This category includes stories about philanthropy, typically covering the generosity of individuals, families, groups of individuals and foundations (nonprofits primarily in the business of funding other nonprofits.
This category includes stories about philanthropy, typically covering the generosity of individuals, families, groups of individuals and foundations (nonprofits primarily in the business of funding other nonprofits.
WASHINGTON DC, June 25th, 2014 – Home Matters®, a national movement focused on raising awareness and funds to make home a reality for everyone, announced today that it was selected to receive a three-year grant from the John D. and Catherine T. MacArthur Foundation to help change public perception of home and its crucial impact on health, education, public safety, personal success and the economy.
The $300,000 grant spread out over three years will enable Home Matters to ignite a long overdue public conversation around the value of housing in people’s lives by leveraging recent research, including that from the MacArthur Foundation’s How Housing Matters initiative. Current findings show that a safe and stable home plays a central role in shaping successful families and communities. “We are absolutely thrilled to receive this grant from such a recognized housing leader,” said Dave Brown, Executive Director of the National NeighborWorks® Association, a proud founder of the Home Matters movement. “The overarching hypothesis guiding this research dovetails with the Home Matters mission and vision and will enable us to elevate the importance of home in the hearts and minds of Americans, getting the general public to take action and placing housing firmly on the national agenda.”
Home Matters will leverage the MacArthur grant and research to build a consumer-friendly and interactive online experience which will engage the general public – to think differently about home’s value in Americans’ quality of life; create viral, credible video content regarding the importance of Home; and thread the research throughout its consumer communications plans and activations.
This support comes at a critical point in time as Americans’ perceptions of housing is shifting. Innovative organizations like Home Matters recognize the need to take the complex world of housing and make it relevant and compelling to mainstream audiences. The grant is part of the MacArthur Foundation’s How Housing Matters to Families and Communities initiative.
According to the recent MacArthur-supported How Housing Matters national survey, conducted by Hart Research Associates, half of all U.S. adults (52%) have had to make at least one sacrifice to cover their rent or mortgage since 2011. These sacrifices, which include getting an additional job and cutting back on health care and nutrition, prove that having a home isn’t just an economic issue, it’s our nation’s social common denominator. Home Matters plans to help solve this problem, one home and one community at a time.
A group of leading private sector investors, at a high-level roundtable on impact investing convened by the White House, has pledged $556 million to a range of social investments using a novel investment approach centered on social justice and community value creation.
On June 25, 2014, the White House hosted a roundtable on impact investing, during which some 20 new private sector commitments were made to drive more than $1.5 billion into investments that intentionally generate measurable social or environmental impact as well as financial return.
The group of investors convened by the Transform Finance Investor Network, concerned about a trend in impact investing that stops short of truly transformative impact, pledged to invest in alignment with the transformative finance principles of:
The group of Transform Finance Investor Network investors includes Pi Investments, Blue Haven Initiative, New Belgium Family Foundation, ReInventure Capital, and The Working World. These members will invest across asset classes, geographies, and verticals.
“This is a novel approach that puts capital at the service of community needs. We hope that through our participation in the Transform Finance Investor Network, we can help build a vibrant community of sophisticated investors who deeply believe in empowerment and intend to consider and prioritize community benefit in every investment we make,” said Brendan Martin, President of The Working World.
Investments may span from debt funds that finance conversion of corporations into worker-owned cooperatives, to renewable energy projects that are locally owned by and benefit indigenous communities.
Andrea Armeni, Executive Director of Transform Finance, convened the group, which has grown to include impact investment leaders such as Calvert Foundation and RSF Social Finance.
“Impact investment is at the tipping point to scale, and hence it’s a cruicial time to ensure community accountability and engagement becomes common practice. We appreciate the White House’s commitment to real impact, and look forward to engaging with our investor peers, both public and private, to put the transform finance principles into action,” said Morgan Simon, managing director of Pi Investments and founder of Transform Finance.
For more information contact Andrea Armeni, Executive Director of Transform Finance, at (415) 265-0035 or firstname.lastname@example.org
Several NAB members pledge $184 million for projects that yield social and financial ROI
WASHINGTON, DC (June 25, 2014) — The US National Advisory Board (NAB) on Impact Investing released its report of policy recommendations to mainstream impact investing within the United States at a White House event this morning. The initiative, focused on promoting public and private innovation and entrepreneurship in solving the United States’ greatest social challenges, addresses the most catalytic changes needed from a policy standpoint. The report, Private Capital, Public Good: How Smart Federal Policy Can Galvanize Impact Investing — and Why It’s Urgent, has been made public online at www.NABimpactinvesting.org.
