Covenant Values Foundation pledges to give away one billion dollars in grants

Contact: Nathalie Strickland, 423-643-4977, nstrickland@waterhousepr.com

CHATTANOOGA, Tenn., March 14, 2012 /Christian Newswire/ -- The board of trustees of the Covenant Values Foundation announced its founding and pledged to make one billion dollars in grants to worthy causes. The non-denominational Christian foundation was established by Chattanooga philanthropists and businessmen Carey V. Brown and Steve Steele, and other private funders.

"Covenant Values Foundation is making a 'Billion Dollar Pledge.' Our goal is to give one billion dollars in grants to support people in need," said Brown, a foundation trustee. "Through this monumental pledge, which can only be made with God's participation, we commit to making a marked difference and aim to inspire others to a lifetime of giving."

As a young entrepreneur, Brown built a successful car lot in Rossville, Ga. that grew into other businesses. He used the profits to fund missions around the world and was moved by the plight of women and children in those nations. Inspired to give back "to the least of these," Brown diversified his businesses to make them more profitable and used the profits for more charitable works. Last year alone, Brown's companies provided 70 organizations with the means to support 5,500 orphans worldwide.

"Jesus taught us that loving our neighbors as ourselves is a worthy goal," said Steve Steele, the foundation's executive director and trustee. "In this broken world, our neighbors are often hurting, in need and without hope. Covenant Values Foundation will serve 'the least of these' and spread the 'Good News' of Jesus Christ here in our community and around the world."

Steele brings more than 30 years of executive level non-profit and Christian ministry management experience to Covenant Values Foundation. He previously served as senior vice president for global strategy and research at the Maclellan Foundation and CEO of Dawn Ministries. Steele also leads a language translation and video technology company that links people throughout the world to each other.

The charitable giving initiatives of the founders and other like-minded philanthropists, which are generated through private giving, ongoing licenses and royalties, technology and business services, will be overseen by the Covenant Values Foundation board of trustees. The foundation's grants will focus on causes fostering the needs of orphans, youth, widows, the unborn and those who cannot help themselves, as well as sharing the "Good News" of Jesus Christ.

Covenant Values Foundation pledged up to $625,000 in grants by the end of next month. The first grant was made to On Point, a Chattanooga-based youth development program that help teens abstain from risky behavior. The foundation's $25,000 grant was coupled with a pledge to match up to $100,000 in new money donated to the organization during the month of April 2012. The same matching pledge was made to five other Chattanooga area charities: Chattanooga Community Kitchen, which provides food and shelter to the homeless; Dawson McAllister Association, founder of The Hope Line teen suicide prevention outreach; Precept Ministries International, a leader in helping others study the Bible; Teen Challenge, which offers hope and healing for people with addictions and other life-controlling problems; and Tennessee Temple University, a Christian college.

"Our world needs more people with a heart for investing their time, talent and treasure for the benefit of others," said Hugh O. Maclellan, Jr., executive chairman of the board for the 66-year-old Maclellan Foundation. "We are delighted to welcome Covenant Values Foundation into the family of evangelical faith-based organizations supporting Christian causes at home and around the world."

Covenant Values Foundation is a 501(c)(3) non-profit organization whose mission is "to maximize the growth of God's Kingdom, by helping 'the least of these' and fulfilling the Great Commission through strategic giving." For more information on Covenant Values Foundation, visit www.covenantvalues.com.