Two foundations are making their largest gifts ever in order to support the Pittsburgh Promise. The Pittsburgh Foundation is contributing $3 million right away, another $2 million over the next four years and an additional $5 million five years after that. The Buhl Foundation has committed to a $3 million dollar gift over the next 10 years.
Both foundations say the recent economic downturn did not affect the amount of their contributions, and that the money is being invested in a conservative money market fund for now. The foundations also say they made their gifts on the condition that the Pittsburgh Public School district meet certain goals in the future, including higher test scores.
The Pittsburgh Promise awards scholarships of up to $5,000 a year to help high school seniors go to college. The first scholarships were awarded last spring.