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Breaking News
Release date: April 4, 2002
MERRILL LYNCH AWARDS $3.2 MILLION
TO PROMOTE EDUCATIONAL OPPORTUNITIES IN
UNDER-SERVED CALIFORNIA COMMUNITIES
Investing Pays Off Addresses Rising Concerns About Financial Skills
With Grants to 24 Ethnically Diverse Community Organizations
SAN FRANCISCO, April 4, 2002 – To address rising concerns that young people lack the financial skills needed to compete and succeed in the global marketplace, the Merrill Lynch Foundation today awarded $3.2 million in grants through Investing Pays Off (IPO), an initiative that supports innovative programs targeting youth in traditionally under-served communities.
The IPO California Grants program is part of Merrill Lynch's California Partnership for Economic Achievement, a comprehensive $159 million initiative by Merrill Lynch, The Greenlining Institute and community organizations. The partnership is designed to promote economic opportunities by bringing the financial capabilities of Wall Street to California's ethnically diverse communities. The IPO program was developed with input from community leaders.
"This IPO promises to deliver important long-term dividends by helping young people in under-served communities gain the financial and business skills needed to power tomorrow's economy," said David Komansky, Merrill Lynch Chairman and CEO. "Through Investing Pays Off, we are partnering with local organizations to help young people become the entrepreneurs and small business owners of the future."
IPO's California grants combine the talents of 24 community organizations offering programs that provide young people with the financial skills needed to invest their own money, start their own businesses and help promote economic opportunities in their communities.
"These young people represent the future of California. Many of them have determination, motivation and the street-smarts to succeed," said California Lt. Gov. Cruz M. Bustamante, who joined the students, the community groups and Merrill Lynch for the event. "I'm pleased to see Merrill Lynch investing in this great resource."
The need for initiatives like Merrill Lynch’s IPO has been highlighted by:
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A study by the Jump$tart Coalition for Personal Financial Literacy, which gave students an average score of 51.9 percent. Nearly 60 percent of the students failed the exam, and only 6.7 percent scored a "C" or better. |
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Federal Reserve Board Chairman Alan Greenspan and other leading government officials, educators and advocacy groups testified in February before a key U.S. Senate committee regarding the need to empower consumers with sound financial knowledge and skills. |
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Several studies and officials have specifically cited the need for education in low-income and minority communities. Among low-income students in the Jump$tart study, nearly 75 percent failed and minority students were more likely to fail the exam. |
"While the term IPO typically refers to an initial public offering, Merrill Lynch’s IPO program represents an exciting and important opportunity to generate positive returns for under-served communities," said Claudia Kahn, senior vice president for marketing communications at Merrill Lynch. "Our investment is in the development of these young people and our hope is it will lead to great returns for their communities."
Grant recipients range from Juma Ventures, a non-profit organization that provides employment and job-training opportunities for youth ages 14-29 in the San Francisco Bay area to Food from the 'Hood, the nation's first student-operated natural food products company, established by students at Crenshaw High School in Los Angeles.
The grants will help fund a wide range of programs, including:
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A summer business institute for teens from low-income families. |
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A natural foods business run by students at an inner-city high school. |
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Efforts to create a financial literacy game, a play and a series of public television shows on investing. |
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An after-school enrichment program that helps young people stay in school and develop financial and career skills. |
"Collectively, we see these programs as a great way to create best practices in promoting financial and career skills in underserved communities. In addition, Merrill Lynch’s IPO program provides a strong platform for collaboration and sharing information among community organizations delivering these innovative programs," said John C. Gamboa, executive director of The Greenlining Institute.
"IPO will help community groups reach children with vital information and decision-making skills early in their lives so they can realize their power as America's valuable resource," said Jim Charkins, Executive Director of the California Council on Economic Education, one of the grant recipients. "IPO will provide the resources to help children begin building a realistic path to their futures and see themselves in a whole new light."
The Merrill Lynch IPO grants, ranging from $75,000 to $300,000, will support programs for up to three years. Grant recipients were chosen through a competitive review process. Organizations will focus their efforts on financial education, investing, entrepreneurship and career development.
"These grants will help local organizations deliver programs that meet the specific needs of the communities they serve," said Pete Case, Managing Director for Merrill Lynch in California. "Earning, spending, saving and investing are essential subjects for all young people if they are to succeed in the fast-paced global economy. Merrill Lynch and our local community partners will be a powerhouse team helping young people meet this challenge."
For more information about Merrill Lynch's California Partnership for Economic Achievement or the Investing Pays Off program, please visit the partnership’s website at www.CaliforniaPartnership.ml.com
About Merrill Lynch's Philanthropy
In 2001, Merrill Lynch's giving totaled nearly $35 million. Following the lead of founder Charles E. Merrill, Merrill Lynch has always made education the primary focus of its grant making, which seeks to increase opportunities for under-served children and youth. Education received the largest share of 2001 grants at $11.4 million, or about one-third of total giving. For more information on Merrill Lynch's global philanthropic programs, visit http://philanthropy.ml.com.
About Merrill Lynch
Merrill Lynch is one of the world's leading financial management and advisory companies with offices in 38 countries and total client assets of about $1.5 trillion. As an investment bank, it is a top global underwriter of debt and equity securities and a leading strategic advisory to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world’s largest managers of financial assets. For more information on Merrill Lynch, please visit www.ml.com.
About The Greenlining Institute
The Greenlining Institute is a multi-ethnic research, policy and advocacy organization that works on issues of economic development and empowerment for low-income, minority and disabled communities. The Institute is the non-profit arm of the Greenlining Coalition, a multi-ethnic alliance of 38 community, business and advocacy groups. For more information on the Greenlining Institute, please visit www.greenlining.org.
Grant Recipients
Academy of Business Leadership (Los Angeles) $300,000
BizWorld (Redwood City) $175,000
Businesses United in Investing, Lending & Development $150,000 (East Palo Alto)
California Council on Economic Education (Statewide) $100,000
Catholic Charities of Santa Clara County (San Jose) $225,000
Centro Cultural de la Raza (San Diego) $75,000
Community Youth Center (San Francisco) $100,000
El Nido Family Center (Los Angeles) $75,000
Food from the 'Hood Entrepreneurial Institute (Los Angeles) $150,000
Girls Inc. of Alameda County (San Leandro) $100,000
Girls Inc. of Orange County (Costa Mesa) $100,000
Juma Ventures (San Francisco) $300,000
Junior Achievement of the Bay Area (South San Francisco) $125,000
Junior Achievement of San Diego (San Diego & Imperial County) $75,000
Junior Achievement of Southern California (Los Angeles) $100,000
KVIE Inc. (Statewide) $300,000
Los Angeles Operation Hope (Los Angeles) $75,000
Mid-Peninsula Boys & Girls Club (San Mateo) $75,000
Mission Community Financial Assistance (San Francisco) $100,000
Youth Credit Union Program
National Foundation for Teaching Entrepreneurship (San Francisco) $175,000
Orange Co. Asian & Pacific Islander Community Alliance $100,000
(Garden Grove)
Project GRAD (Los Angeles) $75,000
PUENTE Learning Center (Los Angeles) $75,000
Youth Employment Partnership (Oakland) $75,000
More Breaking News
BizWorld describes Collaborate with a Cause December 3, 2002
ML survey shows financial literacy improving April 1, 2004
Investing Pays Off honored by Jump$tart April 14, 2004
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