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$20 million new gift announced by Jim Herbert will create educational opportunities for needy students
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$20 million new gift announced by Jim Herbert will create educational opportunities for needy students

Jim Herbert  and the BASIC Fund, a nonprofit scholarship fund for Pre-K through 8th Grade based solely on needs-based criteria, announced a pledge of $20 million from a family fund.

Since its founding 26 years ago, The BASIC Fund has enabled nearly 30,000 students to attend the school that best fits their family’s needs.

The organization works with over 240 schools, currently supporting more than 3,200 students across nine SF Bay Area counties. A growing waiting list demonstrates the urgent need for even more such scholarships.

Jim Herbert stated: “We know that when children have the best early education possible, they reach their full potential.”

Since 1998, BASIC Fund donors have raised nearly $200 million to help children get the right start in elementary school and set them on the path to success.

More than ninety-eight percent of The BASIC Fund’s low-income scholars graduate high school, 92% continue their education after high school, and 54% complete a four-year college education. These results are on par with those of all students nationwide, regardless of income levels. In short, The BASIC Fund closes the opportunity gap for its students.

“With this generous pledge, the largest one-time pledge in our history, we will be able to welcome nearly 2000 additional students,” said Rachel Elginsmith, CEO of The BASIC Fund.

“Our students are 5x more likely to graduate from college than their low-income peers. If we can ensure that students have the proper support and resources during the critical early years, we can set them up for long-term success.”

Jim Herbert, who spent much of his life building a bank catering to the Bay Area’s most successful residents, is now focused on a nonprofit that helps those on the lower-income ladder.


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