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Foundation for the Mid South and Entergy
Wrap Up the Power of Hope Fund
and Communities Rebuild
>>> Press Release (March 21,2006) The Foundation for the Mid South and Entergy Corporation recently announced the final grant disbursements to hurricane victims from the Power of Hope Fund. The fund was established just days after Hurricane Katrina made landfall along the Gulf Coast region and devastated many areas where Entergy is the primary utility provider. After hundreds of thousands of Entergy customers and employees were impacted by the disaster, Hurricane Rita followed adding to the numbers affected.
Entergy Corporation seeded the Power of Hope Fund with an initial investment of $1 million to benefit Entergy customers and employees and asked the Foundation for the Mid South to manage and administer the fund. The fund was intended to help those – especially uninsured or underinsured, low-income individuals and families – in Louisiana, Mississippi, and Southeast Texas to begin to make repairs to their homes. After raising an additional $2.6 million for the fund from various energy corporations and individual donors from around world, Entergy contributed an additional $613,500 to fund nonprofit organizations making the total amount of the fund $4.2 million.
In all, more than 4,000 individuals and families received $3.6 million in grants ranging between $500 and $10,000. Additionally, 67 nonprofit organizations that provide direct services to hurricane victims also received grants totaling $613,500. Grants were awarded on the basis of need, subject to availability of funds.
“As our communities continue on the road to recovery, Entergy is proud to do its part in helping our employees and our customers rebuild their lives,” said Patty Riddlebarger, Entergy Corporation Director of Corporate Social Responsibility. “Thanks to many generous donors, our neighbors and friends are getting help to make a new start.”
The Power of Hope Fund was administered by the Foundation for the Mid South, which processed, reviewed, and evaluated approximately 30,000 applications. With such an overwhelming number of applications to process and only a staff of fifteen, the Foundation trained local volunteer law school graduate students to assist in reviewing and ranking the requests. Additionally, the Foundation for the Mid South waived all administrative fees making certain that 100 percent of all funds raised went directly to those in need.
“The Foundation for the Mid South is honored to have managed the Power of Hope Fund for Entergy – one of our most generous and faithful supporters,” said Foundation chair, Dr. Beverly Wade Hogan. “With so many in need, it was crucial that the grants process was put in place quickly after the storms, but – just as importantly – that it took into account the socio-economic and equity issues that are critical in helping the region rebuild better than it was before.”