NEWARK, N.J.--(BUSINESS WIRE)--At the February meeting of the Community Resources Oversight Committee, The Prudential Foundation board of trustees approved $4.2 million in multi-year grants to six nonprofit organizations dedicated to improving the lives and living conditions of people in neighborhoods in the United States, Mexico and Brazil.
In addition, the Social Investments unit of the Community Resources Department at Prudential reported $33.8 million in new investments. The funds will support enterprises engaged in job creation, affordable housing, recycling urban waste wood, a new hotel and a film and television studio in Newark, N.J., and other socially responsible endeavors.
“The strategy of the Prudential Foundation grant-making reflects our commitment to creating sustainable communities and improving the lives of people who live in those neighborhoods both domestically and internationally,” said Gabriella Morris, vice president, Community Resources and president of The Prudential Foundation. “Our grants support programs that strengthen education, economic development, the arts and civic infrastructure, and civic engagement.”
The board approved $1 million over three years to the Community Foundation of New Jersey to support Newark’s Strong Healthy Communities Initiative (SHCI). SHCI integrates several existing Newark revitalization initiatives that are working to end the cycle of poverty in the city and create stronger, healthier, safer neighborhoods. It was selected as one of only five participants of the Living Cities Integration Initiative – a philanthropic collaborative of 22 of the nation’s largest foundations and financial institutions, including Prudential. The Special Projects Fund will be the fiscal agent for SHCI and will serve as a financial vehicle to pool money from multiple sources, thereby ensuring a coordinated funding strategy that will help achieve sustainability beyond the Living Cities three-year funding cycle.
The board also approved $500,000 over two years to Sesame Workshop’s Children’s Resiliency Initiative, a multi-media educational outreach program that builds resiliency skills in two- to eight-year-old children. The grant will help Sesame Workshop develop and distribute educational outreach kits to partners such as Military OneSource, groups within the Department of Defense, the Department of Veteran Affairs and Armed Services YMCA. It will also provide volunteer opportunities for Prudential associates.
A $475,000 grant over three years to BoardSource, a national management organization, will enable Prudential to expand its national governance development work by increasing understanding of governance issues, board roles and responsibilities, increasing the number of trained, diverse professionals ready to serve on boards, and improve board practices.
A $450,000, three-year grant to Thelonious Monk Institute of Jazz will help implement a music and education program for Newark students. The Monk Institute, created by the family of the late jazz pianist and composer – considered a legend of American music – offers free jazz instruction and educational programming to promising young musicians in public schools in urban and rural communities. The grant will also provide access to quality jazz instruction, expose students to world-renown musicians and allow them to participate in jam session-style performances.
A $450,000 grant over three years to the Institute for Ethical Leadership (IEL) at Rutgers Business School will launch the Prudential Foundation Nonprofit Leadership Fellows Program and help IEL continue providing leadership development programs for nonprofit executives and next generation leaders and build a strong base of individuals who are prepared to take on top leadership positions.
And a three-year $1,325,000 grant to YouthBuild International (YBI) will establish affiliates in Brazil and expand its program in at least 30 cities in Mexico. YBI helps youth from troubled backgrounds re-integrate into society by training them in the constructions trades and teaching them leadership skills, good citizenship, community service, employment readiness and self-employment through entrepreneurship. Trainees build affordable housing, community centers, schools and playgrounds. Prudential was a key partner in the implementation and growth of YouthBuild Newark and supports YouthBuild Haiti’s rebuilding efforts.
Newly-authorized social investments announced at the meeting include:
- $1 million for The Disability Operation Fund, the first and only national certified community development finance institution solely committed to increasing the amount of quality, affordable and suitable housing for people with disabilities.
- $4.49 million to CitiLog Newark, a business that will manufacture and sell wood products using urban waste wood that would otherwise be disposed of in non-productive, environmentally harmful ways. The loan will fund the facilities, machinery and equipment to build a new facility in Newark.
- Up to $7.1 million to purchase tax-exempt Redevelopment Area Bonds to help finance an estimated $35 million construction project of 150-room Courtyard by Marriott hotel in Newark.
- $750,000 to continue construction of the Ironbound Film and Television Studios, a 37,600 square foot studio facility providing post production services in the Ironbound neighborhood of Newark.
- $5 million in limited partnership interests in NewSpring SBIC Mezzanine Capital II, a mezzanine fund that will invest in a portfolio of small- to mid-sized companies in the eastern United States. The fund will focus on creating jobs and opportunities for minorities and women in low- and moderate-income areas.
- $5 million in limited partnership interests in Ironwood Mezzanine Fund III, which will focus on small- and medium-sized late state enterprises in value-added manufacturing, environmental services and business services industries in the eastern United States. The fund actively invests in enterprises that are owned or managed by traditionally underserved populations and in businesses located in or employing members of low- and moderate-income communities.
- $7.5 million for the Canyon-Agassi Charter School Faculties Fund, L.P., which invests in top-performing charter schools in urban communities by financing construction of new facilities and renovating existing properties.
- $3 million in subordinate mortgage debt for The Friends of TEAM Academy Charter School, Inc., a K-12 system of four top-performing public schools in Newark. The loan will enable the financing of more than $22 million for a 63,800-square foot, 600-student facility for Newark Collegiate Academy High School in Newark’s Central Ward.
About The Prudential Foundation
The Prudential Foundation is a not-for-profit corporation supported by The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. To promote sustainable communities and improve social outcomes for community residents, The Prudential Foundation focuses its grant making strategy in the areas of education, economic development and arts and civic infrastructure. In addition, the Foundation also supports the community engagement efforts of Prudential employees through Matching Gifts and other special programs that recognize their volunteer efforts. The Prudential Foundation is a unit of Prudential’s Community Resources Department, which also includes the Social Investment Program, which originates and manages socially beneficial investments; and Local Initiatives, which coordinates employee volunteerism and fosters community outreach. For more information please visit http://www.prudentialfoundation.org.
About Prudential
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $784 billion of assets under management as of December 31, 2010, has operations in the United States, Asia, Europe, and Latin America. Prudential’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, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/