VALLEY FORGE, Penn., June 26, 2020 /PRNewswire/ -- Vanguard announced today an effort that began in early May to support Historically Black Colleges and Universities (HBCUs), which have been disproportionately impacted by COVID-19. The firm contributed $100,000 to the Thurgood Marshall College Fund's COVID-19 HBCU Emergency Fund, which provides resources to ensure students and faculty have access to virtual learning tools, mental health support, and tuition assistance. In addition, Vanguard provided $50,000 in direct emergency support to each of the following schools: Delaware State University, Florida A&M University, Hampton University, Howard University, and North Carolina A&T State University.
"Vanguard believes that diversity, inclusion and belonging are essential to our success as a leader in the asset management industry," said Crystal Hardie Langston, Vanguard's Chief Diversity Officer. "Vanguard understands the important role Historically Black Colleges and Universities play in educating some of our nation's most promising students, and we are dedicated to providing the resources necessary to ensure these vital institutions are given the opportunity to grow and thrive."
Significant gaps in philanthropy and an anticipated decrease in enrollment as a result of COVID-19 have created financial insecurity for many HBCUs and their students. A lack of adequate technological infrastructure and internet access, combined with substantial economic hardship for students and their families, have hindered the ability of many HBCUs to pivot to large-scale virtual learning opportunities. Faced with ongoing financial distress and substantial challenges, many HBCUs are working diligently to implement creative strategies to help make ends meet.
"We are extremely grateful for our partnership with Vanguard and remain thankful for their ongoing support to our nation's HBCUs," said Harry L. Williams, President and CEO of the Thurgood Marshall College Fund (TMCF). "These funds will continue to provide much needed support to our students impacted by COVID-19."
Vanguard has a long history of partnering with HBCUs and has developed a comprehensive recruiting strategy designed to reach underrepresented communities. The firm has established long-term commitments with marquee partnerships and conferences, including the Thurgood Marshall College Fund Leadership Institute and the HBCU Career Development Marketplace. Vanguard's Black Professional Network, a Crew Resource Group committed to engaging, encouraging, and supporting Black crew members in their personal and professional development, frequently engages with HBCUs to develop high-impact experiential learning initiatives. This partnership led to the creation of the HBCU EXPLORE Program, a two-day interactive opportunity that supports the expansion of a diverse talent pipeline across all business areas. Vanguard also frequently holds in-office sessions that are centered on the HBCU experience and are designed to engage and connect crew members, students, and school faculty and administrators. These events not only fuel rich partnerships within the HBCU ecosystem, they also provide education about the rich history of HBCU culture beyond their campuses.
Vanguard is one of the world's largest investment management companies. As of May 31, 2020, Vanguard managed $5.9 trillion in global assets. The firm, headquartered in Valley Forge, Pennsylvania, offers more than 425 funds to its more than 30 million investors worldwide. For more information, visit vanguard.com.
These press releases may also interest you