John and Selene Devaney have a challenge for Key Biscayne -- one that could bring in hundreds of thousands of dollars for the island village.

The couple has pledged to match donations to the newly created Key Biscayne Community Foundation -- up to $1 million. The nonprofit foundation is seeking money to bring more activities, cultural events, programs for children and seniors, and scholarships.

''I cannot wait to write a check for a million dollars,'' Devaney, 34, a Key Biscayne native who founded an investment firm, said. ``We think that it is the right thing to do, and we think that a challenge grant would set a good example for other Key Biscayne residents.''

The foundation kicked off its fundraising campaign March 31 at the Ritz Carlton of Key Biscayne -- which has already donated $30,000 to the group and pledged $300,000 over the next 10 years.

But that leaves another $970,000 to go for the Devaney's challenge. John Devaney said he is ''very confident'' the community will raise the money.

Donors can choose to give to one of several funds and have their money go to a specific group or cause, or let the board of directors decide, Ana Gloria Rivas-Vazquez, one of the foundation's founding members, said. Donors also can plan a gift in advance, she said.

Once the money is in place, a nonprofit group in the village will be able to submit an application to receive a grant. At that point, the board would vote and give the final approval.

Vice Mayor Jorge Mendia, also a founding member of the foundation, said he is looking forward to hearing input on what kind of changes island residents would like to see.

''The nice part about this is that so many of our homeowners are not U.S. citizens, so they cannot vote or have much of a say in the democratic process. This gives them the ability to be able to participate, too,'' he said.

The idea of a foundation came about around election time last year, but Mendia said the issue dates to when the village incorporated.

''Over the years many groups from around the village have approached the council for a little money here and a little money there,'' Mendia said, ``but the council cannot always take care of everyone's needs. This is the next best, natural step.''

Mendia said he would like to see more cultural events and improvements in the island's drama and music clubs. The Devaneys, for their part, hope that at least some of their donations go to an outdoor, wintertime concert series, where families can grab a blanket and listen to live music. They also hope their donation will help hire two staff people to run the foundation. They plan to give office space at their newly purchased building on the village's main road.

Both John and Selene Devaney have deep roots in Key Biscayne. They grew up a few streets away from each other. John, who attended Key Biscayne Elementary and later Coral Gables Senior High, ran into Selene while boating during a spring break from college. They married three years ago, and now have two daughters.

John Devaney, who studied business at Colorado State University, started his own bond-trading firm, United Capital Markets in 1999, he said.

"I have been extremely successful over the past few years. We think that this is the right thing to do.''

For more information or to donate, send an e-mail to KeyBiscaynecf@yahoo.com.