Best Buy Introduces Capital Giving to Its Twin Cities Philanthropy Strategy

Best Buy Co., Inc. announced in early August that it is strengthening its commitment to the Twin Cities through its first capital gifts from the Best Buy Children's Foundation. In its first round of capital grants, the foundation distributed $1 million each to the Guthrie Theater and the Walker Art Center and $500,000 to Urban Ventures' Colin Powell Youth Leadership Center. These organizations align with the foundation's mission by offering programs that enrich the learning opportunities and quality of life for hundreds of thousands of Twin Cities youth.

"At Best Buy, we understand the importance of learning and innovation," said Brad Anderson, vice chairman and CEO of Best Buy and a member of the Best Buy Children's Foundation board of directors. "When we were reviewing grant applications, we were pleased to find so much emphasis on learning and innovation in our own community. We believe that it is our responsibility and privilege to support our community by creating opportunities for others to learn and innovate."

Technology and education were prevalent in the proposals from all of three of the grantees. For example, projects included in the Walker development are interactive educational areas designed to provide visitors with opportunities to connect with contemporary art and ideas through a multitude of learning styles.

"Best Buy and the Walker share a mission which crosses the artistic disciplines, is committed to innovation and focuses on enhancing the experience of our visitors," said Walker director Kathy Halbreich. "It has been heartening to work with a corporation which believes in the leadership capabilities of teens as strongly as we do and understands the necessity of giving voice to their dreams. As we continue to harness the educational, artistic and conversational power of new media, we look forward to learning even more from and collaborating further with this corporate partner."

The capital gifts supplement the Best Buy Children's Foundation's existing Twin Cities giving program. In the first two quarters of its fiscal year, the foundation gave $820,670 to nonprofit organizations in the Twin Cities that contribute to quality of life for the area's youth. Some recipients of recent grants include:

• Arts Space, $25,000 for its Minnesota Shubert Center education program for live, interactive Webcasts between Twin Cities' artists and Greater Minnesota students.
     
• CLUES (Chicanos Latinos Unidos En Servicio), $100,000 for a new East Side office building housing the organization's education facilities.
     
• Minnesota Zoo, $25,000 to create the "Endangered Species Dating Game," an interactive, Web-based genetics activity.
     
• TPT, $250,000 to support production of the fourth season of its Dragonfly TV program.

Best Buy also awarded a total of $31,000 to four organizations serving the interactive technology needs of the Southeast Asian community: Asian Media Access, Lauj Youth Society of Minnesota, Southeast Asian Community Council and Southeast Asian Refugee Community Home.

Last year Best Buy donated more than $13 million to nonprofit organizations across the country, primarily through the Best Buy Children's Foundation. Annually, Best Buy donates up to 1.5 percent of its annual pre-tax earnings to the communities in which it does business.

Best Buy's capital donation requests will be reviewed annually with a deadline of February 1. Program grants are reviewed on a rolling basis. More information about Best Buy's philanthropy efforts can be found at Best Buy's Web site.

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