United Way receives $1M from State Street Foundation to boost region's economy by fostering 21st century workforce
BOSTON - August 28, 2012 - State Street Foundation, the charitable arm of State Street Corporation (NYSE:STT) is joining United Way of Massachusetts Bay and Merrimack Valley as a major partner to improve educational outcomes for local youth and build a strong, future workforce for the local economy, the organizations announced today. State Street Foundation is contributing $1 million to United Way's current investment in a portfolio of 23 high-performing community-based organizations in Boston and Quincy that are focused on ensuring more youth graduate from high school ready for college or work, and more adults gain the job skills they need to gain employment. The investment will support United Way's work in Quincy and the Boston neighborhoods of Chinatown, Dorchester, Roxbury, Jamaica Plain, South End and South Boston.
The $1 million contribution from State Street Foundation is expected to:
- Provide over 12,100 youth with homework assistance, tutoring, literacy training and math, science and technology curricula;
- Help adults achieve more than 7,075 basic skills and/or job skills through programs like GED and vocational training;
- Help more than 4,500 people obtain or retain jobs, or advance to positions that will lead to greater financial stability.
"The State Street Foundation is pleased to collaborate with United Way in education and workforce development," said George Russell, director of Corporate Citizenship and president of the State Street Foundation. "This innovative partnership will not only ensure the short- and long-term needs of our employers, but will also increase our investment to keep Boston's adolescent students on track toward achieving academic success and obtaining meaningful career opportunities."
"Preventing 1,000 students from dropping out of high school can add $15 million per year to our economy," said Michael K. Durkin, president of United Way of Massachusetts Bay and Merrimack Valley. "State Street's support will, for many, be the difference between graduating from high school with options for a bright future versus dropping out and losing hope and will provide more adults with the skills and supports they need for securing good jobs."
Partner agencies for this effort are:
Building Educators for Life (BELL)
Bird Street Community Center
Catholic Charities of Boston
College Bound Dorchester
Friends of Youth Opportunity, Inc.
Hyde Square Task Force
Inquilinos Boricuas en Accion (IBA)
Jewish Vocational Services
Mujeres Unidas Avanzando
Operation A.B.L.E. of Greater Boston
South Boston Neighborhood House
South Shore YMCA
STRIVE/Boston Employment Service, Inc.
United South End Settlements
Urban League of Eastern Massachusetts
X-Cel, Inc. Adult Education Services
YMCA of Greater Boston
About the State Street Foundation
The State Street Foundation offers grant support to initiatives that bring long-term solutions to important community issues such as workforce development and education among others. Founded in 1977, the Foundation has since given more than 200 million in grants to charitable organizations in communities where State Street has a business presence. The State Street Foundation is funded by State Street Corporation, which provides a portion of its pre-tax profits every year to the Foundation.
About United Way of Massachusetts Bay & Merrimack Valley
One of the region's largest nonprofits, United Way's work ensures that children enter school ready to learn, youth stay engaged in school so they graduate with options for the future, and parents attain financial stability. No other single organization has the scope, expertise, and influence to bring together hundreds of human services agencies, government, businesses, private foundations and dedicated volunteers around a common vision of creating maximum impact and achieving long-lasting results.
Find the original press release here.