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For foundations, a matching gift is a grant made directly to a nonprofit on the condition that the nonprofit raises a set quantity of money before the grant is bestowed. The benefit of foundation matching grants is that they provide greater incentive leverage when a nonprofit is fundraising from its constituency.
Specifically, the bill “directs the Internal Revenue Service (IRS) to establish a Community Volunteer Income Tax Assistance Matching Grant Program to provide matching funds for the development, expansion, or continuation of tax preparation programs to assist low-income taxpayers and members of under-served populations.”
This included a $1.5 million matching grant in 1964, the highest such matching gift to any American private school at that time. [4] As of 2023 the Foundation had contributed over $125 million in total grants to nearly 1,000 independent schools and associations.
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A typical requirement is similar to matching funds where funds must be raised or acquired from other sources following a stated matching factor, often 2:1, 3:1 or 4:1. For example, a $1,000 challenge grant with a 3:1 match would require the recipient to raise $3,000 before they would receive the $1,000 grant.
Funds are only released as matching funds are produced (information below). The following is an example of the grant-giving process to a nonprofit. An organization that receives a $20,000 grant from AFI, but only has $5,000 of matching funds initially will receive $5,000 from the AFI grant and the rest of the $20,000 as more funds are raised.
The Chicago Annenberg Challenge (CAC) was a Chicago public school reform project from 1995 to 2001 that worked with half of Chicago's public schools and was funded by a $49.2 million, 2-to-1 matching challenge grant over five years from the Annenberg Foundation. The grant was contingent on being matched by $49.2 million in private donations and ...
MI State Matching Grants based on MESP contributions are not currently available. If state appropriations become available in the future, the State Matching Grant program will be reinstated. In 2020, MESP was highly rated for its glide path and low fee in Morningstar's annual analysis of 529 college savings plans. [1] [2]