Published: June 14, 2005
MERRILL LYNCH FOUNDATION OFFERS UP TO $5 MILLION TO PROMOTE YOUTH FINANCIAL EDUCATION IN UNDER-SERVED CALIFORNIA COMMUNITIES
LOS ANGELES - In an effort to address the need for youth to develop basic financial skills, Merrill Lynch announced today that it is seeking applications from non-profit organizations for up to $5 million in grants to promote financial literacy and entrepreneurship training for young people in California.
The grants are part of Merrill Lynch's award-winning Investing Pays Off (IPO) ® campaign, a global commitment to cultivating the next generation of business leaders and entrepreneurs.
IPO® supports innovative, community-based programs that educate youth in traditionally under-served communities. Through a free online curriculum and video series available at http://volunteer.ml.com/ipo, the involvement of Merrill Lynch employees as mentors and instructors, and partnerships with leading nonprofit organizations, IPO has reached millions of young people spanning more than 30 countries.
The IPO California Grants initiative builds on Merrill Lynch's successful $3.2 million IPO California grants program launched in 2002. At that time, the firm designated multi-year grants to 24 California-based community organizations serving youth. The grants reinforce Merrill Lynch's commitment to California through the California Partnership for Economic Achievement, a comprehensive $500 million commitment by Merrill Lynch in partnership with The Greenlining Institute. The California Partnership's goal is to bring the financial capabilities of Wall Street to ethnically diverse communities of California and promote economic development in those communities.
"Partnering with local community groups, this program brings vital education to young people to give them the financial knowledge and skills to become California's future entrepreneurs, business owners and leaders," said Curtis Brown Jr., Merrill Lynch's Regional Managing Director for the Pacific West, which includes Northern California.
Recipients of the initial 24 IPO California grants have provided educational opportunities to thousands of California students, teaching them about personal finance, investment options, long-term planning, entrepreneurship and philanthropy. Students in these programs have started their own businesses, operated student credit unions, directed sales, marketing, human resources and other departments for in-school enterprises, and developed grocery products found in major businesses. Others have attended intensive financial education and entrepreneurship training programs.
"IPO enables Merrill Lynch to mobilize all of its resources - people, expertise and financial support - to benefit youth/1 said Eddy Bayardelle, Head of Global Philanthropy for Merrill Lynch. "By sharing these resources with 24 remarkable California-based organizations, we've seen that young people who have access to the right opportunities can and will succeed, regardless of their background. Simply put, their success is the goal of Merrill Lynch's expanded $5 million commitment."
"Merrill Lynch is to be commended for dedicating resources to a new round of IPO grants that will pay dividends in the form of young people prepared to be entrepreneurs and community leaders. This program mirrors our goal for multi-ethnic leadership development," said John Gamboa, Executive Director of The Greenlining Institute.
The grants are open to California-based, non-profit organizations that will provide financial and entrepreneurial education to young people in traditionally under-served communities in California. Information on the grant program and applications can be accessed at http://philanthropy.ml.com/ipo/cgp. Proposals must be received by July 1, 2005.
For more information, contact Cathy Paredes of Merrill Lynch's California Partnership for Economic Achievement at 714-429-2879 or e-mail her at C_Paredes@ml.com.
About Merrill Lynch Global Philanthropy
Merrill Lynch was founded on the idea that the world is full of opportunity.
Opening the door to that opportunity for underserved children and youth
is the focus of the firm's global philanthropy. In 2004, Merrill Lynch giving
totaled more than $35.5 million, with education receiving nearly half of
that support. Merrill Lynch's flagship program Investing Pays Off® -
or IPO® - helps create a level playing field for youngsters of all backgrounds
through financial literacy and business savvy. The program strength lies
in a free curriculum, the involvement of Merrill Lynch volunteers and online
educational resources at http://volunteer.ml.com/ipo
About Merrill Lynch
Merrill Lynch is one of the world's leading financial management and advisory
companies with offices in 36 countries and total client assets of about
$1.6 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, Firmwide, assets under management total $479 billion.
For more information on Merrill Lynch's California Partnership for Economic
Achievement, please visit www.californiapartnership.ml.com.
About The Greenlining Institute
The Greenlining Institute is a multi-ethnic, non-profit public policy
and advocacy center committed to promoting economic development in California's
low-income and minority communities. Through a coalition of 40 minority
business associations and community-based non-profit organizations, The
Greenlining Institute successfully brings together business, government
and community leadership to provide solutions to California's economic
development issues. For more information on the Greenlining Institute,
please visit www.greenlining.org
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