Denver College Success Corporation rebrands as Prosperity Denver Fund as they make the City’s first-ever voter-funded reimbursement
DENVER, Colo. (June 1, 2020) – In 2018, Denver voters passed the Prosperity Denver ballot initiative to increase post-secondary enrollment and degree completion and to authorize the creation of an entity responsible for administering the Denver College Affordability Fund (DCAF). Today, that entity, previously known as Denver College Success Corporation and now known as Prosperity Denver Fund, announced $5 million in reimbursements for scholarships, as well as academic support services, given by eligible nonprofits to qualifying Denver students in the 2018/19 academic year.
DCAF, funded by a 0.08% sales tax increase that started collection in January 2019 and sunsets in 2030, is managed by Prosperity Denver Fund. In their first-ever distribution, the Fund issued reimbursements today to sixteen Denver-serving nonprofits.,
“Prosperity Denver Fund is our residents’ commitment and investment in a more equitable Denver,” said Denver Mayor Michael Hancock. “Whenever you shop at local businesses, you’re also supporting access to post-secondary education – from vocational and technical schools to two- and four-year college programs. It’s a first-of-its-kind model that I hope will be embraced by cities across the country.”
The Fund intends to make distributions twice a year, per the requirements of the voter-approved ordinance. The process for reimbursements for the 2019/2020 academic year, as well as additional reimbursements to other Supported Organizations from the 2018/19 academic year, will be announced later this year.
“The Fund was created as a unique public-private partnership meant to supplement existing access to post-secondary education and to stimulate our regional economy,” said Stephen Kurtz, Chairman of Prosperity Denver Fund. “While this is our first-ever distribution as an organization, we expect future total reimbursement amounts to increase as even more eligible nonprofits apply to become Supported Organizations, which can be done on a rolling basis.”
Nonprofits eligible for reimbursement, classified by the Fund as “Supported Organizations or “SOs,” must have 501(c)(3) status, with at least a three-year history in Denver, and serve Denver students who: are no older than age 25; have continuous Denver residency for more than 36 months prior to their first post-secondary course; have a high school diploma or GED; attend a public or not for profit in-state, accredited college, university, community college or technical school; and, demonstrate Satisfactory Academic Progress (SAP) as determined by their post-secondary institution.
“The Latin American Educational Foundation is excited and thankful to be a Supported Organization of Prosperity Denver Fund,” said Jim Chavez, Executive Director of the Latin American Educational Foundation. “The Fund allows LAEF to provide an even greater number of scholarships to talented and aspiring Denver students who have dreamed of pursuing a college education. The reimbursements provided to LAEF are a great investment in Denver students and will lead to an even greater Denver in the future.”
For the full list of requirements, and for nonprofit to apply to become Supported Organizations, visit www.ProsperityDenverFund.org/supported-organizations.
Supported Organizations can receive up to a 75% reimbursement on post-secondary education scholarships and the cost of support services. With this kind of financial support, they can expand their impact in reducing financial barriers to post-secondary educational opportunities for Denver residents.
The breakdown of reimbursements to Supported Organizations for PDF’s first-ever distribution is as follows:
About Prosperity Denver Fund
Prosperity Denver Fund is a tax-funded nonprofit organization dedicated to expanding access to post-secondary education opportunities for Denver students. PDF leverages public dollars with privately raised funds to increase enrollment at accredited Colorado technical schools, community colleges, and universities. The Fund has a seven-member board appointed by the Mayor and City Council, with annual financial and student results reported to the Mayor, Council, and Auditor. The Board is subject to open meetings and open records laws. Learn more at www.prosperitydenverfund.org.
###
