Anand Kesavan, ESRF and EFF Founder & Chief Executive Officer
Equitable School Revolving Fund
Equitable School Revolving Fund
Learn about the latest News & Events for Equitable School Revolving Fund, and sign up to receive news updates.
Add this issuer to your watchlist to get alerts about important updates.
Learn about the latest News & Events for Equitable School Revolving Fund, and sign up to receive news updates.
A functioning, comfortable building is essential for students to thrive. But at the Beatrice Mayes Institute charter school in Houston, the building was falling apart, and didn’t even have air conditioning to cool their students—a must in a muggy city.
In pursuit of desperately needed repairs to the building, they partnered with the Equitable Facilities Fund (EFF), a nonprofit social impact fund dedicated to supporting high-performing public charter schools across the United States.
“EFF enabled Beatrice Mayes to build a proper facility, a transformation that moved teachers who had devoted decades to the school to tears. This isn’t just about construction but about fairness and opportunity,” said founder and CEO of EFF Anand Kesavan in a recent conversation with Philanthropy Roundtable. “Philanthropists have the chance to turn their contributions into lasting, structural change—creating a future where facilities are no longer a bottleneck to opportunity.”
EFF is innovating charter school infrastructure support by providing public charter schools like Beatrice Mayes with low-cost, long-term financing options to help them establish sustainable facilities. This financial support allows schools to redirect funds typically spent on loan repayments back into educational resources, thereby enhancing teaching and learning outcomes_._
The following interview has been edited for length and clarity.
Q: As we approach 2025, what is your perspective on the current state of the public charter school sector? What key challenges and opportunities should donors keep in mind when considering their support for charter schools?
Kesavan: Charter schools succeed when they balance autonomy with accountability. Over the past 30 years, this combination has proven effective, but there is room for growth. Schools need real independence to innovate while ensuring robust accountability to measure and ensure success. This includes identifying exemplary schools, supporting them and providing access to resources like facilities and equitable funding.
But challenges remain. We need to attract more passionate entrepreneurs to lead these schools and address systemic barriers like unfair funding and politicized environments. A top-down approach is necessary, creating comprehensive systems that support talent, infrastructure and accountability across the board.
Parental choice continues to drive demand, as parents trust these schools for safety, personalized attention and results—evident in the steadier enrollment growth in charter schools compared to traditional districts during the pandemic. Looking ahead, the focus should shift from just growing the sector to determining which schools are excelling and channeling resources toward them. Building an equitable, supportive system will ensure long-term success, benefiting children, empowering parents and sustaining quality education.
Q: Facilities financing often flies under the radar in education philanthropy. Why are facilities loans so critical to the success of charter schools? Can you share specific examples of how these loans have allowed schools to redirect resources toward improving student outcomes?
Kesavan: The biggest challenge to scaling from 7,000 charter schools to 15,000—or more—is a lack of affordable access to buildings. Starting or expanding a school is nearly impossible without facilities, as securing $20 to $30 million for a building is out of reach for most entrepreneurs. Philanthropists often address symptoms by funding programs or short-term needs. But the root issue—access to financing for facilities—is left unresolved.
Here’s the opportunity: create a sustainable solution by building a financial system similar to what Fannie Mae does for mortgages, only for schools. This model leverages private funds to create large-scale, low-interest loan systems, enabling schools to invest in long-term assets like buildings. By focusing on three core principles—scale, save and sustain—funds can be multiplied, borrowing costs reduced and investments recycled into perpetuity.
The impact is profound. Investing in this model could unlock exponential growth for charter schools, help meet demand (millions of students are currently on waitlists) and ensure entrepreneurs are competing on a level playing field. Instead of “throwing the ball against the wind,” we need to remove these systemic barriers and empower schools to flourish.
It’s not glamorous, but solving this foundational issue is what will truly transform education at scale.
Q: What are the latest developments or strategic priorities at the Equitable Facilities Fund? Are there any new initiatives or milestones you believe would resonate with philanthropists?
Kesavan: Over the past eight years, we’ve grown from testing the feasibility of our model to achieving remarkable success. This year, we’ve proven that we can provide charter schools with loans at rates equitable to those of nearby districts, fulfilling our mission for true financial equity in education. With a 0% default rate on $1.5 billion loaned and leveraging donor funds at six times (and aiming for 10 times), we’ve created unmatched impact.
Additionally, we’re forging new partnerships with major donors and philanthropists to expand our reach. These collaborations will enable us not only to lend directly to schools but also to empower other funds to do the same, revolutionizing the sector as a whole. Our model works, it scales to billions and it’s now positioned to transform education funding nationwide.
Q: Could you share any recent success stories of charter schools that have leveraged EFF’s funding to expand access to high-quality education, particularly in underserved communities?
Kesavan: Two poignant examples highlight the power of equitable support for education. First, the Beatrice Mayes Institute in Houston—a community-rooted charter school operating in a dilapidated building without air conditioning—thrived despite its challenges, thanks to its dedicated teachers. Recognizing the inequity of great schools lacking adequate facilities, while others with lower performance occupy pristine buildings, we provided a subsidized loan significantly below market rates. This enabled Beatrice Mayes to build a proper facility, a transformation that moved teachers who had devoted decades to the school to tears. This isn’t just about construction but about fairness and opportunity.
Another success story is Zeta Charter School in New York, one of the country’s top-performing schools. We offered them low-cost financing, saving them substantial funds compared to costly real estate developers. This allowed Zeta to focus on what matters—education—while scaling from 500 students to 10,000, demonstrating how facility funds can empower ambitious educators to create lasting change.
These stories underscore how investing in equitable facilities funding reshapes education, empowers entrepreneurs and influences policymakers. With major national funders committing $150 million to scale these models, this concept is proving not only impactful but replicable globally for underserved communities. It’s a model philanthropy that sustains, scales and changes generations.
Q: Looking ahead, what trends should donors pay attention to in the charter school sector? Are there specific shifts in infrastructure needs, enrollment patterns or public policies that could affect their giving strategies?
Kesavan: Charter schools must adapt to three critical trends to thrive in a rapidly changing educational landscape. First, facilities must evolve to integrate private funding as a tool for accountability. By leveraging donor-funded banks, effective schools can be incentivized to improve continuously, aligning philanthropic goals with student outcomes.
Second, enrollment trends are shifting. No longer can we assume that opening a building will guarantee enrollment. With people moving to new regions or away from urban centers, it’s crucial for charter schools and donors to strategically establish schools in areas with long-term demand. Flexibility to follow where the students are is a competitive advantage charter schools have, and it should be embraced.
