
It is the second time the James Irvine Foundation, the largest private, nonprofit foundation in California, has given the Ventura County foundation a $300,000 grant, said Executive Director Kate McLean.
The first donation came in 1991 and served as seed money to help the foundation’s assets grow from less than $500,000 to $5.5 million today, McLean said.
As with the previous grant, the money will be spread out over three years, she said. Staff hired through grant funds will solicit new donations and endowments for the Ventura County Community Foundation fund, McLean said.
Annual interest from funds placed in the foundation are used to benefit a variety of organizations, including homeless shelters, food banks and arts productions. The foundation handed out $1.7 million in grants in 1993, McLean said.