Philanthropic Foundations Contribute $500 Million to i3 Fund

WASHINGTON, April 29 — A host of philanthropic foundations has pledged $500 million to the U.S. Department of Education's Investing in Innovation (i3) Fund, pushing the total amount available for the competition to more than $1 billion in 2010.

Applications for the competition are expected to be due in mid-May, with the Education Department (ED) awarding grants in September.The competition is open to school districts, groups of districts, or non-profits working in conjunction with districts or consortia of schools. To qualify, applicants need to address one of the four pillars of President Obama's school reform agenda: 1) supporting effective teachers and principals, 2) improving the use of data, 3) implementing standards and assessments that prepare students for college and careers; and 4) turning around low-performing schools.