“Impact investing uses the power of markets to unleash private capital for public good. Done well, it can scale sustainable solutions to some of our toughest social challenges, such as affordable housing, clean energy, quality education, and workforce development,” said Matt Bannick, Co-Chair of the US National Advisory Board and Managing Partner at Omidyar Network. “Impact investing has been a part of the fabric of social and community development finance in the US for decades. But we have only begun to see a glimpse of its promise, and smart public policy will help us get where we need to be. The National Advisory Board on Impact Investing has come together to offer a policy framework that can help catalyze the market and transform millions of lives in a positive way.”
Private Capital, Public Good Recommendations:
The report offers policy recommendations on opportunities in the short-term, as well as supporting policy ideas that would encourage the impact investing market over the long-term. The recommendations are mostly budget neutral and sometimes even result in cost-savings. They include:
“Innovative strategies by government can unlock new sources of capital and significantly advance the impact investing sector,” noted Tracy Palandjian, Co-Chair of the US National Advisory Board and CEO of Social Finance US. “This report, which we present to the White House and members of Congress today, articulates these strategies, many of which are budget-neutral, and provides a roadmap to a more enabling policy environment at the federal, state and local levels.”
NAB Members Commit $184 Million in Impact Investments
Several impact investment pledges were also announced this morning at the White House including a number of commitments from members of the US National Advisory Board. Those pledges include:
Formation of the US National Advisory Board on Impact Investing
The US National Advisory Board’s work is part of a global effort that was initiated at the June 2013 G8 meetings in London to explore how impact investing can accelerate economic growth and solve the world’s most pressing social challenges. At that time the Social Impact Task Force (Task Force) was created and charged with recommending policies to accelerate impact investing, establish a common global approach for measuring social outcomes, and encourage greater engagement across foundations, institutions and private investors with input from the G8 countries. The US National Advisory Board on Impact Investing was formed to coordinate with and advise the global effort while actively reaching out to key stakeholders and communities to get feedback, ideas and input about what policy changes are necessary to drive social impact investing in the United States.
The policy recommendations contained within the report are focused on executive and legislative strategies for updating existing regulations and laws to make it easier for social impact investors to work with government agencies. Although the policies are focused on opportunities at the federal level, the report does intentionally include both examples and opportunities at the state and local level.
The NAB is comprised of 27 thought leaders including private investors, entrepreneurs, foundations, academics, think tanks, impact enterprises, nonprofits, coalitions and intermediaries, including:
Matt Bannick, Omidyar Network (co-chair); Tracy Palandjian, Social Finance US (co-chair); Antony Bugg-Levine, Nonprofit Finance Fund; Jean Case, Case Foundation; David Chen, Equilibrium Capital; Audrey Choi, Morgan Stanley; Maya Chorengel, Elevar Equity; Cathy Clark, Duke University; Kimberlee Cornett, Kresge Foundation; William Foster, Bridgespan Group; Seth Goldman, Honest Tea; John Goldstein, Imprint Capital; Josh Gotbaum, Pension Benefit Guaranty Corp; Michelle Greene, NYSE Euronext; Sean Greene, Revolution; Ben Hecht, Living Cities; Andrew Kassoy, B Lab; Zia Khan, The Rockefeller Foundation; Clara Miller, Heron Foundation; Elizabeth Littlefield, Overseas Private Investment Corporation; Stewart Paparin, Soros Economic Development Fund; Andrea Phillips, Goldman Sachs; Luther Ragin, Global Impact Investing Network; Curtis Ravenel, Bloomberg LP; Harold Rosen, Grassroots Business Fund; Debra Schwartz, MacArthur Foundation; and Darren Walker, Ford Foundation.
After presenting the report at the White House and to members of Congress on June 25, the US National Advisory Board will focus on sharing its recommendations with the impact investing community in the US and feeding its recommendations into the broader Task Force’s efforts. The Social Impact Investment Task Force is expected to meet again in September to review a global proposal with input from each member country.
