PR Newswire
BALTIMORE, June 27, 2019
BALTIMORE, June 27, 2019 /PRNewswire/ --
NEWS
The T. Rowe Price Foundation announced today it will be granting $2.7 million over four years to address some of Baltimore's most critical needs. The Foundation, which has made more than $121 million in grants since its inception in 1981, including $1.3 million in 2016 to support West Baltimore, is focusing this four-year commitment on eight initiatives within arts and culture, education, and human services.
PROGRAM DETAILS
To inform the grant-making strategy and determine where it could have the most impact, the Foundation hosted and participated in hundreds of meetings as part of a listening tour with T. Rowe Price associates, community leaders and members, and national and global thought leaders to determine the Foundation's future impact strategy. In addition, learning from its work in West Baltimore following the 2016 grant of $1.3 million, the Foundation began to pilot a series of funding relationships with the goal of informing which areas would have significant impact.
The Foundation will be allocating the $2.7 million toward three issues:
*One Book Baltimore will receive funds from the arts and culture allocation and the education allocation. CASH Campaign of Maryland will receive funds from the education allocation and the financial capabilities allocation.
QUOTES
John Brothers, president of the T. Rowe Price Foundation
"Baltimore has an abundance of resources—more creatives and innovators than the city often gets credit for. Our goal for these grants is to remove barriers that often prevent these communities from flourishing by supporting creative economies, access to education, and broadening the availability of financial resources.
"We want these grants to be a DNA changer for the city, by opening doors in underserved communities and empowering those with limited access to financial resources. Our approach is informed by a strategic analysis of where we could have the most impact, investing in areas that have the broadest social good and could yield the strongest returns for the city. We listened to the community and partnered with them to identify the most powerful grant-making opportunities that could move the needle."
Fagan Harris, president and CEO, Baltimore Corps
"Baltimore Corps firmly believes in the value of artists and the arts to our city and in empowering Baltimore's creatives by getting them the resources they need. We are energized to be working alongside arts and culture organizations as part of this grant cohort and to be using a benchmarking tool that has helped us have candid, rigorous conversations about how we measure our work—all elements that serve to strengthen our nonprofit sector as a whole."
B. Cole, founder, Brioxy
"This support has been instrumental in our ability to advance a new framework on workforce development, building community infrastructure and investment in marginalized communities. It allowed us to secure a dollar-for-dollar match. And the partnership with the T. Rowe Price team has opened doors to new collaborations and funding partners. As deep thought partners in the work, they are shifting the way that other foundations are approaching this work.
"If this work is successful, we will build long-term strategies for collective wealth in black neighborhoods. We will create a groundswell of energy and momentum for black families to buy land and direct development in their neighborhoods. We will have a higher circulation of local dollars and an increase in the number of families that can name and speak to the financial barriers they faced but have transcended."
ABOUT T. ROWE PRICE
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. (NASDAQ-GS: TROW), is a global investment management organization with $1.07 trillion in assets under management as of May 31, 2019. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com or our Twitter, YouTube, LinkedIn, Instagram, and Facebook sites.
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SOURCE T. Rowe Price Group, Inc.
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