New York Life Contributes $900,000 to University of Alaska's Programs for Disadvantaged Students
Multi-Year Grant Brings Total Giving to $1.7 Million Since 2007
NEW YORK, N.Y., April 24, 2012 – New York Life today announced a three-year, $900,000 gift to the University of Alaska (UA) to support educational activities and scholarship programs for disadvantaged students. New York Life’s funding to UA has exceeded $1.7 million since the company’s first gift in 2007.
“The percentage of Alaska high school graduates who choose to attend college right here in Alaska continues to improve each year, and one of the key components in attaining their ultimate goal—a degree—often depends on their preparation in high school,” said UA Vice President for University Relations and UA Foundation President Carla Beam. “Support from generous companies such as New York Life provides opportunities and resources for students to better themselves and contribute to Alaska’s future.”
New York Life donated to UA under the state’s Education Tax Credit program, which provides a tax credit to businesses that make contributions to Alaskan universities and accredited nonprofit two- or four-year colleges.
“New York Life is proud to continue to support UA’s educational enhancement programs that give motivated and enthusiastic students from some of the most rural parts of Alaska the opportunity to explore their interests and further their education,” said Chris Park, vice president of corporate responsibility for New York Life. “We’re happy to fund high-quality educational programming for Native, rural, and low-income students. As part of a corporate tax credit program, this gift is a win-win for everyone.”
The funding will support the following:
- Alaska Summer Research Academy (ASRA) at University of Alaska Fairbanks (UAF), which is an intensive, two-week summer residential learning experience for 8th to 12th graders. The funding provides 45 scholarships over three years for students and supports the “ASRA to Schools” and the “Saturday Thing” programs, which take the ASRA programming to classrooms in Fairbanks and to rural villages. This gift allows 1,600 students to participate in ASRA over three years.
- Rural Alaska Honors Institute (RAHI), which is a program that helps ease the academic and social transition for students between high school and college. The funding supports 45 scholarships for rural, Native and underserved students to attend six weeks of RAHI programs at UAF during the summers of 2012, 2013 and 2014. The grant also includes continued support for the RAHI Advisory Committee to meet once per year to provide advice and guidance to the program.
- Additional Scholarships to attend UAF, which includes $1,000 college scholarships to six students per year – 18 in all – to help with college expenses for ASRA and RAHI students and alumni.
- Della Keats Health Sciences Summer Program at University of Alaska Anchorage, which is a six-week summer residential program for youth interested in health professions who are from underserved and under-represented backgrounds. New York Life’s gift will allow 12 students to attend.
In addition, UA and New York Life will collaborate on addressing the issue of bereavement by engaging the Schools of Social Work and Education and the Departments of Psychology throughout the UA system to identify opportunities to support grief and bereavement counseling.
For more information on the University of Alaska’s programs mentioned, please visit the ASRA Web site at www.uaf.edu/asra, the RAHI Web site at www.uaf.edu/rahi and the Della Keats Health Sciences Summer Program at www.uaa.alaska.edu/wwami/programs/dellakeats-udoc.cfm.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life's family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life's Web site at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500, Ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, May 23, 2011. See http://money.cnn.com/magazines/fortune/fortune500/2011/faq/ for methodology.
**Source: Third Party Ratings Reports as of 1/25/12.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.