Contact: Waterhouse Public Relations, 423-643-4977

CHATTANOOGA, Tenn., July 19, 2012 /Christian Newswire/ -- Tennessee businessmen Carey V. Brown and Steve Steele, who pledged to help raise and contribute $1 billion "to help the least of these" through their newly-founded Covenant Values Foundation in March, today paid the first major installment of that pledge. When the foundation launched, the founders issued a matching grant fundraising challenge to six nonprofits based in the Chattanooga area agreeing to match up to $100,000 each in new money raised by each organization last spring. Today, the beneficiaries announced that the charities collectively raised more than $1.2 million in new money, $600,000 of which was paid in matching grants from the foundation.

Photo: Steve Steele, executive director and co-founder of Covenant Values Foundation, awarded $100,000 matching grants to each of six nonprofit Christian organizations that collectively raised more than $1.2 million in new money for charitable work. (From left to right: Lesley Scearce, On Point; Steve Steele, Covenant Values Foundation; Charlie Hughes, Chattanooga Community Kitchen; Tim Altman, Dawson McAllister Association.)

"Our goal is to strengthen the important work of charities throughout the world," said Carey Brown, Covenant Values Foundation co-founder and trustee. "We hope that by offering grants that encourage beneficiaries to find new sources of income, we will spur additional charitable acts and help those organizations find other benefactors that will sustain them long-term."

The organizations that raised more than $200,000 each through the fundraising challenge include Chattanooga Community Kitchen, Dawson McAllister Association, On Point, Precept Ministries International, Teen Challenge of the Mid-South and Tennessee Temple University.

"The purpose of the matching grants is to provide much-needed financial resources to charitable organizations working daily to better the community and world," said Steve Steele, Covenant Values Foundation co-founder and executive director. "Together we are building a broader foundation of support for worthy causes, and hopefully, inspiring more people to a lifetime of giving."

In the two months following the Covenant Values Foundation's $1 billion pledge, more than 4,500 organizations applied for grants, which led to more than $3 million in grant commitments in that initial time period. The foundation's grants 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.

About Covenant Values Foundation
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.  

About the Beneficiaries
On Point is a Chattanooga-based youth development program that help teens abstain from risky behavior; 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 of the Mid-South, which offers hope and healing for people with addictions and other life-controlling problems; and Tennessee Temple University, a Christian college.

For additional photos and information about how the beneficiaries will use the matching grant funds, please contact Waterhouse Public Relations at (423) 643-4977.