For the past few years, we’ve been following the State Street Corporation’s giving in Boston, and this is a corporate giver that continues to top the local giving charts. In fact, it was recently named to the Boston Business Journal’s list of Top Charitable Companies in Massachusetts, which is comprised of 85 companies that gave at least $100,000 locally within the state.
The corporation’s philanthropic arm, the State Street Foundation, invested around $23 million in the communities it operates last year, and $15 million of those funds stayed in Massachusetts. The corporation behind this foundation has $27.78 trillion in assets under custody and administration and $2.3 trillion in assets under management.
So what’s this corporate funder most interested in supporting locally right now?
Like many corporate funders, State Street really sticks to education and workforce development in terms of grantmaking categories. Last summer, it launched Boston Workforce Investment Network, which was a $20 million commitment to advance job readiness and meaningful career paths for Boston youth. Perhaps the key to this funder’s heart is finding new ways to help young people in Boston be better prepared for the workforce.
“We believe it’s our responsibility to take on a strategic and active role in community service,” said State Street Chairman and Chief Executive Officer Jay Hooley. “Our employees have rallied behind this objective, donating more than 100,000 hours of volunteer time in 2015 alone."
Hooley was recently honored with the 2016 Lewis Family Foundation CEO Social Leadership Award, which recognized Boston executives for their commitment and contribution. This unique honor also comes with a $25,000 to be put towards charitable causes. A big part of this recognition was due to the foundation’s strong leadership to benefit Boston youth. The State Street Foundation accepts grant proposals with a two-step process on a rolling basis.
The recent State Street announcement raised another key question: who are the other 80+ companies that are committed to local giving in the Boston area?
Not surprisingly, a good number of them were banks, such as Bank of America, Berkshire Bank, and Citizens Bank. Lots of financial corporations made the list too, including Baystate Financial, Liberty Mutual Insurance Group, and Natixis Global Asset Management. Big names like Verizon, IBM, TripAdvisor, and Microsoft Corp. gave to nonprofits in the state last year. And local groups we’ve been following here at IP, such as Biogen, Cummings Properties, and New Balance, made it on the list too.
A full list of the top charitable companies giving in Massachusetts can be found here.