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Press Release, September 14, 2004

For Immediate Release — September 14, 2004

Scholarship Foundation Catapults into Top Ranks of Lesbian, Gay, Bisexual and Transgender Foundations

The Point Foundation Grows Budget from $300,000 to $1.5 Million Last Year,

Plans to Double the Number of Scholarships Given to LGBT Students Next Year

(Chicago, IL) — As students across the country settle into their first weeks of the new school year, The Point Foundation today announced that it has grown its incoming donations from $300,000 to $1.5 million in this fiscal year alone. In addition, Point created a $1 million endowment within just 90 days of receiving a generous $100,000 challenge grant from business leader Michael Huffington.

The Point foundation is the first national foundation exclusively devoted to supporting academic achievement in higher education among lesbian, gay, bisexual and transgender (LGBT) students. This year’s growth makes Point one of the largest LGBT foundations in the country and will allow the Foundation to double the number of students it supports, from twenty-five Point Scholars in 2004 to an anticipated fifty Point Scholars in 2005.

The Point Foundation was founded in 2001 by business visionary Bruce C. Lindstrom and his partner Carl T. Strickland. At an early age, Mr. Lindstrom was disowned by his family because of his sexual orientation. Lindstrom struggled to put himself through college without their financial and emotional support, inspiring the mission of the Point Foundation. The Foundation has prospered in large part because of its appeal to donors who want to make sure the hardships and the helplessness they faced a generation ago are not experienced by today’s LGBT youth. The Point Foundation is a lifeline for students in need, providing not only multi-year financial grants, but also positive support, mentoring, networking and internship opportunities to young people marginalized because of their sexual orientation or gender identity.

The Point Foundation has grown dramatically under the watch of its new executive director Vance Lancaster. Formerly the Director of Strategic Giving at the Gill Foundation, Lancaster has a distinguished academic background and experience from both for-profit and not-for-profit corporations, as well as years of experience working within the LGBT community.

The Point Foundation’s founders, board of directors, and an anonymous donor underwrite all administrative costs associated with running the Foundation, making every donated dollar available to support Point Scholars and creating a unique and exceptionally effective organizational model for philanthropy and scholarship.

Upcoming for national "Out on Campus Week," The Point Foundation and MTV are partnering to air a program this fall on MTVU (MTV’s university channel) devoted to chronicling campus life of some current Point Scholars. MTVU and Point will also be co-branding two $10,000 scholarships tied to the program.

Despite The Point Foundation’s growth in its first three years, the organization recognizes the overwhelming unmet need. The Foundation received more than 1,000 applications last year from deserving, disenfranchised LGBT students. Individuals who would like to make a donation to support current and future Point Scholars can donate online at www.thepointfoundation.org.

Editor’s note: For a high-resolution photo of executive director Vance Lancaster, 2004 Point Scholars, or more information, please call the contacts listed above.

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