New York Life Contributes $300,000 to the Brophy Community Foundation
Company Invests in Arizona Youth Through Corporate Tax Credit Program
NEW YORK, July 10, 2013—The Brophy Community Foundation, an independent nonprofit school tuition organization (STO) supporting low-income Arizona families with K-12 tuition assistance, announced today it had received the first installment of a three-year, $300,000 donation from New York Life.
The impact of corporate support is best summarized by Sabino Vargas, The Vanguard Group, Brophy College Prep ‘04, “If it wasn’t for the financial aid I received through the Brophy Community Foundation, I would not be where I am today. And my younger brother, who also attended Brophy, has now graduated and is going to college. Brophy is really about building a legacy…for us it started a legacy as an immigrant family here in the United States.”
“New York Life supports the Brophy Community Foundation’s mission to provide high-quality education to economically challenged youth through Arizona’s Private Education Tax Credit program,” said Maria Collins, corporate vice president, New York Life. “Education is the cornerstone to success in life and we’re pleased to help Arizona youth on their path toward achievement.”
New York Life donated to the Brophy Community Foundation under the state’s Private Education Tax Credit program, which allows a dollar-for-dollar tax credit to businesses that make a contribution to certified school tuition organizations.
About The Brophy Community Foundation
Established in 1998, Brophy Community Foundation is one of the oldest STOs in Arizona. Its mission has always been focused on directing all tax credit contributions to families with a verified financial need. For the 2013-14 school year, the Brophy Community Foundation will provide tuition assistance to over 1,400 students attending 26 schools statewide totaling $3.7M. Since 1998, the Foundation has awarded over 8,000 tuition grants totaling over $18 million. The Brophy Community Foundation does not discriminate on the basis of religion, race, ethnicity, sex or national origin. The scholarship program is needs-based only and income eligibility is verified by FACTS, a respected and independent third-party organization. The average income for a family of four awarded tuition aid is less than $40,000. Please visit Brophy Community Foundation’s website at www.brophyfoundation.org.
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 website 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 20, 2013. See http://money.cnn.com/magazines/fortune/fortune500/2013/faq/?iid=F500_sp_method%20 for methodology.
**Source: Individual Third Party Ratings Reports as of 6/4/13.
***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.