Michelle Obama

Michelle Obama Announces $50 Million Fund for Nonprofits

By Philip Rucker

President Obama's budget for next year will include $50 million to help expand nonprofit programs across the country to promote national service, first lady Michelle Obama announced tonight at an event in New York.

The White House initiative, known as the Social Innovation Fund, is a component of the new Serve America Act. Mrs. Obama said that it would provide capital to support innovative nonprofit organizations and to help social entrepreneurs expand "their successful approaches to tackling our most pressing national challenges."

"The idea is simple: Find the most effective programs out there and then provide the capital needed to replicate their success in communities around the country," she said in a speech at Time magazine's "100 Most Influential People Awards," according to her prepared remarks, released by the White House.

Mrs. Obama added, "By focusing on high-impact, results-oriented nonprofits, we will ensure that government dollars are spent in a way that is effective, accountable and worthy of the public trust."

Mrs. Obama, who founded Public Allies Chicago, a AmeriCorps nonprofit program that prepares youth for public service, has made advocating for national service a key component of her mission as first lady.

Posted at 8:00 PM ET on May 5, 2009 | Category: Michelle Obama

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