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Press Release, December 7, 2004

For Immediate Release — December 7, 2004

Fast-Growing LGBT Scholarship Foundation Welcomes New Trustees: Actress Judith Light, TV Producer Herb Hamsher, Past President of Martha Stewart Living David Steward, and Communications Attorney Peter Epstein

The Point Foundation Celebrates a Year of New Partnerships in Support of High-Achieving Lesbian, Gay, Bisexual and Transgender Students

(Chicago, IL) — Actress Judith Light is the most recent addition to the Board of Trustees of The Point Foundation, the largest national scholarship organization dedicated to supporting academic achievement in higher education among lesbian, gay, bisexual and transgender (LGBT) students. TV producer Herb Hamsher, business leader David H. Steward and communications attorney Peter J. Epstein also joined the Board during the last quarter of 2004.

Judith Light is best known as the co-star of the long-running television hit, “Who’s the Boss?” and for her role on “One Life to Live,” as well as several stage productions, both on and off Broadway. A passionate advocate of many charities and organizations promoting human rights and AIDS-related causes, Light has enthusiastically embraced her new position with The Point Foundation.

Light’s long-time manager, television producer and philanthropist Herb Hamsher, was also among the Trustees welcomed onto The Point Foundation Board this quarter.

“The Point Foundation is incredibly inspiring to me,” Hamsher says of his new role with the organization. “Providing not only financial support but the psychological, emotional and spiritual support that goes along with mentoring fills a very important need within the LGBT community. And the fact that leadership potential is an element of the scholarship selection process means Point is thinking ahead to the future of our community.”

Marketing and business leader David H. Steward, recognized for his work with three of America’s top media brands: People magazine, Martha Stewart Living and TV Guide, and Peter J. Epstein, a partner in the Boston-based law firm Epstein & August, LLP that specializes in cable television and telecommunications law, both recently joined the organization as Point Foundation Trustees.

The announcement of these new Board members and Trustees tops off a year of in which The Point Foundation forged unprecedented new partnerships with organizations as diverse as Viacom/MTV, Deutsche Bank, Citigroup, and Lake Tahoe’s first gay and lesbian ski festival. Earlier this year, the MTV network’s college-based arm, mtvU, featured two Point Scholars in its “Out on Campus” Week special, and co-branded two $10,000 Point Foundation scholarships.

Executive Director Vance Lancaster, who was recently honored by Out magazine as one of 2004’s most influential LGBT leaders, also drove tremendous growth in the Foundation’s resources in 2004. Lancaster built a $1 million endowment within just 90 days of receiving a generous $100,000 challenge grant from business leader and philanthropist Michael Huffington. This endowment was part of The Point Foundation’s impressive overall growth from $300,000 to $1.5 million in the last year. Currently, Huffington has offered an additional challenge grant of $150,000 contingent upon The Point Foundation raising $850,000.

While this success points to a bright future for the Foundation, Lancaster recognizes that the organization is facing a significant unmet need, but expects the capacity of The Point Foundation to continue to grow. The Point Foundation anticipates receiving over 5,000 scholarship applications for 2005.

“This year we gave scholarships to 25 students—more than twice the number we were able to support in 2003. Next year, we seek to expand the number of scholarships even further,” said Lancaster. “But there are hundreds— if not thousands—of deserving students who would benefit from what the Foundation has to offer,” added Lancaster. “We continually strive to expand our endowment and Board of Trustees so that we can make a difference in the lives of even more of scholars.”

The Point Foundation will begin accepting applications for the 2005-2006 school year in January 2005.

About The Point Foundation

The Point Foundation is the first and only nationwide LGBT scholarship organization that focuses exclusively on granting assistance to undergraduate, graduate and post-graduate students of distinction. Point Scholars are chosen for their demonstrated leadership, scholastic achievement, extracurricular activities, involvement in the LGBT community and financial or emotional need. For more information, visit www.ThePointFoundation.org.

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