The report can be viewed at www.NABimpactinvesting.org.
About the NAB
The US National Advisory Board (NAB) to the Global Social Impact Investment Taskforce aims to catalyze the development of the global social impact investment market. It was established following the June 2013 G8 Social Impact Investment Forum in London. The NAB was formed to focus on the US domestic policy agenda. The NAB is comprised of 27 thought leaders, including private investors, entrepreneurs, foundations, academics, impact-oriented organizations, nonprofits, and intermediaries.
Submissions Now Open for Awards Honoring Outstanding Revenue Generation Efforts
Regional CPA and business advisory firm Eide Bailly LLP announced it is now accepting submissions for its 2014 Non-Profit Resourcefullness Awards, which will recognize outstanding non-profit revenue generation efforts in Arizona, Colorado, Minnesota, and Utah. The firm will give the following in each of the four states: a $10,000 grand prize, a $3,000 runner-up prize, and a $2,000 honorable mention prize.
The Eide Bailly Resourcefullness awards reward invention, creativity and sustainability while also collecting data about both the traditional and novel revenue generation practices that non-profits are using successfully. Submissions are due by Aug. 29, 2014, and winners will be announced Oct. 8, 2014.
“When you’re surrounded by non-profit organizations every day, you witness the extraordinary amount of energy devoted to thinking about and securing funding,” said Beth Bird, director of Eide Bailly’s non-profit practice. “These awards not only help us recognize those who are creatively overcoming barriers, but also foster the furthering of ideas and discussions to help inspire the industry.”
To ensure fairness, outside judges who are well-respected in the non-profit community will review and score finalists. The judges in each state are:
Katherine Cecala, Chief Operating Officer – Valley of the Sun United Way
Steve Zabilski, Executive Director – Society of St. Vincent de Paul Phoenix Diocesan Council
Lonnie Ostrom, Professor of Marketing – Arizona State University
Christine Benero, President and CEO – Mile High United Way
Kelly Brough, President and CEO – Denver Metro Chamber of Commerce
Su Hawk, President and CEO – Denver/Boulder BBB Foundation
Sheila Bugdanowitz, President and CEO – Rose Community Foundation
Jean Lane, Director of Finance – Blandin Foundation
Jon Schwingler, Senior Vice President, Private Client Advisor – U.S. Trust, Bank of America Private Wealth Management
Kari Groth Swan, Director of Major Gifts and Strategic Investments – Greater Twin Cities United Way
Chris Bray, CEO – Utah Nonprofits Association
Robert Hunter, President and CEO – United Way of Northern Utah
Gloria Talley Wilkinson, Senior Vice President of Community Relations – Zions Bank
Additional details about the awards and submission form can be found at www.eidebailly.com/resourcefullness.
About Eide Bailly LLP
Eide Bailly provides 44,000 clients across the nation with our core services of audit & assurance and tax, as well as expanded services, including accounting services, employee benefits, enterprise risk management, financial services, forensic & valuation, technology consulting, transaction services and wealth management. Eide Bailly has offices located in Phoenix, Ariz.; Boulder, Denver, Frisco, Golden, Grand Junction and Vail, Colo.; Boise, Idaho; Dubuque, Iowa; Mankato and Minneapolis, Minn.; Billings, Mont.; Bismarck, Fargo and Williston, N.D.; Norman, Oklahoma City and Tulsa, Okla.; Sioux Falls and Aberdeen, S.D; Ogden and Salt Lake City, Utah; and Spokane, Wash.
Philamplify’s rigorous grantmaker assessments and interactive website encourage feedback, transparency
Washington, D.C. – Today, the National Committee for Responsive Philanthropy (NCRP) unveiled the latest pair of foundation assessments for Philamplify, a new project aimed at bursting the isolation bubble in philanthropy by delivering honest feedback to grantmakers. The new reports, assessing Los Angeles’ The California Endowment and Denver’s Daniels Fund, are the second set of Philamplify assessments since the project launched in May.
“The assessments of The California Endowment and Daniels Fund demonstrate very different approaches to grantmaking by two foundations that serve specific regions or states,” said Aaron Dorfman, executive director of NCRP. “Everyone in the sector has much to learn by discussing the merits of these contrasting strategies.”
