The Communities Foundation of North Texas has created a new fund to solicit stock options that will be used for charity, The Business Journal in Dallas reported Oct. 13.
The Entrepreneurs Foundation of North Texas is actively soliciting stock options from start-up and entrepreneurial companies for the foundation. The “charitable options” will be held and managed by the foundation until they are sold.
If the options become valuable, some funds will be returned to the foundation for use in charitable contributions.
The foundation concept was modeled after similar programs in Silicon Valley and Austin, Tex.
Founding members are contributing initial funds for the Entrepreneurs Foundation in chunks of $10,000. The foundation hopes to have a $500,000 endowment in place by the end of 2001.
For full story, go to The Business Journal.