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GlobalFoundries-Malta Foundation awards $165,500

GlobalFoundries-Malta Foundation awards $165,500

Funding comes from $3 million donation by GlobalFoundries
GlobalFoundries-Malta Foundation awards $165,500
GlobalFoundries' Malta plant in 2018
Photographer: MARC SCHULTZ/DAILY GAZETTE PHOTOGRAPHER

MALTA -- The GlobalFoundries-Town of Malta Foundation last week awarded annual grants totaling $165,500 to 46 recipients.

The largest single grant was $12,250 for improvements to be made by Saratoga Bridges, which supports the developmentally disabled.

The foundation's mission is to support community organizations that serve Malta residents, an area that includes portions of the Ballston Spa and Shenendehowa school districts, as well as a local non-profit theater company. The funds are drawn from $3 million GlobalFoundries donated in 2011, as part of an agreement that allowed the firm to build its Fab 8 computer chip plant in Luther Forest.

Other large grants included $10,500 to Malta-Stillwater Emergency Medical Services, for a transport ventilator, and $10,000 to Rebuild Together Saratoga County, for home repairs to be made for low-income Malta residents. Most of the grants are for between $1,500 and $5,000.

The $165,500 donated this year is the most the foundation has donated since it gave nearly $173,000 in 2014. The distribution is based in part of the foundation's investment returns. It has now donated more than $1 million since it was formed.

The foundation is managed by a five-member board that includes representatives of both GlobalFoundries and the town. The president is Steve Groseclose, of GlobalFoundries. Other board members are town resident Glenn Rockwood, vice-president; Karen A. Heggen, secretary; David R. Meager, treasurer; and Emily S. Reilly, communications chair.

A similar foundation formed by GlobalFoundries and the town of Stillwater, which has a $1 million endowment, operates in the town of Stillwater and makes annual awards in the early fall.

Fab 8, which employs about 3,000, is located in Malta but is within the Luther Forest Technology Park, which straddles the Malta-Stillwater town line. That is why foundations were formed to benefit both towns.

Information on how to apply for 2019 grants will be available in August.

 

 

 

 

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