Conducted by top-notch researchers, Philamplify’s foundation assessments provide a comprehensive examination of a foundation’s grantmaking and operations. The reports incorporate feedback received from the foundation’s key stakeholders and offer recommendations designed to maximize foundation effectiveness.Philamplify.org users can comment on and agree or disagree with these recommendations and share stories about how philanthropy has impacted their lives.
“Sadly, sharing of insight and knowledge doesn’t come naturally to foundations,” said Dorfman. “Philamplify facilitates the critical feedback grantmakers need so that they can maximize their impact on the issues and communities they care about.”
Since its launch, Philamplify has been met with approval from stakeholders in the sector, who see it as a potential turning point in the ongoing conversation about transparency and accountability in philanthropy. Buzz Schmidt, founder of GuideStar, a site that aggregates information about all registered nonprofits, is one such supporter.
“The absence of market tensions at both [the internal and external] levels keeps private foundations from performing at the highest level and being the effective resource allocators we need them to be,” said Schmidt. “NCRP’s new philamplify.org site seeks to help remedy this situation and impose an external market tension.”
“In the coming months we intend to review the report and its recommendations with our board and with our staff,” said Dr. Robert K. Ross, president and CEO of The California Endowment. “We see ourselves as part of a larger community working for health and justice and we know that our work is enhanced when we engage in learning and conversation with others. As members of this community we all benefit from transparency and constructive critique.”
In addition to The California Endowment and Daniels Fund assessments, NCRP has released reports on the Lumina Foundation for Education in Indianapolis, Robert W. Woodruff Foundation in Atlanta and William Penn Foundation in Philadelphia. Additional assessments covering other top-100 U.S. foundations will roll out in the coming months.
To foster transparency, mutual accountability and knowledge sharing, the full reports on The California Endowment and Daniels Fund, along with all other Philamplify assessments, are available on Philamplify.org.
Since 1976, NCRP has served as the voice of nonprofits and the communities they serve in philanthropy. Through research and advocacy, NCRP works to ensure that philanthropy contributes in meaningful ways to the creation of a fair, just and equitable world. Visit www.ncrp.org for more information.
Nina Agdal will support the foundation’s Together For The Children Campaign as she rocks her MCH + Cruciani 2gether Bracelets, the hottest fashion accessory that pays it forward
MIAMI, June 26, 2014 – Miami Children’s Health Foundation (MCH Foundation) is excited to announce that model Nina Agdal will serve as celebrity ambassador for the MCH + Cruciani 2gether Bracelets initiative to support Together For The Children, The Campaign for Miami Children’s Hospital.
By the time she turned 22, Nina – who is currently the face of Bebe – had been featured three times in Sports Illustrated Swimsuit Edition, including on the cover of this year’s 50th Anniversary Edition. She has also modeled for Aerie by American Eagle and Op Swimwear, among others, and was featured in the 2013 Carl’s Jr./Hardee’s Super Bowl commercial.
“I am delighted and honored to be able to help raise awareness through fashion for such an amazing institution like Miami Children’s Health Foundation,” Agdal said. “The MCH + Cruciani 2gether Bracelets are absolutely beautiful, but most importantly, they have a purpose.”
“Nina first became involved with MCH Foundation a few years ago when she was invited to our signature gala, the Diamond Ball,” said Lucy Morillo, Esq., president and CEO of MCH Foundation. “Nina fell in love with our cause and wanted to know how she could help. So, when this opportunity arose, we immediately thought of her, and she very graciously accepted to be the face of this amazing initiative. For this reason, we will always be grateful to her.”
This initiative was introduced by the world-renowned design house Cruciani, when they generously donated thousands of specially designed, macramé lace bracelets to MCH Foundation during the 2013 Diamond Ball. These bracelets, which serve as a symbol of hope for children worldwide, will help raise significant funds to continue providing the world-class care that Miami Children’s Hospital is known for.
“Our foundation’s mission is to ensure the health and happiness of children everywhere,” Morillo said. “Nina Agdal is the perfect match for this initiative, and we are honored to work with her and Cruciani to promote our mission while raising awareness and funds for Miami Children’s Hospital.”
The bracelets, which feature the Miami Children’s Hospital logo, come in various colors and some even support specific causes such as Bella’s Promise, a partnership between MCH Foundation and the Live Like Bella Foundation, created to raise funds to expand pediatric cancer research at Miami Children’s Hospital. They are available with a minimum donation of $15 per bracelet, and 100 percent of the proceeds will benefit Miami Children’s Health Foundation.
