As Denver Scholarship Foundation (DSF) continues to celebrate the opportunity to serve more Denver students on their journeys to and through college graduation, alongside many other local nonprofit organizations through the success of the passage of November 2018’s Prosperity Denver ballot initiative, the preparation for next steps is underway.
Denver College Success Corporation (DCSC) is the nonprofit organization that resulted from the passage of the initiative by Denver voters in 2018. DCSC will be responsible for administering the Denver College Affordability Fund, a fund created by a .08% sales tax increase that started collection in January 2019. As the first of its kind in the nation, the public private partnership is anticipated to create a yearly fund of $14 million.
Beginning in 2020, scholarship/service providers, like DSF, will have the opportunity to apply for partial reimbursement, up to 75%, through DCSC based on student success. It is a pay-for-performance model.
At least 20 nonprofit organizations were a part of the ballot initiative, and each will be eligible to receive reimbursement. Any nonprofit in the state of Colorado that meets the criteria noted in the ballot measure will be eligible to apply.
DSF will leverage this opportunity to serve even more students, as funds raised from private sources will allow DSF to unlock the DCSC funds voters approved to support student success. DSF will continue to fund the initial investment of scholarships and student success supports for our Scholars, and the DCSC will multiply the impact by providing reimbursement as our students persist in and graduate from college.
We can’t do this work without the generous support of our donors. The more money we raise, the more students, we serve – the more students succeed, the more money we unlock to support even more students.
The DCSC board members are Mayoral appointees, with the selection process now underway, with appointments anticipated to be made by mid-April.
DSF will share updates and information as they become available over the coming weeks. Thank you for your continued support of our mission, and of Denver’s students!