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New York Life Foundation Grants $450,000 To The National Academy Foundation

Three-Year Grant Supports Academies of Finance Within Public High Schools

NEW YORK, N.Y., JULY 10, 2008 – The National Academy Foundation (NAF) announced today that it has received a three-year, $450,000 grant from the New York Life Foundation to support curriculum enhancements, professional development, and technical assistance in six new and 15 existing Academies of Finance (AOF), or “schools within schools,” in public high schools in Dallas, Miami, Seattle, Detroit and Tampa.

“The National Academy Foundation is pleased to partner with the New York Life Foundation to ensure that high school students who might not otherwise finish high school, or dream of success, graduate and take control of their future,” said JD Hoye, president of the National Academy Foundation. “Through the use of project-based learning, which mimics the real world of work, Academy of Finance students become creative decision makers and skilled problem solvers, preparing them for higher education and the professional workplace.”

“The National Academy Foundation is pleased to partner with the New York Life Foundation to ensure that high school students who might not otherwise finish high school, or dream of success, graduate and take control of their future,” said JD Hoye, president of the National Academy Foundation. “Through the use of project-based learning, which mimics the real world of work, Academy of Finance students become creative decision makers and skilled problem solvers, preparing them for higher education and the professional workplace.”

“The New York Life Foundation is pleased to support the expansion and enhancement of the National Academies of Finance. This grant is in perfect alignment with New York Life Foundation’s responsibility to support the next generation,” said Chris Park, president, New York Life Foundation. “By providing young people with critical financial education and management skills, they will have the tools they need to successfully manage their future.”

Over sixty-five percent of NAF’s enrollment is identified as at-risk and benefit from the curriculum, paid internship experience, professional workplace experience and mentoring they receive at the Academy. In addition to receiving rigorous academic training, students also have access to the corporate and community leaders serving on the Academy’s advisory board, who provide students with paid internships and opportunities for job shadowing and mentoring, act as role models, and help enhance the career-themed curriculum through their professional experience and access to guest speakers.

With support from the New York Life Foundation, NAF is collaborating with New York Life and other industry professionals to develop a new insurance course to expand the next generation’s concept of insurance and connect students with New York Life agents and employees. It will be introduced in San Fransisco in July 2009 and rolled out to all 253 Academies of Finance in 2010. Because the United States has a trillion-dollar insurance industry, which employs about 2.5 million people domestically, it is considered a robust and growing industry that offers a wide range of desirable employment opportunities for Academy students.

NAF Academies have a 90 percent graduation rate – well above the national average of 67 percent and the troubling 50 percent in urban areas. NAF students are twice as likely to take college-level courses in high school as their non-Academy peers. Graduation rates for NAF students average 23 percent higher than the overall rate of the schools where NAF operates. NAF graduates are 60 percent less likely to need remedial college coursework compared with all college freshmen, and 80 percent of NAF students go on to college.

The Academy of Finance (AOF) model was launched more than 25 years ago and has served over 50,000 students who have gone on to careers in financial services and related industries. NAF Academies of Finance operate in 40 states and the District of Columbia. In 2007, they served over 26,000 students, approximately 70 percent of whom are from minority backgrounds.

About the National Academy Foundation
The National Academy Foundation (NAF) is an acclaimed national network of high school career academies—schools within schools— predominately based in urban districts with rigorous, career-themed curricula created with current industry and educational expertise. Each year, NAF serves more than 50,000 students in over 500 Academies in 40 states and the District of Columbia through the Academy of Finance, the Academy of Engineering, the Academy of Hospitality & Tourism, and the Academy of Information Technology. NAF was founded by Sanford I. Weill, Chairman Emeritus of Citigroup Inc., as a partnership between business leaders and educators. Employees of more than 2,500 businesses support NAF students by securing paid internships, volunteering in classrooms, acting as mentors, and serving on local Advisory Boards. NAF's record of success with 90 percent graduation rates and more than 80 percent of these graduates going on to college, has garnered the support of corporations, public policy makers, and foundations, including the Bill & Melinda Gates Foundation. For more information visit www.naf.org

About The New York Life Foundation
The New York Life Foundation is the major vehicle through which New York Life Insurance Company channels contributions to national and local nonprofit organizations. Through its Nurturing the Children initiative, the Foundation supports organizations, programs and services that target young people, particularly in the areas of mentoring, safe places to learn and grow, and educational enhancement opportunities. Since 1979, the New York Life Foundation has donated more than $100 million to national and local nonprofit organizations. Please visit the Foundation’s Web site at www.newyorklifefoundation.org

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New York Life Foundation Grants $450,000 To The National Academy Foundation

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