The MCH + Cruciani 2gether Bracelets are available by visiting mchf.org/cruciani or at the gift shop located inside the main campus of the hospital.
Study Shows Volunteers More Likely to Land Jobs
Washington, DC – Recruiting professionals on jobipedia.org offer advice to college students without internships and recent graduates who have not yet secured a job: Volunteer. Jobipedia.org is a free career advice website where hiring officials from America’s leading employers, representing the largest companies in the U.S., answer questions for early career job seekers.
Based on the results of a recent study “Volunteering as a Pathway to Employment” by the Corporation for National and Community Service (CNCS), the federal agency that administers AmeriCorps, jobipedia.org experts are giving good advice. The CNCS study shows that unemployed individuals who volunteer have 27 percent higher odds of being employed than non-volunteers. The relationship between volunteering and employment holds stable regardless of a person’s gender, age, ethnicity, geographical area, or job market conditions. The study also shows that volunteers without a high school diploma have a 51 percent higher likelihood of finding employment than non-volunteers without a diploma. Among rural volunteers, the likelihood increases to 55 percent.
Wendy Spencer, CEO of the Corporation for National and Community Service said, “Many of us in the volunteer sector have long felt volunteering gives a boost to those looking for work, but we’ve never had solid research to back it up. This report shows a definitive relationship – volunteers are more likely to be employed a year later than non-volunteers. We know that volunteering can help job seekers develop skills and expand professional contacts, creating a positive impression that can make a big difference in a competitive job market.”
Recruiters on jobipedia.org suggested that jobseekers and students look for volunteer opportunities that are not only personally meaningful but that can offer some active leadership experience. Recruiters agree that in any position – volunteer or paid – demonstrating leadership experience will be helpful when interviewing for future internships or employment opportunities.
Kimberly S. Hauer, Vice President and Chief Human Resource Officer of Caterpillar, Inc. and jobipedia.org supporter said, “At Caterpillar, we encourage all employees to participate in community activities that promote the common good. We believe that our success should also contribute to the quality of life in, and the prosperity and sustainability of, communities where we work and live. As a volunteer, you have the opportunity to make a difference in both your own life and the lives of those you are serving. And, while giving back to your community or an organization that is important to you, you have the chance to increase your own skills or develop new areas of expertise.”
Jobipedia.org experts agreed that volunteering is valuable to many employers. They suggest that job candidates should treat the experience much like a paid position on a resume and be prepared to explain what they learned and accomplished as a volunteer, and how this experience could be relevant or benefit a prospective employer.
“Balancing work and home responsibilities can be difficult, especially for those employees who have a strong desire to give back to their community,” said Kim Armstrong, Foundation program manager at Mutual of Omaha, a jobipedia.org contributing company. “Through our corporate volunteer program, Mutual employees are provided time off during the workday to volunteer. While this is definitely a benefit for employees, it also benefits the community by strengthening the neighborhoods where we live and work.”
Pledges to expand its investments in organizations, projects and funds that address barriers to financial and social mobility announced at White House meeting of the U.S. Advisory Board of the G7’s Social Impact Investing Taskforce
NEWARK, NJ — Prudential Financial, Inc. (NYSE: PRU) announced today its commitment to build a $1 billion impact investment portfolio by 2020 in its continuing effort to direct investments to companies, projects and funds that create positive social change and help individuals and communities achieve economic success. Prudential made the announcement at the White House during a meeting of the U.S. Advisory Board of the G7’s Social Impact Investing Taskforce, which presented its recommendations on how policymakers can spur more impact investments.
“Impact investing enables us, as a company, to make a deeper and more sustainable commitment in a way that has enduring impact,” said Lata Reddy, vice president of Corporate Social Responsibility at Prudential. “These investments are part of our broader strategy to eliminate the barriers that prevent individuals and communities from achieving financial and social mobility.”
Impact investing is the deployment of capital with the intention to generate a positive, measurable social or environmental impact in addition to a financial return.
“With this commitment, we are building on Prudential’s long history of using our resources to generate more than just a financial return,” said Ommeed Sathe, vice president of Impact Investments at Prudential. “For decades, we have strived to find innovative approaches that reach communities and individuals whose needs are underserved by traditional capital markets.”