Lastly, while policy advocacy is not our primary focus, it’s vital to approach discussions with transparency and data rather than divisive rhetoric. This means avoiding charter versus district politics and focusing on supporting good schools—whether they are charter-run or district-operated. Unified cooperation and clearer accountability metrics across organizations can amplify the positive impact of school choice.
By working together, integrating innovative funding strategies and staying responsive to trends, we can ensure that all schools remain focused on serving students and creating meaningful change.
In just six years, the charter school impact fund is now borrowing at rates on par with school districts, bringing equity within reach for all high-quality K-12 schools.
The Equitable School Revolving Fund LLC., a first-of-its-kind loan pool for charter schools, will hit the market next week with $300 million of A-rated social bonds.
This week, I’m pleased to report that Equitable School Revolving Fund has closed its fifth “A” rated bond offering.
This was our largest issuance yet, raising $300 million that will directly support the most affordable facilities loans available to high-performing public charter schools across the country. Portions of this year’s offering were more than 18x oversubscribed, driven by a rocksteady ESRF investor base that now includes over 85 savvy bond investors. Thank you for your resounding support and belief in our schools.
While this latest round represents the steady growth and exceedingly positive investor reception that EFF has earned through ceaseless transparency, rigorous underwriting and unrelenting support of schools, it also represents a rededication to our primary strategy, to ensure that schools have access to the financial resources they need to thrive, even in challenging macro-rate environments.
High interest rates should not take money out of our classrooms.
When the pandemic threw the capital markets into chaos, EFF capped interest rates for our schools so they could continue to grow through uncertainty.
Despite today’s high-interest rate environment, EFF will offer more than $150 million in short-term loans at interest rates lower than 5% in the months to come. These loans will cover 100% of project costs (with zero equity requirement) so all schools can have the homes they deserve without struggling to patch lending gaps with philanthropy or their operating dollars.
For high-potential, early-phase schools, short-term lending offers a path forward during unfavorable market conditions. These loans will bridge schools to long-term affordability - and save them hundreds of thousands of dollars per year in the interim. Since 2017, EFF has redirected more than $250 million in interest savings back into the classrooms of 170 schools nationwide.
As of 2022, the charter bond sector has now been active for 25 years, a milestone this community can be proud of. EFF’s philanthropic backing represents the next evolution of this important work, allowing us to raise money at lower rates on behalf of great schools. It ensures that no matter the market conditions, we are going to keep showing up where we are needed most.
In partnership,
Anand Kesavan
CEO, Equitable Facilities Fund
Learn more about our latest closing here and check out recent coverage.
Did you know that as of 2022, the tax-exempt charter school bond sector has been active for 25 years?
A full-fledged municipal bond sector with nearly 2,300 transactions issued to date, there is now a significant track record of repayment performance that we can look to for future guidance. A new report from EFF dives deep into 25 years of trends.
Among the findings:
Read the FULL REPORT
The Arizona Industrial Development Authority as conduit issuer is set to offer a $230 million social bond next week to support a variety of high-performing public charter schools across the United States.
Please see the below link and attachment to access the full article.
First-of-its-kind public-private partnership will support 7,500+ new, high-quality public charter seats in the state
When it comes to expanding access to a high-quality education, Nevada public charter schools have a new ace up their sleeve.
Just one year from the launch of EFF's first state-based revolving loan fund in Texas, we are proud to announce the creation of the Nevada Facilities Fund (NVFF), offering high-impact and high-potential public charter schools affordable, low-interest financing for purchasing, building or refinancing facilities.
The $100 million state fund is expected to help the highest-impact Nevada public charter schools add 7,500+ new seats in the coming years. These low-cost loans will save schools around $25 million, directing critical funding back where it belongs - the classroom.
What makes NVFF different? EFF has partnered with Opportunity 180, Governor Joe Lombardo, Treasurer Zach Conine and the Nevada State Infrastructure Bank to create the first public-private partnership that provides a dedicated facility funding resource for public charter schools looking to open or expand in Nevada. EFF will leverage $20 million contributed by the State Infrastructure Bank and local philanthropists with an additional $80 million of low-yield bond proceeds issued to our national investor base - allowing charter schools to borrow at sub-5%* interest rates.
The Nevada Facilities Fund is the public school facilities solution that Nevada families deserve. Together, we’re combining local expertise, a proven national model, and state, federal and philanthropic funding to catalyze something that will make a difference for children for years to come.
Bonds will fund loans to help public charter school campuses access affordable facilities.
New York, NY –Equitable School Revolving Fund, LLC (ESRF) plans to market and sell approximately $300 million of social bonds to support high-performing public charter schools across the nation.
The upcoming bond issuance has been authorized by the Arizona Industrial Development Authority and may come to market as early as the week of November 20, 2023.
The sole member of ESRF is Equitable Facilities Fund, Inc., a nonprofit corporation created to provide low-interest loans that allow high-performing public charter schools, which receive significantly less funding than traditional school districts, to maximize the resources they dedicate to students.
Since EFF’s launch in 2017, it has surpassed over $1 billion in loans to 170+ high-impact charter school campuses across 20 states, providing access to affordable facilities, refinancing debt, constructing new buildings, and undertaking improvements at existing facilities.
“In communities across the country with few or no quality educational options, seats at public charter schools are an in-demand asset. Growing waitlists show us that families want more high-quality options, and it’s one of the reasons EFF portfolio schools have overperformed, with zero defaults in five years,” said EFF Founder and CEO Anand Kesavan. “Now with over $1 billion in loan capital, the portfolio is poised to create even more equitable opportunities for students in our most overlooked communities.”
EFF estimates that its low-cost loans have saved educational institutions over $250 million over the last five years, enabling them to redirect more dollars away from high-interest payments and into the classroom to enhance academic achievement.
To date, EFF has raised over $350 million in philanthropy that supports the fund’s credit
structure. It is currently raising an additional round of philanthropy with the intention to invest over $3 billion in schools serving more than 150,000 students by 2028.
ESRF has engaged Siebert Williams Shank as Senior Manager for the upcoming financing. Certain historical and general information about ESRF and its program is available on its investor relations page at www.esrfinvestors.org. Such information was true and correct as of its date and is not incorporated by reference herein.
