Kendall Ivy/The A&T Register
North Carolina A&T State University received a $1 million investment as part of Bank of America’s commitment to racial equality and economic opportunity, the school announced Wednesday.
This donation comes as part of Bank of America’s four-year commitment, directing one-third, or $300 million, of its $1 billion commitment to four key areas with $25 million in support of jobs initiatives in Black and Hispanic/Latino communities.
Chancellor Harold L. Martin Sr. received the donation from Derek Ellington who is the Triad market president for Bank of America.
“We’re proud to be able to prioritize Historically Black Colleges and Universities and Hispanic-Serving Institutions,” Ellington who is also a member of N.C. A&T’s Board of Visitors said.
At the head of this initiative N.C. A&T Alumna, Ebony Thomas, who recently joined Bank of America’s Environmental, Social & Governance, Capital Deployment and Public Policy team as the Program Executive for Racial Equality and Economic Opportunity Initiatives.
Investment details include, $25 million in initial grant funding in support of jobs initiatives and include partnerships with:
11 community colleges that serve predominantly Black and Hispanic/Latino students.
10 public HBCUs and HSIs.
As well as, working with major employers in each select market to ensure programs target specific hiring needs.
Schools currently involved with Bank of America’s jobs initiatives include N.C. A&T and Delaware State University, Atlanta Technical College, Dallas College-El Centro Campus and Arizona State University-Downtown Phoenix.
“These initial investments will address access to jobs and support for small businesses by creating more pathways to employment in communities of color and more support for minority entrepreneurs,” Brian Moynihan, CEO of Bank of America said.
In 2018, the university launched ‘The Power of Do’ a capital campaign with the goal of raising $85 million in private gifts.
Currently, the university has surpassed the original goal and stands at $89 million. The Power of Do, is under way to raise more than $100 million by Dec. 31.
As a state-assisted member of the University of North Carolina system state funds cannot be used for the band, athletics, most academic scholarships and many other university needs. Those endeavors must be supported by donations and student fees.
The donation from Bank of America will go toward university advancement with a focus on creating a program for access to employment opportunities and experiences.