Prudential formalized its impact investing program in 1976. Since then, the group has invested nearly $2 billion, including $300 million deployed in the company’s hometown of Newark, New Jersey. The group invests in three core areas: social purpose enterprises, financial intermediaries that redeploy capital to individuals and organizations, and real assets, like affordable housing, that improve lives and communities.
“Prudential has been a leader in the impact investment arena for decades,” said Jean Case, CEO of the Case Foundation. “Today they reaffirmed that leadership by committing to build a $1 billion impact investment portfolio. We have witnessed how instrumental impact investing can be, and it is encouraging that such a large private sector corporation understands the importance of using its capital to address complex social challenges.”
Separately today, the U.S. National Advisory Board (NAB) on Impact Investing released its report of policy recommendations to mainstream impact investing within the United States. The initiative, focused on promoting public and private innovation and entrepreneurship in solving the United States’ greatest social challenges, addresses the most catalytic changes needed from a policy standpoint. NAB’s report, Private Capital, Public Good: How Smart Federal Policy Can Galvanize Impact Investing — and Why It’s Urgent, is available at: www.nabimpactinvesting.org/s/Private_Capital_Public_Good.pdf
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1.1 trillion of assets under management as of March 31, 2014, has operations in the United States, Asia, Europe, and Latin America. Prudential Financial Inc.’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential Financial, Inc.’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.
Intuitive Design Is Hallmark of Global Community of Learning for Philanthropy
New York, NY — June 25, 2014. Foundation Center, the leading source of information about philanthropy worldwide, has launched a completely redesigned website for its GrantCraft service, which harnesses the practical wisdom of funders worldwide to provide free resources that improve the practice of philanthropy. The new site is home to guides, blogs, videos, and other media that address questions faced by funders of all types around the world, helping to support a global movement of strategic philanthropy.
“We know that people often become funders through routes other than formal education programs, which is why GrantCraft fills such a critical need,” said Jen Bokoff, director of GrantCraft at the Foundation Center. “The knowledge grantmakers gain through exposure to real-world examples from their peers across the globe empowers them to be more strategic and effective when making funding decisions.”
In addition to an improved interface, the redesigned GrantCraft website offers a full slate of time-tested and new features, including:
The GrantCraft community — currently more than 50,000 users — can learn from diverse foundations, geographies, issue areas, and topics through stories, questions, and ideas curated by the GrantCraft team. The website is divided into three main categories: strategies (such as advocacy and collaboration), issues (such as health and youth), and content types (such as infographics and events). To support a global community of funders, an increasing amount of content is translated into other languages. Users of GrantCraft are encouraged to take advantage of free registration, which affords them access to the monthly newsletter, a personal dashboard where specific resources of interest can be collected, and the ability to share new content and comment throughout the site.
“GrantCraft offers an invaluable opportunity for grantmakers to connect, engage, and learn from each other,” said Sandra Dunsmore, director of the Grant Making Support Group at the Open Society Foundations, a lead funder of the Foundation Center 2020 Investment Plan, which supported the GrantCraft redesign project.
Dunsmore added, “Peer learning is a powerful tool. The wealth of perspectives and experiences shared by fellow grantmakers on GrantCraft.org has an impact that goes far beyond the individual. It is a source of inspiration and a reminder that we, as funders, must remain open to new ideas that challenge our way of thinking and working. Such peer-to-peer collaboration and learning enables a community of funders to be more effective and innovative.”
In addition to funders, GrantCraft is intended for consultants that work with foundations, philanthropy networks, researchers, and journalists interested in exploring funders’ experiences, and grantseeking organizations that want to understand how funders think.
GrantCraft was started by the Ford Foundation in 2001, became a joint project of the Foundation Center and the European Foundation Centre in 2011, and has been managed solely by the Foundation Center since April of this year. The Foundation Center’s future plans aim to strengthen GrantCraft’s position as a primary source of learning and training for new funders, as well as a trusted resource for seasoned funders.
