Michelle Obama Announces $50M Fund For Nonprofits

Rounding out her first day in the Big Apple as First Lady, Michelle Obama formally announced the creation of the Social Innovation Fund, an initiative under the Serve America Act, which opens the door for more government funding for nonprofit groups and social entrepreneurs. Earlier today, the president asked Congress for $50 million more to fund the initiative.

"By focusing on high-impact, results-oriented nonprofits, we will ensure that government dollars are spent in a way that is effective, accountable and worthy of the public trust," Mrs. Obama said to a room full of notables and celebrities.

Jimmy Fallon hosted the TIME 100, a gala thrown by Time Magazine to celebrate its 100th edition of the 100 Most Influential People special issue. The First Lady, dressed in a black evening gown with black and white crystals, addressed the crowd before dinner. Celebrities, including Oprah Winfrey, Whoopi Goldberg and Kate Hudson, attended the event. Three different red carpets led the way to the main room inside the Time Warner Center.

Time Managing Editor Richard Stengel introduced the First Lady, saying she "has been a role model for women around the world" and she "has not only talked the talk, she has walked the walk" in regards to social action and national service.

Primarily sticking to prepared remarks, the First Lady called for encouraging public service and acknowledged its impact on her life.

"I stand here today because of scholarships and grants and experiences that gave me opportunities I was afraid to dream of," she said. "I never imagined that, as a result of all that support, I would be in a position to be a role model for girls around the globe."

During her speech, Mrs. Obama smiled after saying the "Obama administration," paused and chuckled. "I still like hearing that," she said before returning to prepared remarks.