Handheld maker Handspring said it has set up a foundation to make cash grants to nonprofits. The Handspring Foundation, started with 45,000 pre-IPO shares of Handspring stock, aims to support organizations and programs "dedicated to creating positive change in their communities," the company said in a statement.
Initially, the foundation will make cash grants to programs dedicated to preschool through high-school education or issues directly related to children or at-risk youth--areas selected by Handspring employees to address. Guidelines and grant applications are available on the company's Web site. A committee of Handspring employees will evaluate requests and make formal recommendations for grants of $1,000 to $25,000 to the foundation board. The deadline for the first round of grants is May 1.