About Equitable Facilities Fund
Equitable Facilities Fund is a 501(c)(3) nonprofit corporation created to provide low-cost facility loans that allow high-performing public charter schools to maximize the resources they dedicate to students. High-quality public charter schools promote bright futures for children across America, and EFF believes these schools should borrow under terms comparable to traditional public-school districts. EFF administers an 'A' rated revolving loan fund, which recapitalizes using funds from Equitable School Revolving Fund's bond issuances, to offer high-credit, long-term, scalable bond investment opportunities.
Launched in November 2022, TFF is ahead of schedule to its goal of providing $250 million in ultra-low-cost, short-term financing for public charter schools during critical growth years.
AUSTIN, Sept. 29, 2023 /PRNewswire/ -- The Texas Facilities Fund (TFF) has announced it has surpassed $100 million in low-cost investments in early-phase, growing and single-site public charter school operators that demonstrate tremendous potential.
The announcement came as the state's public charter school community convened at the Texas Public Charter Schools Conference in Austin, TX, September 25-27.
A first-of-its-kind, state-based offering, TFF was designed to support the launch of high-quality public schools for under-resourced communities. Financing is made available to schools before they reach the enrollment and revenue thresholds required by the Texas Permanent Schools Fund, a state-administered lending program.
TFF is operated by the Equitable Facilities Fund (EFF), a national, philanthropy-backed impact fund that has made over $1 billion in loans to 156 public school campuses across 19 states. EFF loans have so far directed $250 million in savings back into classrooms. The fund's strategy is centered on a core belief that low-income students of color deserve equitable access to the school facilities, resources and support they need to grow and thrive.
"Texas doesn't do anything small, and the philanthropic community across Houston, Austin, San Antonio, and Fort Worth has gone big in this effort to deliver educational equity for students," said Anand Kesavan, CEO of EFF. "Pair their generosity with EFF's national investor base and a strong community of schools, and you've got the perfect equation for what we've accomplished over the past year: $100M deployed to scale excellent public school options that Texas communities deserve."
Over the course of the fund, the Equitable Facilities Fund anticipates that $250 million in TFF loans will catalyze the growth of 20 high-quality Texas schools, helping 10,000 Texas students access a high-quality education in world-class facilities.
So far, TFF portfolio schools include Compass Rose Public Schools, Beatrice Mayes Institute, Amigos Por Vida - Friends for Life, Houston Classical Charter School, Etoile Academy Charter School and Valor Public Schools.
Collectively, these schools enroll 5,800 students across Texas and will benefit from over $11 million in savings generated by the loans from TFF. Seven regional foundations seeded the fund with a total of $25 million in donations that will be leveraged 10 times with philanthropy committed by EFF's national supporters as well as low-cost municipal bond proceeds. Texas-based supporters include Houston Endowment, The Brown Foundation, the Ewing Halsell Foundation, and the Kleinheinz Family Foundation.
Through a $4.6 million loan from TFF, Houston Classical Charter School was able to purchase and renovate its existing facilities, expanding available seats from 150 to 400 in the 2023-2024 school year. The school, whose population is nearly 100% Black and Hispanic, offers its community in Southwest Houston a classical model of education for PK-4th grade focused on academic rigor and character development in a structured environment.
"Our school has pretty quickly become a beacon in the community where parents know their kids are safe, challenged and being pushed to their max potential," says Founding Principal Deyvis Salazar. "We've only been open since 2020, and our parents are already asking for a high school. As we continue to expand, TFF has helped us think through the tough decisions. And unlike a bank, they are on your team, 100% mission-aligned with our goal of responsibly serving as many students as we can."
In addition to the Texas fund, EFF plans to launch several state-based, low-cost revolving loan funds in the coming years.
About Equitable Facilities Fund
Equitable Facilities Fund is a 501(c)(3) nonprofit social impact fund created to provide low-cost facility loans that allow high-performing public charter schools to maximize the resources they dedicate to students. High-quality public charter schools promote bright futures for children across America, and EFF believes these schools should borrow under terms comparable to traditional public-school districts. EFF administers an 'A' rated revolving loan fund, which recapitalizes using funds from Equitable School Revolving Fund's bond issuances, to offer high-credit, long-term, scalable bond investment opportunities. To learn more, visit www.eqfund.org or email info@eqfund.org.
Philanthropy-backed impact fund pioneers unique financing model to help 156 public school campuses in 19 states access affordable facilities - directing $250M in savings back into classrooms
NEW YORK, June 15, 2023 /PRNewswire/ -- Equitable Facilities Fund (EFF), a nonprofit social impact fund, today announced it crossed the billion-dollar threshold in low-cost loans to high-performing public charter schools. Since its launch in 2017, EFF has successfully closed four bond issuances totaling over $800 million in proceeds backed by the fund's 'A' credit rating from S&P Global Ratings.
EFF's philanthropy-backed investment model provides the most affordable financing option, regardless of market conditions, for public charter schools, which receive significantly less funding than traditional school districts. The model has also generated $250 million in savings that are invested back into schools. Within EFF portfolio schools, 90% of students outperform their district peers, 80% identify as people of color and 70% qualify as economically disadvantaged.
The financing model has helped 156 public school campuses in 19 states access affordable facilities that have been used to purchase previously leased facilities, refinance existing debt, construct new buildings and undertake improvements at existing facilities.
"Reaching this milestone demonstrates the unprecedented scale and measurable success of the sustainable model we built to help our nation's highest-performing public charter schools access equitable funding," said Anand Kesavan, founder and chief executive officer of the Equitable Facilities Fund. "In just six years, the fund has supported more than 150 school campuses serving 75,000 students and forecasts rapid growth to meet the community need in the coming years as it seeks to achieve equity self-sustainability."
To date, EFF has raised over $350 million in grants from 17 funders. Contributions are leveraged with low-cost debt issued to more than 70 municipal bond investors, including JPMorgan, Goldman, UBS, Vanguard, Wilmington Trust, and Alliance Bernstein, among others. For every dollar donated, EFF makes at least $6 of affordable loans to schools. Over time, loan proceeds are repaid and then loaned out again to new school borrowers, allowing the impact of a one-time gift to last in perpetuity.
EFF is supported by the Walton Family Foundation's Building Equity Initiative (BEI), an unprecedented effort to make it easier and more affordable for public charter schools to access equitable, affordable facilities funding.
"I'm proud of EFF's work to change charter school financing," said Jim Walton, Walton Family Foundation trustee. "As this work continues to grow, I'm excited to see more schools and communities benefit from this fund."
