Students at American University, in Washington, D.C., want to do something to combat the gross wealth inequality in their city. They are campaigning to move some of the school’s $312 million endowment money and put it in local financial institutions which will lend out to get local businesses and help to revitalize the community. The Responsible Endowments Coalition writes:
- Individual students as well as universities and other institutions must start putting money in Community Development Financial Institutions (CDFIs), such as community banks and credit unions, so communities who are underserved by our area’s corporate banks can gain access to credit, loans, and the opportunity to provide for their families. As part of the DC community, American University can positively impact these communities by moving some of the cash from our endowment into CDFIs. AU students are campaigning for the university to transfer 5% of the cash assets from its endowment into CDFIs such as the City First Bank of DC . Totaling $4.3 million dollars, these investments would significantly impact low-income communities of color.
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Interesting initiative, need to see how this works out. Hope everyone gets a benefit out of this move.
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[...] process you will need IFSC code of the particular bank branch where you wish to transfer money. …Move Your Money Blog Archive Moving EndowmentsAU students are campaigning for the university to transfer 5% of the cash assets from its endowment [...]