When Borders closed in 2011, the nonprofit that had been established to offer financial assistance to its employees and their families in need stayed open—with an expanded mission. The Book Industry Charitable (Binc) Foundation, which is based in Ann Arbor, now assists all booksellers, not just former Borders associates, with life-changing events, ranging from loss of income due to death in the family to domestic violence. In addition, the foundation donates money for academic scholarships and just announced that it will give $100,000 for the coming academic year.
“We are thrilled to be able to continue to support booksellers,” said Binc Foundation executive director Pam French in announcing that 35 students, either former Borders employees or their dependents, would receive academic scholarship awards of $5,000 or $2,500. Awards went to those entering college with an average high school GPA of 4.0 and those continuing their college education, who had an average GPA of 3.64. Next year the scholarship program will also broaden to include all booksellers and their families.
Since its founding in 1996, the foundation, which was originally named the Borders Group Foundation, has provided over $5 million in charitable assistance.