$5 Million SRC, Inc. Challenge Match for Say Yes Complete!
Today, the City of Syracuse announced a $400,000 donation to the Say Yes Scholarship Endowment Fund. This gift represents the final piece of funding needed to complete a generous $5 million challenge match from SRC, Inc. This gift and the remaining match brings the total raised to $10 million, which is held in an endowment fund at the Central New York Community Foundation.
Seven years ago, the local community partnered with Say Yes to Education, Inc., a national non-profit foundation committed to dramatically increasing high school and college graduation rates for urban students in the Syracuse City School District. A fundraising campaign started with the goal of creating an endowment to support the Say Yes College Promise. SRC, Inc. was an early supporter of the endowment, challenging the Central New York community to come together towards a common cause – ensuring academic success for Syracuse City children – by pledging a dollar-for-dollar match for every donation to the Say Yes to Scholarship Endowment Fund up to $5 million.
The Say Yes program is one piece of a strategy to address one of the most intractable problems of our time – urban education outcomes and opportunities for vulnerable youth and families. Creating a permanent source of charitable capital to support scholarships is one of the best ways to assure the ultimate sustainability of the program. We are thrilled to be a part of this landmark achievement for the benefit of our City’s future generations.
More details are available in the following press release issued from the City of Syracuse:
FOR IMMEDIATE RELEASE
Date: March 1, 2016
Contact: Alexander Marion
MINER ANNOUNCES $400,000 DONATION TO SAY YES TO EDUCATION
Proceeds From SLDC’s First Bond Issuance Fee Will Be Used to Support Say Yes to Education
Miner: SLDC Will Be an Asset for The City’s Non-Profit Institutions and We Will Make SLDC an Asset for the People of the City
SYRACUSE, N.Y. – Mayor Stephanie A. Miner announced today that the Syracuse Local Development Corporation (SLDC) will issue more than $42 million in bonds to support an expansion project at Crouse Hospital. Proceeds from the resulting 1% fee from this bond issuance will be donated by SLDC to the Say Yes to Education Foundation Endowment.
“SLDC is an asset for the City’s major non-profit institutions seeking development, and we fully intend to ensure SLDC is equally an asset for the people of the City of Syracuse,” said Syracuse Mayor Stephanie A. Miner. “I am very pleased we are able to use the fee from this project to support the Say Yes to Education Endowment. The Say Yes program has already had an incredible impact in our community, sending over 2,000 students to college—many of whom may not have otherwise been able to attain higher education. With this support, we will see the continued impact of Say Yes to Education in our community.”
The SLDC will issue approximately $42,620,000 in Tax-Exempt Multi-Modal Revenue Bonds for Crouse Hospital to undertake a 53,700 square foot renovation of the existing emergency services department, a 12,000 square foot addition to the Witting Building to house mechanical equipment and an emergency department observation suite. The funds will also help support the renovation of the Memorial Building Medical/Surgical Unit and the renovation of the existing ICU suite.
The contribution from SLDC will complete the local match needed to receive a $5 million contribution from SRC, Inc. The Say Yes to Education Endowment Fund is managed by the Central New York Community Foundation, a non-profit 501(c)3 organization.
“We are very pleased that the City is going to use proceeds from the SLDC’s bond issuance to support the Say Yes Scholarship Endowment Fund. These scholarships have already had a transformational effect on the lives of many young people throughout our community and this generous donation will see that benefit continue even further,” said Peter Dunn, President and CEO of the Central New York Community Foundation. “The Community Foundation is proud to serve as the steward of this highly-respected program. This gift fulfills the final portion of the remaining community match of SRC, Inc.’s $5 million gift to the Say Yes Scholarship Endowment Fund – bringing us that much closer to permanently endowing this scholarship for future generations of young people.”
The Syracuse Common Council unanimously passed a resolution calling on the SLDC to use fees from its development projects to support Say Yes to Education. The resolution was adopted by the Council on August 24, 2015. This is the first development project which has used the SLDC and the first opportunity to use funding to support Say Yes. The SLDC board, which by law consists of the same membership as the Syracuse Industrial Development Agency (SIDA) board, approved a resolution authorizing the contribution at their December 15, 2015 meeting.
“Say Yes to Education is living up to its promise of helping City school students live up to their potential and receive the higher education that might not otherwise be possible,” said Susan C. Boyle, Third District Common Councilor and Chair of the Council’s Committee on Education and Human Development. “As a public school parent and Common Councilor, I am glad these resources are being directed to this critically important program.”
“This funding commitment from the Syracuse Local Development Corporation and the City of Syracuse is an investment in the children of this community and brings us one step closer to fully funding the Say Yes to Education Endowment,” said Superintendent Sharon L. Contreras. “The endowment provides the financial support to so many of our families that otherwise would not be able to send their children to college. We are grateful to Mayor Stephanie Miner and to the SLDC for their generous contribution; it will change the lives of thousands of young people across the City of Syracuse.”
Mayor Miner has long been a champion of Say Yes to Education, a non-profit organization which provides social programming in schools, including access to legal services and family counseling. The signature effort of the Say Yes to Education Foundation, which the Endowment supports, is providing full tuition college scholarships to students who successfully graduate from Syracuse City School District High Schools. The Mayor has annually hosted a gala fundraiser supporting the Say Yes to Education Endowment, which have raised hundreds of thousands of dollars to support the cause.