SOURCE: T. Rowe PriceDESCRIPTION:
T. Rowe Price is providing wide-ranging support to address the gaps in community services and within the health care system as a result of the COVID-19 pandemic. The firm is donating:
$540,000 from the T. Rowe Price Foundation to nonprofits working to relieve the impact of the pandemic. The funds will be allocated to:
Baltimore: $250,000 will be donated to the Fund for Educational Excellence to support food security issues for Baltimore City Public Schools students and their families who are without meals due to the closure of schools. Additionally, the Foundation will be directing $40,000 from its existing art portfolio to the Emergency Artists Relief Fund, which is being administered by the Baltimore Office of Promotion & the Arts and provides aid to artists, many of whom may not meet the requirements set forth by the CARES Act or state relief packages.
Other T. Rowe Price U.S. locations: $125,000 will be split between nonprofits supporting COVID-19 relief efforts in Colorado Springs, New York City, and San Francisco.
Other T. Rowe Price locations globally: $125,000 will be given to the Center for Disaster Philanthropy to support relief efforts in global communities.
More than 160,000 N95 respirators were divided into donations to the following health care facilities:
University of Maryland Medical System
Johns Hopkins Hospital
Greater Baltimore Medical Center
UCHealth Memorial Hospital Central
Children’s Hospital Colorado Springs
To help ensure that the nonprofit sector remains strong during this challenging time, T. Rowe Price is also honoring all sponsorship commitments throughout greater Baltimore and other regions. One hundred percent of the funds the firm had allocated for fundraising efforts will now become direct donations to the nonprofits. T. Rowe Price Foundation is also working with existing grantees to determine if there is a need to expedite funding that had been slated for later this year.
Bill Stromberg, president and chief executive officer, T. Rowe Price
“We’ve all been deeply affected by the COVID-19 pandemic, which has disrupted global economies and markets and forced us to live and work in completely different ways. None of us know for sure how long the pandemic will continue, and the needs of local communities are rising. To help ensure those needs are met, we are mobilizing our resources and working to minimize the pandemic’s impact on the social fabric of our communities.”
John Brothers, president of the T. Rowe Price Foundation
“This is a challenging time for families, entrepreneurs, and the institutions that serve them, and our hearts go out to those most directly impacted by the coronavirus. It is critical we minimize the disruption in services on which our communities rely, and we’re pleased to partner with Baltimore City and other organizations to help minimize the impact of the COVID-19 pandemic.”
Renee Christoff, head of Corporate Responsibility at T. Rowe Price
“We’re pleased to be able to donate the N95 respirators, which were purchased as part of our business continuity efforts in preparing for previous epidemics. Our health care providers have been working tirelessly on the frontlines, and we’re glad to be able to support their selfless efforts.”
About T. Rowe Price
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. (NASDAQ-GS: TROW), is a global investment management organization with $1.15 trillion in assets under management as of February 29, 2020. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price’s disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com.
The Foundation has made $132 million in grants since its inception in 1981.
T. Rowe Price
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