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PERSPECTIVES

The foundation of citizenship

May 18, 2010
Pam Flaherty, CEO and President, the Citi Foundation and Director, Corporate Citizenship

At Citi we have not only an opportunity, but feel a sense of obligation to make a positive contribution to the communities we serve. Our work towards meeting that goal was recently outlined in our 2009 Global Citizenship Report, which featured the activities of the Citi Foundation, an organization I have the privilege of leading.

The Foundation, which is committed to the economic empowerment of individuals and families (particularly those in need), provides grants for programs that complement Citi's citizenship efforts in five key areas: microfinance and microenterprise, small and growing businesses, financial capability and asset building, college and careers and neighborhood revitalization in the United States.

The Citi Foundation was active in each of these areas in 2009, despite a challenging economic environment. We supplemented financial contributions with a "more than philanthropy" approach, leveraging the subject-matter expertise of Citi's global employee network. Through skill-based volunteering, board membership and other hands-on activities, Citi employees significantly enhanced the value of the support the Citi Foundation provided to our nonprofit partners and increased the long-term impact of our investments.

This approach is perhaps best illustrated in our work providing pathways to a college education. Figuring out how to pay for college and applying for federal financial aid are two of the biggest obstacles low-income and first-generation students face when pursuing a degree. Recognizing that a college degree is one of the most effective ways to help students increase their earning potential and break out of poverty, the Foundation is funding Financial Aid U, a program that helps low-income students and their families understand their options and complete the necessary forms to access grants, loans and scholarships. And in addition to the Foundation's financial support, 50 Citi volunteers are putting their expertise to work by helping students and their families complete the necessary paperwork to apply for financial aid.

While this is an important effort, it's just one of the many we pursue as we aim to raise the standard of living of individuals and families around the world. To learn more about Citi Foundation's work, visit our website and the Global Citizenship Report's own microsite.

 

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