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Urban Financial Services Coalition Foundation Funds Educational Programs for Communities of Color
05/12/2008 - By Carl Goldstein Photo credit - Words on Fire Agency
Mr. John Wood, President of the UFSC Foundation
Urban Financial Services Coalition Foundation funds wide range of educational and financial outreach programs for communities of color.
Fulfilling the mission of the Urban Financial Services Coalition – the nation’s preeminent non-profit organization for minority professionals in the financial services industry – takes money, and that’s where the UFSC Foundation comes in.
Started in 1999 to serve as the funding arm of the UFSC, the foundation currently provides about $20,000 for youth scholarships and $7,500 for community development programs each year. Foundation president John Wood, who is nearing the end of his second, two-year term in the position, explains that the Herbert Whiteman Jr. Scholarship Fund awards $2,000 grants to worthy students who are pursuing college degrees in finance, business, or related fields. People who are already working in the financial services industry but who wish to continue their education are also eligible.
“It’s important that students can also reapply for the grants the following year,” says Wood, so the scholarships can make a significant contribution toward the often staggering cost of higher education today. The scholarship program is named after the late Herbert Whiteman Jr., who served as UFSC president from 1992-1993. Major funders of the UFSC Foundation include the community development arms of Atlanta-based SunTrust Banks and Union Bank of California, headquartered in San Francisco.
Another important program of the foundation is the Wells Fargo Community and Economic Development Fund, established in partnership with Wells Fargo Bank (also of San Francisco), which provides dollars to help UFSC chapters around the country implement community development programs. One noteworthy example was the Wall Street Whiz program, in which high school students were taught the ins-and-outs of stock market investment strategy using simulated dollars.
Attention on the foundation’s work is heightened by the approach of the UFSC’s 34th annual national conference, which will bring hundreds of the organization’s members to Minneapolis, MN, from June 18-22. This year’s program will take aim squarely at that old fact of professional life that who you know matters as much as what you know, with an exciting program entitled “Destination Success: Powering Our Network for Optimal Performance.” The conference schedule reflects the uniqueness of the Urban Financial Services Coalition’s mission, as it connects individuals ranging from the top executives in town for the conference’s CEO Symposium to the talented young people of color attending the Mark 1 Emerging Leaders Program and the Diversity Career Expo.
Formerly known as the National Association of Urban Bankers, the organization has grown tremendously since it was founded in 1974. It now encompasses 21 professional chapters and two student chapters all around the country, organized into five regions, plus a chapter in Toronto. The Urban Financial Services Coalition benefits the entire financial services industry as well as the individuals who get involved.
People like John Wood himself, who is now a senior program officer at the Greater Kansas City Local Initiatives Support Corp., a non-profit organization that provides loans and grants for community development and capacity building for other non-profit groups. Wood was working as a bank officer at the Kansas City Federal Reserve Bank in the 1990s when he was drawn to what was then still known as the NAUB. He then helped found the Kansas City chapter in 1999. Ten years later he is still an active member in the chapter, in addition to his work at the foundation.
The foundation’s National Program Funding Initiative Program is another imaginative approach toward providing financial education for first time home-buyers and others in communities of color who would benefit from financial literacy training. The program also provides financing and technical assistance to minority small business owners and entrepreneurs in markets with UFSC chapters.
The UFSC national conference is being held at the Hyatt Regency, located at 1300 Nicollet Mall, Minneapolis, MN 55403. For conference registration, call UFSC at 800-996-8335 or go online to www.ufscnet.org. For hotel registration, call the Hyatt Regency at 612-370-1234 or 888-591-1234. For media contacts or interview requests, please call Marnita Schroedl or Carl Goldstein of Words on Fire Communications at 612-928-7744 or email carl@wordsonfire.com.
Carl Goldstein is editorial director of Words on Fire Communications, a Minneapolis-based communications and strategic planning consultancy.
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