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

Close to a year and a half after it was founded, the Key Biscayne Community Foundation has given more than $50,000 in grants to groups on the island, and has raised more than $850,000 in donations and pledges to fund other projects.

The latest to benefit: The Key Biscayne Nature Center, which will use the grant to build a Butterfly Corridor to bring more butterflies and moths to Virginia Key and Key Biscayne; the Key Biscayne Athletic Club's tackle football program, for a new system to distribute water and drinks to players; and the Buen Pastor Ministry at St. Agnes Catholic Church, which provides medical care, English lessons and immigration help for domestic workers on the island.

''The money we received has been put to good use, but our food costs alone are about $600 a month,'' Sister Marie Angela Bayne, director of parish programs at St. Agnes said. Annually, food alone costs the program $7,200 a year.

Like Coral Gables, Key Biscayne formed a community foundation in March 2004 to respond to needs on the island. The Miami-Dade Community Foundation addresses needs county-wide.

''We try to fill the gap between the government and private sector. Everyone from children to seniors and workers on the island has needs,'' Ana Gloria Rivas-Vazquez, a co-founder and vice chairwoman who has been working in nonprofit and philanthropy for 13 years, said.

The foundation also guides local nonprofits with other private grant applications. Bayne recently applied for a $100,000 Blue Cross Blue Shield grant at Rivas-Vazquez's suggestion.

Grants can be up to a maximum of $2,500, but because of the church's growing needs the foundation funded some of its operational costs.

The board meets six times a year and gives out grants on a rolling basis, which means there is no deadline for applications. The board is set to meet two more times this year.

This is the second grant from the foundation to Buen Pastor and the Athletic Club.

When it was formed, Key Biscayne residents John and Selene Devaney pledged to match donations up to $1 million. The challenge ends Dec. 31, so the foundation has three months to raise $150,000 to make that goal.

The foundation also has hired an executive director, Liz LaCorte, who has a background in marketing and fundraising and previously was an associate director at the Broward branch of the American Cancer Society.

LaCorte believes keeping the community informed about the foundation is important.

''Key Biscayne is a very generous community. We want to establish a donor's forum and are planning workshops for potential grantees and donors,'' LaCorte said.

Jorge Mendia, foundation chairman and co-founder, thinks the most important thing is that the foundation is up and running.

''For just being barely a year and a half year old the foundation is doing well,'' Mendia said. ``It is great to think the foundation will still be here, helping the community after I am gone.''