"The Equitable Facilities Fund allows charter schools to put more resources where they belong: in the classroom with students," said Alice Walton.
"With EFF, it feels like you are working with an advocate who understands the impact of your schools and believes in your mission," says Farnaz Golshani-Flechner, superintendent of Environmental Charter Schools in Los Angeles. ECS was supported by a $30 million EFF loan to acquire, renovate and refinance existing facilities. "The lower cost financing has allowed us to continue our model of education in a meaningful way."
EFF plans to harness the strength of this national investment platform to launch several state-based funds. This includes the Texas Facilities Fund (TFF), a $250-million initiative seeded with philanthropy from regional foundations and launched in November of 2022. TFF offers low-cost facility financing to early-phase public charter school operators that demonstrate tremendous potential. The EFF team intends to establish localized funds in at least four other states over the next three to four years.
In 2021 and 2022, EFF was named Environmental Finance's Impact Project/Investment of the Year - Education.
About Equitable Facilities Fund
Equitable Facilities Fund is a 501(c)(3) nonprofit social impact fund created to provide low-cost facility loans that allow high-performing public charter schools to maximize the resources they dedicate to students. High-quality public charter schools promote bright futures for children across America, and EFF believes these schools should borrow under terms comparable to traditional public school districts. EFF administers an 'A' rated revolving loan fund, which recapitalizes using funds from Equitable School Revolving Fund's bond issuances, to offer high-credit, long-term, scalable bond investment opportunities. To learn more, visit www.eqfund.org or email Mike McGregor at mike@eqfund.org.
SOURCE Equitable Facilities Fund
Five analysts represent the next generation of mission-driven finance professionals in education.
NEW YORK, April 26, 2023 /PRNewswire/ -- Equitable Facilities Fund, Civic Builders and Afton Partners today announced their selections for the second cohort of the Education Finance Analyst (EFA) Program.
From a pool of 530 applications, five analysts were selected to join the EFA Program, a collaborative effort between Civic Builders, Equitable Facilities Fund, and Afton Partners to recruit, train and employ early-stage professionals from underrepresented backgrounds – preparing them to succeed in financial services roles across the education sector.
"This new class of analysts represents what the future of education finance can and should look like—professionals who reflect the communities we are trying to better serve," says Anand Kesavan, CEO of Equitable Facilities Fund. "I'm particularly excited that we have a number of public charter school students and staff alums joining our effort to improve access to equitable education. They understand better than most what our portfolio schools mean to students and families everywhere."
"Congratulations to these dynamic young professionals on their accomplishments to date and their decision to join the EFA program," says Carrie Stewart, managing partner of Afton Partners. "Afton and our client partners will be better for the talent and lived experience of our newest colleagues."
"We are thrilled to launch the second and expanded Education Finance Analyst cohort, a program which advances the common thread of our organizations' missions to ensure all students have access to a high-quality public education," shared CEO of Civic Builders, David Umanksy. "We know this diverse and talented group of professionals will bring tremendous insight and passion to our work."
Meet EFA's 2023 class:
Rennic Liverpool joins Civic Builders from Babson College, where she plans to graduate with a Bachelor of Science in Business Administration in May. At Babson, Rennic serves as the chief operating officer of the Black Student Union, and is a Project Basta Fellow, a rigorous 10-week career prep program designed to support first-generation college students. Rennic is a public charter school alum, graduating from Achievement First in Brooklyn.
Crystal Roman is a graduate of Mount Holyoke College, where she earned a Bachelor of Arts in Sociology with a minor in Latinx Studies. She joins Afton Partners from Uncommon Schools in Brooklyn, where she served as their director of special projects. There, Crystal oversaw the improvement of school wide processes, from transportation and technology to visual culture and facilities. She graduated high school from Boston Prep Charter Public School.
Jason Huang is a Brooklyn native and eager to gain deeper knowledge into the bond markets and social impact investing. He joins Equitable Facilities Fund from Carahsoft Technology Corporation and is a recent graduate of Baruch College, where he earned a Bachelor of Business Administration in Finance and a minor in Communication Studies.
Arielle Dorvilus is a graduate of SUNY College at Old Westbury, where she earned a Bachelor of Science in Business Administration. There, Arielle was a member of The Collegiate Science and Technology Entry Program, Accounting Society and Business Club. She joins Equitable Facilities Fund from WellLife Network, a nonprofit dedicated to the wellness of New Yorkers faced with disabilities, mental illness and addiction.
Yesha Shah is completing her Master of Science in Financial Analysis at Rutgers University this May and is joining Afton Partners. She completed her undergraduate studies at Valdosta State University where she graduated with a Bachelor's in Finance and Economics. There, she served as a board member of Georgia FinTech Academy, a diversity talent development initiative for the FinTech industry created for students from across the University System of Georgia. Yesha credits multiple years at a STEM-focused public charter school for shaping her strong work ethic.
The two-year, paid fellowship offers full-time employment and training with three veteran education equity organizations. Analysts address the financial and real estate challenges facing public charter schools, a growing social investing sector that promotes educational equity, particularly in economically disadvantaged communities of color. Each fellowship includes an initial four-week training program designed to foster mission-alignment, understanding of the education sector, development of technical skills and ongoing professional development and enrichment.
Upon completion of the fellowship, analysts may be eligible for continued employment or go on to take roles with mission-oriented investors, charter schools and other organizations committed to leveraging finance for social good.
For more information on the Education Finance Analyst Program, visit the website.
About Equitable Facilities Fund
Equitable Facilities Fund is a 501(c)(3) nonprofit social impact fund created to provide low-cost facility loans that allow high-performing public charter schools to maximize the resources they dedicate to students. High-quality public charter schools promote bright futures for children across America and EFF believes these schools should borrow under terms comparable to traditional public school districts. EFF administers a $1 billion, 'A' rated revolving loan fund, which recapitalizes using funds from Equitable School Revolving Fund's bond issuances, to offer high-credit, scalable bond investment opportunities. To learn more, visit www.eqfund.org or email info@eqfund.org.
About Civic Builders
Civic Builders is the nation's leading nonprofit lender and developer, bringing high-quality educational opportunities to under-resourced communities through the development of public charter schools. Since 2002, the organization has supported the growth of 73 schools educating nearly 40,000 students annually. Civic Builders partners with philanthropists and capital providers to design and manage affordable, new financing and development solutions for high-quality schools, addressing the full spectrum of facilities and financing challenges so that school leaders can focus on the important work of educating students. Civic Builders' portfolio represents $1.45 billion invested into economically underserved communities to ensure all students have access to safe, positive, and student-centered learning environments. Learn more at www.civicbuilders.org.
