The Indianapolis-based foundation says its Comprehensive Counseling Initiative for Indiana K-12 Students may allocate up to $30 million.
Indiana Afterschool Network will use the grant money to create the Indiana Academy on Out of School Learning.
Lilly Endowment gave $62 million this week to Indiana universities, in hopes of providing graduates with jobs more in line with their degrees.
Anderson University School of Theology received $250,000 from the Lilly Endowment.
The plan is being developed using a $615,000 grant from the Lilly Endowment.
Researchers of Million Dollar List for the Center on Philanthropy at IU say charitable giving fell from $2 billion in 2007 to just $250 million in 2011.
Hedge fund manager and alumnus James Hodge also donated $15-million to the $60-million renovation and will have the building named in his honor.
Bloomington is the first stop for a traveling exhibit focusing on how African-Americans have influenced popular music.