PRESS RELEASE
LATINO INSTITUTE TO RELEASE STUDY ON CORPORATE GIVING
The Latino Report Card to be available on May 5th
Newark, N.J.- The Latino Institute, Inc., a Newark-based not for profit organization , is currently undertaking a study of corporate and foundation giving, with particular attention to New Jersey-based foundations. The results of the study will be published each year on or about May 5th, to coincide with the "Cinco de Mayo" celebration. The title of the study is Corporate and Foundation Giving: The Latino Report Card.
Commencing this year, this project will select at random three (3) foundations for an in-depth review of their giving to Latino organizations and Latino causes. Each year a new set of three entities will be added until all the major foundations are rated each year.
"With reduced government resources at all levels, we believe that it is important to take an objective look as to how corporate and foundation giving is affecting the growing Latino population. More than eight hundred million dollars ($800,000,000.00) are awarded annually by just 40 of the largest New Jersey-based foundations. Specifically, we are looking to increase the self-awareness of those organizations, and allow them to identify financial resources to increment their giving to Latino organizations and causes," explained Bill Colón, CEO of the Institute, "There will be no complicated formulas, or subjective interpretations, just hard simple facts," he added.
Nationwide, Latinos are the largest minority, representing over 15% of the population. In New Jersey, current U.S. Census estimates place the number of Latinos/Hispanics at 1.1 million or about 13% of the state's population.
A panel of judges composed of one High School and two college students, representing future generations of Latino decision-makers, will review, evaluate and rate the entities' performance for the last three fiscal years, with emphasis on the last reported IRS 990 form.
This year's panel is composed of Lillian Izquierdo, a junior at North Bergen High School, Henry Polanco, an engineering student at NJIT, and Beatriz Sánchez, a graduate student at NYU.
The rating will be based on the financial resources dedicated to Latinos as compared to total giving by the foundation. The judges will also rate the foundations on governance (number of Latinos (a) on the Board of Directors, past and present) and staffing. The evaluation will only use data in the public domain, as already submitted to the IRS.
-END-
For additional information, please contact:
William Colón, 973-273-0273 or at williamcolon11@verizon.net
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