About Afton Partners
Afton Partners creates meaningful change in our communities by transforming public policies and practices so they are effective, sustainable, and serve those who need it most. By partnering with public agencies and nonprofits in K-12 education, workforce development, early childhood, and human services, Afton builds capacity, strengthens governance, and ensures resources are aligned and equitably distributed. Afton is a nationwide leader in charter school financial planning services. We have worked with more than 70 charter school networks of all sizes, from single-site operators just getting started to the largest charter school organizations in the country. Our work with charter schools improves school resource allocation decision making, informs school facility and school growth planning, and strengthens leadership and governance on fiscal matters. Learn more at www.aftonpartners.com
SOURCE Equitable Facilities Fund
The Equitable School Revolving Fund (ESRF) was established to tackle the education funding gap and reduce costs for schools across the US by bringing together private philanthropic grant funding and bond proceeds.
ESRF was founded in 2017 with the belief that all students deserve equal access to affordable schools and classrooms. It launched its first $200 million philanthropic investment with a goal to issue $1 billion of loans to high-performing charter school projects that serve predominantly low-income communities and underserved students.
With its fourth bond issuance in August 2022, ESRF has achieved that goal. The initial funding round of $200 million combined with approximately $800 million in bonds has brought the impact of the loan fund up to approximately $1 billion in loans.
"ESRF is thrilled to receive Environmental Finance's 'Impact project/investment of the year - education' award. Investors continue to want to see the double bottom line of financial returns and social returns. As we reach $1 billion, we are providing more and more investors with the opportunity to impact the lives of tens of thousands of children every day,” said Anand Kesavan, ESRF founder & CEO.
IMPACT awards judges praised the fund's "interesting finance structure" in particular, which in 2022 received a positive outlook credit rating upgrade from S&P Global Ratings to its existing "A" rating; the first credit improvement since the 2019 inaugural transaction.
The ESRF structure allows the fund to lend to charter schools at rates closer to traditional school district bonds. By decreasing school facility financing costs for quality charter schools, these schools are able to spend more time and resources helping their students continue to achieve academic success.
With this bond issuance, the impact of the loans has increased ESRF’s footprint to over 62,000 students in 19 states and 35 cities.
Of the schools served, 80% of students identify as people of color and 70% qualify as economically disadvantaged. Over 90% of the schools are outperforming their neighborhood counterparts in academic performance and are closing the opportunity and achievement gaps, according to ESRF.
The ESRF won the award for 'Social bond of the year - US muni bond' in Environmental Finance's Bond Awards 2021.
Equitable School Revolving Fund, DE National Charter School Bond Outlook Revised To Positive On Loan Diversification
S&P Global Ratings revised the outlook to positive from stable, and affirmed its 'A' rating on the Equitable School Revolving Fund (ESRF), Del.'s senior national charter school revolving loan fund revenue bonds, issued in 2019, 2020, and 2021 in various series by the Arizona Industrial Development Authority (AZIDA), the California Infrastructure and Economic Development Bank, the Massachusetts Development Finance Agency, and the City of Albany Capital Resource Corp., N.Y
The philanthropy-backed fund will provide low-cost, long-term financing directly to school leaders who reflect the communities they serve.
After its largest social bond issuance to date, the philanthropy-backed impact fund has now secured nearly $600 million to finance high-performing public charter schools in underserved communities.
The Equitable Facilities Fund, is set to price a $233.5 million deal, its largest social school bond deal to date.
Amid COVID-19, the Equitable Facilities Fund proved there is market value in educational opportunity
Investing in social causes is on the rise. Investors are increasingly wondering how to use their capital to improve society in the wake of the COVID-19 pandemic and ongoing social unrest.
Social Impact Fund Has Committed Over $400M Low-Cost Loans to High-Performing Public Charter Schools Under Michelle Getz's Leadership
The majority of the charter schools that Equitable Facilities Foundation provides financing to carried on with plans to build schools despite the challenges wrought by the pandemic.
The Building Equity Initiative helps public charter schools overcome barriers to better serve students
This is one in an ongoing series of brief conversations with education innovators led by Greg Richmond, founder and former CEO of the National Association of Charter School Authorizers. His “Three Questions For” series also appears on Medium. Today’s edition: three minutes with Anand Kesavan, chief executive officer of the Equitable Facilities Fund, a nonprofit social-impact fund that offers low-cost, long-term facility financing for high-quality charter schools.
Equitable Facilities Fund Announces First Verified Social Bonds for Education in the US
$204 million in verified Social Bonds proceeds will help finance public charter schools that are providing transformative educational opportunities for students, especially in low-income and under-resourced communities.
$204 million in verified Social Bonds proceeds will help finance public charter schools that are providing transformative educational opportunities for students, especially in low-income and under-resourced communities.
A $145 million bond financing from Equitable Facilities Financing’s (EFF)“Equitable School Revolving Fund” went to market on August 12ᵗʰ. The bonds have been given a “social” designation from Kestrel Verifiers. Social bonds are a burgeoning area in the municipal market, as issuers and investors alike become more aware of the interest from a growing investor class that wants a signifier of how municipal bond proceeds are being spent.
Investing in 'social' bonds is becoming more commonplace in municipals. Anand Kesavan, CEO of Equitable Facilities Fund, talks about its drive to help charter schools' funding, and its social, racial and equitable diversity of investments. Lynne Funk, Bond Buyer Innovation Editor hosts.
A $141 million deal from Equitable Facilities Fund, a relatively new startup whose mission is “to make it easier, faster and less expensive for charter schools to put down roots in sustainable facilities,” will price Wednesday amid coronavirus threats and investor caution on charter school credit.
EFF is proud to announce the closing of loans to two of Kansas City’s highest-performing public schools: Scuola Vita Nuova (SVN) and Brookside Charter School. SVN and Brookside will use $8.8 million and $5.6 million, respectively, to refinance existing debt and finance new facilities that will support high-quality education options for families in Kansas City. The 30-year, fixed-rate loans will save the two schools approximately $4 million in interest payments, providing more money to support students and teachers. We are grateful for our exceptional funders, investors, and especially SchoolSmartKC and the entire Kansas City community for making these high-impact partnerships possible.
Fueled by our mission to provide equitable access to low-cost financing for all great public charter schools, EFF financed these loans amidst one of the most tumultuous times in memory for schools and the capital markets.
