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Science Foundation Arizona Secures $25M from Stardust Charitable Fund
Earlier this year, Arizona Gov. Janet Napolitano and the Arizona State Legislature committed $100 million over four years to support Science Foundation Arizona, a nonprofit public-private partnership to coordinate the state’s R&D investments in science and technology. The catch? The law required a dollar-to-dollar match of non-government funding of the annual $25 million allotment before the state could release its funding to Science Foundation Arizona.
The initial $35 million appropriation for 2007 did not come with the restriction. Science Foundation Arizona allocated $30 million of that funding to 55 recipients for projects ranging from improving science and math education to commercializing new research discoveries.
The first funds to be affected by the tight purse strings are for fiscal year 2008, which potentially created a sizable hurdle for developing and sustaining a long-term S&T investment strategy for the organization and state.
In steps the Stardust Charitable Fund with a $25 million check to cover the FY 2008 obligation. The Stardust Charitable Fund, a foundation established by the Scottsdale-based real estate developer Stardust Companies, provided Science Foundation Arizona a $2.5 million grant earlier this year. Prior to the $25 million contribution, Stardust had donated approximately $10 million in the areas of science, research, engineering and innovation as part of its Discovery and Innovation Initiative.
More information is available at www.sfaz.org.