BASIC Fund Scholarship Program

BASIC Fund Scholarship Program

Organization: The BASIC Fund

Mission: Advance education equity for low-income families by helping offset the cost of tuition at private schools in the Bay Area.

Program Overview

• Type: Needs-based scholarship program for lower-income students
• Grade Levels Served: Pre-K through 8th grade
• Geographic Scope: 9 counties in the San Francisco Bay Area: San Francisco, Alameda, Contra Costa, Santa Clara, San Mateo, Solano, Marin, Sonoma, Napa
• Partner Schools: 240+ independent/private schools in the Bay Area
• Founded: 1998 (celebrating 25th anniversary in 2023)
• Status: Active, private 501(c)(3) nonprofit organization

Award Details

• Award Amount: Up to $2,500-$2,750 per student per year
• Coverage: Awards cover 25-75% of a school's tuition based on financial need
• Award Basis: First-come, first-serve allocation based on household size and income
• Family Contribution: Parents are asked to pay a portion of tuition to ensure they have a stake in their child's education
• Duration: Scholarships are awarded for the tenure of the student in the program
• Sibling Support: All siblings in a family are funded

Eligibility

• Primary Target: Low-income families (92% are families of color)
• Based On: Financial need (household size and income)
• Grade Range: Pre-K through 8th grade
• Geographic: Must attend one of 240+ participating private schools in the 9-county Bay Area

Impact & Results

Historical Impact:
• $155+ million raised and dispersed since founding
• 26,000+ lower-income students supported
• 98% graduation rate from high school (vs. 75% public school average in Bay Area)
• 92% go on to higher education (vs. 60% nationwide)
• 53% graduate with a 4-year college degree (vs. 11% of low-income students nationwide)

What They Fund

• Private school tuition assistance for K-12 students in participating schools

What They Don't Fund

• Program does not fund students above the income threshold
• Focus is limited to the Bay Area region

Key Features

• Stable Funding Guarantee: Students are funded for their complete tenure, not year-by-year
• Administrative Costs: Covered by the board; all funds raised go directly to scholarships
• Partner Schools: Works with 240+ independent schools including religious, secular, nonprofit, and specialized institutions

Leadership

• Board Chair: Jim Herbert (First Republic Bank founder)
• CEO: Rachel Elginsmith
• Board President: Brian Griggs

Recent Initiatives

• Endowment Campaign: $40 million endowment campaign launched in 2023 to ensure long-term sustainability
- $5 million initial match grant from Arthur Rock - $23 million raised as of the announcement

Contact & Website

• Website: basicfund.org
• Organization Type: Privately funded 501(c)(3) scholarship-granting organization