We are especially proud of the **commitment to equity **at these two schools that provide a high-quality free, public education to predominantly Black and Hispanic students from low-income neighborhoods. SVN was recognized as the 2019 Charter School of the Year in Missouri and Brookside’s Superintendent, Roger Offield, was recognized as 2019 Charter School Leader of the Year in Missouri. EFF is humbled to play a small part in both schools' success.
You can read more on EFF's partnership with schools here.
EFF is proud to announce the closing of a $25.6 million loan to Not Your Ordinary School (NYOS) in Austin, TX. This 30-year, fixed-rate loan will finance the construction of a state-of-the-art facility that will catalyze NYOS's growth and provide a high-quality education option for more Austin families. The loan will save the school approximately $9 million, providing additional resources to support students, teachers, and leaders. We are grateful for our exceptional funders, investors, and the entire NYOS community for making this high-impact partnership possible.
Founded in 1998, NYOS serves 1,063 students in grades PK-12 and will nearly double in size over the coming years. The school’s culture, commitment to families, and diverse-by-design model have contributed to a reputation as one of Texas’s best public charter schools. NYOS consistently outperforms the state and its sending district on Math, ELA and SAT/ACT tests and has earned distinction as one of the nation's best high schools from US News and World Report. You can read more on EFF's partnership with NYOS here.
Dear Friends,
I hope that you and your loved ones are staying well during this time of uncertainty. Like all of you, we’ve been grappling with the impact of the COVID-19 crisis on our friends and families, the public education sector, and the global community.
In the midst of these challenging times,I am grateful to share two things with you:
1. Exemplary Leadership
I am humbled and inspired by the extraordinary work schools across the country are doing as they continue to educate students and provide essential services to communities.
2. Recent High-Impact Loan Closings _
Like our school partners, EFF is dedicated to tackling the challenges of these unprecedented times. We continue to focus on delivering value and putting money back in the classroom where it belongs. Our collaborative, problem-solving approach culminated in the closing of two low-cost, long-term, fixed-rate facility loans over the last month to KIPP New Jersey in Newark and Renaissance Arts Academy in Los Angeles.
Founded in 2002, KIPP New Jersey has grown to serve over 4,700 K-12 students, 90% of whom are economically disadvantaged. The school provides a high-quality education option to families in Newark, and its students outperform their wealthier peers throughout the state. EFF provided a $21.5 million loan to finance the acquisition and renovation of a former Newark Public School building. The 30-year, fixed-rate loan will save the school $2.4 million.
Renaissance Arts Academy serves 540 students in grades TK-12, 65% of whom come from low-income families in Los Angeles. RenArts has a 15-year history of exceptional student outcomes, including top 10% statewide test scores. EFF provided a $16.1 million loan to finance the acquisition of the school that RenArts previously leased. In addition to financing a permanent home, the 30-year, fixed-rate loan will save the school $3.5 million.
EFF remains committed as ever to its mission to provide equitable financing for high-quality public charter schools. We are proud to partner with schools like KIPP New Jersey and Renaissance Arts Academy that offer excellent education options for all students.
Dear Friends,
At EFF, we believe all great public charter schools deserve equitable access to low-cost, long-term facility financing. I’m reaching out today with a few pieces of exciting news as we continue along our journey to promote high quality education options for all students.
High-Impact Loan Closing: Caliber Public Schools
We're very pleased to announce the closing of a $14.3M loan to Caliber Public Schools. Founded in 2014, Caliber’s Richmond and Vallejo campuses have established reputations as two of the region’s best schools. Their mission to “shift the experiences, expectations and outcomes for students in historically underserved communities” deeply resonates with our work at EFF. We’re proud to finance the acquisition of a permanent home for Caliber’s ChangeMakers Academy campus in Vallejo.
Caliber was able to take advantage of historically low, long-term rates and EFF’s philanthropy- enhanced loan program to put money back in the classroom where it belongs. Congratulations to Caliber and keep up the excellent work!
In 2016 we launched the Building Equity Initiative, an unprecedented effort to make it easier and more affordable for public charter schools to find, secure and renovate facilities. The goal is to alleviate the time and energy educators spend finding and securing buildings so more resources can go directly to students and teachers.
At Equitable Facilities Fund (EFF), we’re committed to empowering high-performing charter schools by providing low-cost, long-term facility financing. Today, I’m pleased to announce the recent closing of a 30-year, fixed-rate loan to Alliance College-Ready Public Schools. Our $27M partnership will save the high-performing school network more than $5M over the life of the loan.
About Alliance
Alliance operates 25 middle and high schools that educate nearly 13,000 students in Los Angeles’ most underserved communities, and ninety-five percent of the network’s graduates have been accepted to college.
“As we assessed options to consolidate a number of out-standing existing maturities, EFF provided an opportunity for lower transaction costs and reduced borrowing rates, which will provide our schools with greater resources for scholars and staff,” said David Lauck, Alliance’s Chief Business Officer, adding: “It has also been a great opportunity to work with a genuine thought partner who is committed to improving outcomes in our schools and communities."
EFF is proud to partner with Alliance and other schools that are creating opportunity for students across the country.
At Equitable Facilities Fund (EFF), we’ve set out to transform the lending landscape by making it easier and less expensive for high-performing charter schools to access low-cost, long-term facility financing. Today, we are pleased to announce the closing of a loan to Itineris Early College High School in West Jordan, Utah! To date, EFF has committed over $164 million to excellent schools across the country.
Founded in 2004, Itineris serves a diverse population of 372 students in grades 10 to 12. The school prioritizes STEM education and post-secondary success by offering a curriculum that enables students to earn up to two years of college credit. Itineris graduates have outperformed state and national ACT composite averages every year since 2005-06, and the high school is consistently recognized as one of the best in Utah.
About the EFF & Itineris Partnership
EFF’s team provided Itineris with a 30-year, fixed-rate loan to refinance bonds used to construct a new, permanent school facility. Our unwavering commitment to deliver value to schools will save Itineris an estimated $1.9 million over the life of the loan, re-directing valuable resources to the school's high-impact classrooms.
We are proud to partner with schools across America, like Itineris, that are providing opportunities for students to access a high-quality education. EFF provides financing for a variety of project types to schools that have track records of academic and operational success. You can learn more about our fund and mission by visiting www.eqfund.org (for schools and advocates) or www.esrfinvestors.org (for investors).
