Tellabs Foundation Assets Transfer
Naperville-based Tellabs Foundation has partnered with non-profit, DuPage Foundation, to transfer assets of Tellabs into an endowment fund at the organization. A transfer agreement between the two groups began this past summer and is expected to be complete by the end of the year.
“We are pleased to have selected DuPage Foundation as the home to carry on Tellabs Foundation’s legacy,” said Carol Coghlan Gavin, Tellabs Foundation executive director and president in a press release. “After making the decision to wind up our activities, it was important to our board to find a successor public charity well equipped to carry on grantmaking in Tellabs Foundation’s traditional areas of education, health, and the environment, while overseeing the expansion of its support to address new areas of high community need, including food insecurity, housing, and social justice disparities.”
What Will the Money be Used for?
Around $3million will be transferred to the DuPage Foundation to go toward the organization’s Community Needs Grant Program (CNGP). The program supports projects that improve and enrich the quality of life for DuPage County residents. Each year in the spring and fall, money is awarded to local non-profits in areas including health and human services, education, and arts and culture.
“This new partnership with Tellabs Foundation embodies one of DuPage Foundation’s core goals — to serve as DuPage County’s catalyst for coordinated impact,” said Dave McGowan, DuPage Foundation president & CEO in a press release. “The Tellabs Foundation Fund will provide a welcome boost to our Community Needs Grant Program, helping our board of trustees and grant committee close the funding gap we battle each year — particularly now with effects of the pandemic continuing to linger.”
Naperville News 17’s Aysha Ashley Househ reports.
photo courtesy: DuPage Foundation
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