State Street Foundation: Providing Sustainability in Poor Communities
The State Street Foundation is a unique organization that focuses on providing grants to deserving groups that offer services to the poor. By “actively engaging in our global communities,” State Street is able to empower impoverished people through education, affordable housing and small business programs. The company also assists businesses by offering financial guidance in investment, research and trading.
State Street mainly operates 25 countries; most of its programs are in Australia, China, Hong Kong, India, Japan, Singapore, South Korea and Taiwan. The organization’s vast number of volunteers and supporters work in low-income communities to create sustainable poverty alleviation projects. These volunteers worked 78,000 hours and completed 4,900 projects in 2010. Since its formation in 2001, State Street employees and alumni have contributed 430,000 hours and 15,600 service projects.
These projects vary based on the needs of local communities, but all have the goal of improving quality of life in these areas. State Street’s Supplier Diversity Program works with businesses owned by minorities and women to ensure that these small businesses have the same opportunities as other larger companies. Providing grants to these businesses helps them financially thrive, thus creating jobs and increasing economic growth for the entire community.
In addition to distributing local grants, State Street Foundation sponsors community fundraising events for charities the organization supports. In 2010, State Street donated $3.2 million to these charities. For these reasons, the company has won copious awards for its philanthropy, including the Custody Risk’s Mutual Fund Administrator of the Year and Transfer Agent of the Year (2013), Best Securities Financing House in Asia Asset Management’s Best of the Best Awards (2013), European Transfer Agent of the Year (with IFDS) in the 2012 Funds Europe Awards (November 2012) and numerous other awards since its founding.
State Street is a foundation devoted to helping impoverished businesses and communities and hopes to contribute to poverty alleviation, one region at a time.
– Mary Penn
Sources: State Street, AVPN