A $120 million deal from a start up, Equitable Facilities Fund, whose mission is “to make it easier, faster and less expensive for charter schools to put down roots in sustainable facilities,” will price Thursday amid a busy new-issue week.
Non-profit is floating first bond for revolving loan fund. The loans would cut reliance on high-yield muni-bond market.
The A-Rated, Nonprofit Lending Fund Provides Long-Term, Low-Cost Facilities Financing to High-Quality Public Charter Schools. The Issuance Will Allow More Resources to Directly Reach 30,000 Students.
Equitable Facilities Fund (EFF) will issue $100 million in A-rated tax-exempt bonds to further its mission of supporting an equitable, high-quality public education for all students by providing financing to excellent public charter schools to build, grow and renovate facilities.
Through EFF’s Preliminary Official Statement, the nonprofit lender has laid out plans that will support 30,000 public charter school students by providing affordable funds for their schools’ buildings, equipment and other capital projects, thus directing more resources into the classroom and helping students realize academic success and a lifetime of opportunity.
EFF is supported by the Walton Family Foundation’s Building Equity Initiative(BEI), an unprecedented effort to make it easier and more affordable for public charter schools to access equitable, affordable facilities funding.
“This next step for the Building Equity Initiative will help public charter schools more easily and affordably access facilities and free up resources to go where they belong, with teachers and students,” said Walton Family Foundation board member Alice Walton.
Since launching in 2018, EFF has committed more than $158 million in low-interest loans supporting 11 public charter facilities projects across seven states. To date, these loans have saved public charter schools and networks over $15 million and allowed them to better serve more than 30,000 total students.
EFF pools public charter school loans in an innovative manner to provide long-term, fixed-rate loans with terms that public charter schools could not otherwise secure. Adapting a revolving loan fund model that has successfully supported more than $100 billion in clean water projects for three decades, EFF is the first pooled fund of its kind for public charter schools. The fund’s team of finance and public charter school experts have formulated a best-in-class loan underwriting and monitoring system and plan to raise additional capital for a target near-term fund size of $600 million to benefit high-quality public education.
"Every high-quality public school deserves equitable, permanent financing,” said EFF Founder and CEO Anand Kesavan. “This is what we're striving to provide at EFF—with a proven approach that has the potential to positively impact thousands of students. That's the beauty of it. We're combining traditional investment structures and cutting-edge philanthropy and putting it all to work against educational inequity."
Unlike district schools, which typically operate out of buildings acquired and financed from credit founded on a tax base, public charter schools must fund facilities costs from their operating budgets. This can lead to uneven distribution of resources for public school students attending public charter schools, where valuable resources are directed away from classroom instruction in order to pay for the school facility. EFF, by providing credit enhancement and low-cost permanent capital, aims to ensure public charter schools can direct more resources to helping students realize meaningful academic and life outcomes.
“Equitable Facilities Fund has been an incredible partner for us,” said Jeremy Chiappetta, CEO of Blackstone Valley Prep Mayoral Academy (BVP), which received a $16 million loan from the EFF to finance the acquisition of a previously leased high school facility for its 1,959 K-12 students in northeast Rhode Island. The loan will save BVP, one of the highest-performing school networks in Rhode Island, over $60,000 annually throughout its 30-year term.
“As a relatively young and growing organization, our ability to access facilities funding was limited. The EFF team, however, not only provided us with very favorable financing terms, but also provided sage strategic advice and counsel. As a result of this project, we are able to reallocate hundreds of thousands of dollars into classrooms.”
Two non-profit lending funds launched by the Building Equity Initiative have made more than $40 million in new loans for public charter school facilities. The low-cost loans, distributed through the Charter Fund and Facilities Investment Fund, have to date allowed four schools across the country to find, secure and renovate permanent facilities. As a result of these loans, these four schools will save hundreds of thousands of dollars over the next 30 years and serve more than 3,500 students collectively.
“More schools now have access to permanent, quality facilities and resources once spent on facilities can now go back to classrooms, to teachers and back where our resources should be – with students,” said Alice Walton.
The Charter Fund (CIF) is a national non-profit social impact fund created to help high-performing charter schools across the country maximize resources for students. The CIF provides long-term, fixed-rate loans—similar to a home mortgage—for up to 100 percent loan-to-value financing, with no reserve fund requirements and millions of dollars saved over the life of a loan. The CIF is the first pooled fund of its kind for public charter schools, utilizing philanthropy and excellent credit standards to develop a product with immense value for schools and fund investors alike.
Recent projects include:
"CIF's successful launch affirmed our founding hypothesis: schools are eager to spend less on facilities and more on children,” said CIF Founder and CEO Anand Kesavan. “Our first two loans to Soulsville and Village Tech saved the schools over $5 million—dollars right back into high-performing classrooms. Long-term, low-cost, high impact. That’s our mission. We look forward to helping dozens more schools save in the coming years. It's been rewarding and humbling to work alongside the Walton Family Foundation, high-performing school leaders and their school communities as we grow scalable, efficient capital markets to work toward educational equity."
Created in collaboration with Bank of America Merrill Lynch and managed by Civic Builders, the Facilities Investment Fund (FIF) is a groundbreaking $100 million loan fund that is committed to improving facilities financing for high-performing charter schools and networks across the country. The program provides financing for new school construction or renovations to existing buildings with loans up to $20 million for up to 90 percent loan-to-value financing. The interest rate is fixed for the duration of the five-year loan period, and the loans feature 25-year amortization, no prepayment penalty, and up to 24 months of interest-only during construction.
Recent projects include:
"For 17 years, Civic Builders has been committed to our mission of ensuring that real estate will never be a barrier to an excellent education,” said Civic Builders CEO David Umansky. “The Facilities Investment Fund represents a critical step toward improving access to affordable facilities financing for high-performing charter schools nationwide. We are proud to partner with the Walton Family Foundation and Bank of America Merrill Lynch to bring this innovative product to the facilities lending landscape."
Accessing facilities that adequately serve the needs of their public school students and educators remains a significant barrier for public charter schools across the country. The CIF and FIF aim to incentivize new and additional capital to charter school facility projects at cost-effective interest rates. The Building Equity Initiative marks the first time philanthropists have tried to catalyze system-wide improvements in how high-performing public charter schools access facilities financing. Through the Building Equity Initiative, there is now a large network of real estate experts, lenders, financiers, technical assistance providers and additional resources available to help public charter schools finance and secure facilities.
