Joseph Krantz Family Contributes $1 Million To
Bay Commitment Scholarship

The Bay Area Community Foundation announced the receipt of a $1 million gift from Joseph Krantz and his family to support the Bay Commitment Scholarship. The Krantz Family gift is the first major donation received for the scholarship program.  The announcement was made at the inaugural Bay Commitment Scholarship Award Ceremony held on May 14, 2008 where 100 students from Bay City Public Schools each received a $2000 scholarship.  Mr. Krantz and his family personally funded the $200,000 awarded that evening.  The remainder of the Krantz Family donation will be placed in an endowment fund at the Bay Area Community Foundation to provide future support for Bay Commitment Scholarships.  

Joseph Krantz is a retired businessman who believes in re-investing in the community.  “There is a need for a long term fix to increase the skilled labor force in Bay County”, Mr. Krantz stated.  “We can’t continue to expect existing businesses or new businesses to stay here if we don’t have a qualified workforce.”  Mr. Krantz attended Bay City Junior College.  He believes that if our community helps students continue their education they might be more inclined to stay in the area.   

“We are extremely fortunate to have Joe Krantz in our community”, commented Jerome Yantz, Chair of the Bay Commitment Steering Committee.  “Joe understands that Bay County needs a strong, educated workforce to support jobs in our area today and into the future.  Joe’s financial contribution demonstrates his desire to assist young people succeed through education.”  

Bay Commitment, currently in its pilot period, is a unique scholarship program where 100 graduating seniors from Bay City Public Schools each receive a $2000 scholarship.  The goal of the program is to provide financial assistance for students to pursue higher education locally.  According to the 2000 U.S. Census, only 12.8% of the people over 25 years of age in Bay County have an undergraduate degree.  Eligibility criteria for the Bay Commitment Scholarship include that a student must be first generation in his or her family to attend college working toward a four year degree, have attended Bay City Public Schools for six years, and will be attending either Delta College or Saginaw Valley State University.  These two institutions were selected in order to encourage youth in Bay County to remain in the area and to invest in the economic vitality of the Saginaw Valley.  

The Bay Commitment Steering Committee established a minimum goal of $4 million to support the ongoing ability to award 100 scholarships each year.  The Bay Area Community Foundation was charged with the leadership role to obtain the funding required.  The Bay Area Community Foundation, in cooperation, with the Kantzler Foundation, the Russell and Maxine Smith Foundation, and the Osthelder Fund provided the initial financial support for the Bay Commitment’s pilot program, which was launched in the fall of 2007.  Bay Area Community Foundation continues to work with donors to gain additional resources to reach the minimum $4 million endowment fund goal.

“We are pleased to be a founding partner of Bay Commitment”, stated Eileen A. Curtis, Bay Area Community Foundation President & CEO.  “The Foundation will award over $400,000 in scholarships to Bay and Arenac County students in 2008.  Bay Commitment Scholarships are a significant portion of the funds invested in area youth to aid them in the pursuit of undergraduate degrees.”