Thousands of underserved young people across U.S. to obtain summer jobs, with a focus on career pathways
Makes top corporate commitment to youth employment at Clinton Global Initiative America
NEW YORK, June 24, 2014 – Continuing its commitment to workforce readiness and helping underserved youth obtain the skills necessary to build lasting careers, JPMorgan Chase & Co. (NYSE: JPM) today announced a commitment of $5 million over the next two years to summer youth employment initiatives across the U.S. This commitment expects to fund summer jobs for more than 4,000 teenagers and young adults as well as learning opportunities in the fields of science, technology, engineering, arts and math for 20,000 13- to 24-year-olds. The firm’s employees will also volunteer their time with nonprofit partners to provide financial capability coaching sessions and introductory coding skills training to participating youth.
Secretary Hillary Rodham Clinton, who is prioritizing youth employment as one of the key issues for her work at the Clinton Foundation, announced JPMorgan Chase’s Commitment to Action at the 2014 Clinton Global Initiative America meeting.
“Great American companies are committing to expanding training, hiring, and mentoring youth, and to encourage other businesses to step up as well,” said Former Secretary Hillary Rodham Clinton. “JPMorgan Chase will invest $5 million over the next two years to fund 4,000 summer jobs in 14 cities and to offer work readiness opportunities to another 20,000 young people.”
Peter L. Scher, Executive Vice President and Head of Corporate Responsibility for JPMorgan Chase, joined Secretary Clinton in Denver for the announcement. Scher said, “Ensuring that young people have the skills they need to succeed is a national priority. JPMorgan Chase is proud to work with the Clinton Foundation, city leaders and nonprofit partners to train and employ our youth. Investing in skills is the right thing for their future and for the future of our country.”
In 2014, the firm is working with mayors, nonprofit organizations and other private sector employers in 14 cities – Chicago, Dallas, Detroit, Jacksonville, Jersey City, Los Angeles, Louisville, Miami, Milwaukee, New York City, Oakland, San Francisco, Seattle and St. Louis – to engage youth during their summer break to help expand employment among young adults and provide opportunities for at-risk youth to develop skills that will put them on a career pathway.
“I appreciate JPMorgan Chase’s support and participation in the Mayor’s Intern Fellows Program,” Dallas Mayor Mike Rawlings said. “Together we’re helping our children learn and build a résumé to take out into the world.”
“JPMorgan Chase continues to be a great partner in Detroit’s turnaround by investing in our community and in our youth,” said Detroit Mayor Mike Duggan. “By providing meaningful summer work for 1,000 Detroit students this year and next, JPMorgan Chase will provide them a great opportunity to get started on a real career path. This will be a significant boost to our commitment to provide summer jobs to 5,000 Detroit students next summer.”
“We are investing in the future success of San Francisco’s young people by providing more than 7,000 jobs and paid internships for them this summer with a special focus on serving low-income and disadvantaged youth,” said San Francisco Mayor Ed Lee. “I thank JPMorgan Chase for joining me on Summer Jobs Plus as we invest in the future success of our City’s youth this summer and beyond.”
Several programs will focus on providing skills-based jobs, internships and learning opportunities for teenagers and young adults in their respective cities and continue beyond the summer months. These programs will expose youth to careers early on, connect them to growth sectors, help them obtain marketable skills and teach them how to manage their finances. Below are a few examples of programs JPMorgan Chase is supporting in 2014:
To further complement summer youth employment, JPMorgan Chase is supporting the expansion of the Consumer Federation of America’s America Saves First-time Workers Program. This program will help young workers establish good financial habits as they start earning their first paychecks. Participants will learn how to set up direct deposit, establish savings goals and receive relevant financial education.
This commitment to youth employment is in addition to the five-year, $250 million global economic opportunity initiative, New Skills at Work, launched in late 2013. New Skills at Work is a global workforce readiness and demand-driven training initiative. It aims to address the skills gap that exists across many industries, such as healthcare and advanced manufacturing, where not enough trained workers have the skills needed to fill available jobs.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at jpmorganchase.com.
About Clinton Global Initiative America
The Clinton Global Initiative America (CGI America), a program of the Clinton Global Initiative addresses economic recovery in the United States. Established in June 2011 by President Bill Clinton, CGI America brings together leaders in business, government, and civil society to generate and implement commitments to create jobs, stimulate economic growth, foster innovation, and support workforce development in the United States. Since its first meeting, CGI America participants have made over 300 commitments valued at more than $15 billion when fully funded and implemented. To learn more, visit cgiamerica.org.