Nearly 400 kindergarten students at two D.C.-area schools will receive $1,000 in savings each year through 12th grade, thanks to Brilliant Futures – a children’s savings pilot program established by the Greater Washington Community Foundation.

Created to advance economic security and close the racial wealth gap in the Greater Washington region, Brilliant Futures aims to give students money that they can save and ultimately use to help cover their costs for education and training after they graduate high school.

Students also have the option to use the funds to pursue other endeavors, such as starting a new business or purchasing a home.

“We are excited to have launched this program and be able to support the bright futures of our region’s children because their futures are definitely bright,” said Tonia Wellons, the foundation’s president and CEO. “This program marks the first of many achievements that we at the Community Foundation get to celebrate with them, and we couldn’t be happier.”

While providing college scholarships has long been common practice for community foundations, the Brilliant Futures program is an example of an innovative way to provide students with a substantial nest egg upon graduation to help them further their education or pursue their careers.

Greater Washington Community Foundation partnered with Montgomery County Public Schools and Prince George’s County Public Schools to launch the pilot program at two area elementary schools — Jackson Road Elementary School and Bradbury Heights Elementary.

Community partners will also play a vital role in making this initiative a success by assisting students throughout their elementary and high school education by providing resources to better help them plan for their futures.

This first-of-its-kind initiative in Washington, D.C. could serve as a model for other community foundations aiming to address the racial wealth gaps in their own region.

For more information, visit https://www.thecommunityfoundation.org/brilliant-futures