About the Walton Family Foundation
The Walton Family Foundation is, at its core, a family-led foundation. The children and grandchildren of our founders, Sam and Helen Walton, lead the foundation and create access to opportunity for people and communities. We work in three areas: improving K-12 education, protecting rivers and oceans and the communities they support, and investing in our home region of Northwest Arkansas and the Arkansas-Mississippi Delta. In 2017, the foundation awarded more than $535 million in grants in support of these initiatives. To learn more, visit waltonfamilyfoundation.org and follow us on Facebook and Twitter.
At Charter Impact Fund (CIF), we’ve set out to transform the lending landscape by making it easier and less expensive for charter school leaders to access low-cost, long-term facility financing. Today, we are happy to announce the closing of our first loan to The Soulsville Charter School (TSCS) in Memphis, Tennessee!
About the School
About the CIF & Soulsville Parnership
We are proud to partner with high impact charter schools like Soulsville and support critical work undertaken in South Memphis and cities across the country. Closing this loan brings us one step closer to the day when all students will have equitable access to quality schools and all schools have access to low-cost facility financing.
If you or someone you know may need low-cost, long-term, fixed rate financing for their charter school, please let us know.
Sincerely,
Anand Kesavan
CEO, Charter Impact Fund
A foundation with a philanthropic vision is combining forces with impact investors to provide charter schools with alternative low-cost financing options for building and renovating schools.
The Walton Family Foundation, based in Bentonville, Ark., provided seed funding to create two “innovative” educational facility financing vehicles that it said would provide charter schools with new longand short-term financing choices, in part because some schools don’t have access to public financing.
With $200 million from the foundation to start up, the Charter Impact Fund will be a revolving-loan-type fund offering long-term, fixed-rate loans to high-performing charter schools for up to 100% of project costs.
Click the following link to read the full article-
The Walton Family Foundation today announced the creation of the Charter Impact Fund and Facilities Investment Fund. The two distinct non-profit funds are supported through the foundation’s Building Equity Initiative, an unprecedented effort to make it easier and more affordable for public charter schools to find, secure and renovate facilities. The Charter Impact Fund and Facilities Investment Fund will provide quicker access to long- and short-term financing, respectively.
“Big challenges require bold solutions,” said Alice Walton, Walton Family Foundation Board Member. “This effort will allow resources that were spent on facilities to be directed back into the classrooms, back to the teachers and back to where it should be—with the students.”
Freedom Preparatory Academy Charter Schools—whose entire inaugural graduating class of 2017 was accepted to four-year colleges and universities, in a neighborhood where only 10 percent of residents earn college degrees—are growing to meet the need for quality education options for children in their Memphis, Tennessee community. When Freedom Prep was ready to open its second elementary school, the only option was to start in a temporary facility, even though it meant moving a year later. “Charter schools deserve equal and more seamless access to facilities resources so that we can meet the need in our neighborhoods,” says Charlise Clark Gwin, Chief Financial and Operations Officer, Freedom Prep.
Currently, public charter schools spend, on average, 15 percent of all funding on facility or facility-related costs, a figure that does not include untold staffing hours and resources spent addressing these issues. Public financing is extremely limited: Less than half of all states that allow charter schools provide them with any per-pupil facilities allowance, and opportunities to share space with district schools are rare. According to research from the Charter School Facilities Initiative, nearly one in five public charter schools have delayed opening by a year or more due to issues finding and securing facilities. Nationwide, more than $3.6 billion is spent annually on public charter school facilities—resources that could be directed to support teaching and learning.
The Charter Impact Fund, a new, non-profit organization, will launch with $200 million in seed funding and provide long-term, fixed-rate loans—similar to a home mortgage—to high-performing charter schools anywhere in the country for up to 100 percent of project costs. The CIF provides charter schools with access to lower transaction costs and quicker loan execution —allowing each school to save several million dollars over the loan term. Adapting a revolving-loan fund model that has successfully supported clean water projects and affordable housing, the CIF is the first pooled fund of its kind for public charter schools, providing permanent, credit-enhanced loans at low cost.
“At Charter Impact Fund, we believe that the schools making the biggest impact for students should be empowered to grow. Borrowing through CIF realizes permanent savings for charter schools that they can put back into the classroom and serve even more families in their community,” said Anand Kesavan, CEO of the Charter Impact Fund. “We know the need because we’ve led and worked with charter schools, and we understand how to be a long-term partner for the school's success.”
Created in collaboration with Bank of America Merrill Lynch and managed by Civic Builders, the $100 million Facilities Investment Fund will offer public charter schools five-year fixed-rate loans for up to 90 percent of project costs for new construction or facility renovation. FIF loans are the only short-term loans available to public charter schools that meet three significant criteria: up to $20 million, low-fixed interest rates and high-percentage of project costs. The FIF is an innovative private-philanthropic partnership, combining commercial and foundation capital to drive down costs associated with finding and securing facilities.
“Making a significant impact in communities is an important consideration for projects we finance,” said Maria Barry, Community Development Banking national executive at Bank of America Merrill Lynch. “The Facilities Investment Fund will build on Bank of America Merrill Lynch’s work to provide more children access to high-quality public charter schools. Since 2000, BoAML charter school financing has exceeded $1 billion and created educational opportunities for more than 25,000 students at over 80 schools.”
“The charter school movement’s urgent challenge with facilities finance requires these kinds of innovative initiatives and public-private partnerships,” said Nina Rees, President and CEO of the National Alliance for Public Charter Schools. “Lack of access to facilities finance is among the biggest barriers to opening or expanding more high-quality charter schools in most communities across the country.”
The Building Equity Initiative marks the first time philanthropists have tried to catalyze system-wide improvements in how high-performing public charter schools access facilities financing.
In developing the CIF and FIF, the goal is to incentivize new and additional capital to public charter school facility projects at cost-effective interest rates. Through the Building Equity Initiative, there is now a large network of real estate experts, lenders, financiers, technical assistance providers and more resources available to help public charter schools when financing and securing facilities.
About the Walton Family Foundation
The Walton Family Foundation is, at its core, a family-led foundation. The children and grandchildren of our founders, Sam and Helen Walton, lead the foundation and create access to opportunity for people and communities. We work in three areas: improving K-12 education, protecting rivers and oceans and the communities they support, and investing in our home region of Northwest Arkansas and the Arkansas-Mississippi Delta. In 2016, the foundation awarded more than $454 million in grants in support of these initiatives. To learn more, visit waltonfamilyfoundation.org and follow us on Facebook and Twitter.
