Virginia Union University Receives $1M Grant from Bank of America

Rhea-AI Summary

Bank of America has awarded a $1 million grant to Virginia Union University (VUU) to launch the MORE program, aimed at enhancing financial literacy among students and community members. This initiative focuses on three components: community outreach with a mobile financial education van, a financial markets lab equipped with advanced technology, and workforce development support for students seeking internships. The grant is part of Bank of America’s $1.25 billion commitment to advance racial equality and economic opportunities.

Positive

• Bank of America granted $1 million to support VUU's financial literacy program.
• The MORE program includes a mobile outreach initiative targeting local schools and communities.
• A state-of-the-art financial markets lab will be established on campus, promoting real-world financial education.
• The program provides workforce development coaching for student internships.

Negative

• None.

Funds Will Be Used to Prepare Students for Careers in the Financial Industry

RICHMOND, Va., March 21, 2022 /PRNewswire/ -- Virginia Union University (VUU) has announced it is the recipient of a $1 million grant from Bank of America for its innovative approach to preparing students for careers in the financial industry. VUU's new Workforce Development and Financial Markets Program is called "MORE" which stands for My Opportunity is Real Essential.

"As we strive to better serve our students and surrounding communities, it is imperative that we provide them with the tools to be successful beyond the classroom," said Dr. Hakim J. Lucas, President and CEO of VUU. "We are pleased to accept this grant from Bank of America to launch the MORE program, which will allow us to bring financial literacy tools to communities who may not have access otherwise. This workforce development initiative is a stepping stone on the path to generational wealth within our communities." 

The MORE program has three key components:

• Community Outreach: In the Tri-county area of Chesterfield, Henrico and Richmond, students in nine schools – three elementary, middle and high schools – will be provided with access to the Mobile Community Outreach Financial Van. The community outreach effort will focus on providing students between the ages of 10 and 18 years old with the foundations of finance and banking. Additionally, the mobile outreach van will serve residents of the Gilpin Court community, providing access to financial education in the areas of wealth management, investments and homeownership.
• Financial Markets Lab: Students and local residents will have access to the Financial Markets Lab located on the VUU campus. The lab will contain 30 state-of-the-art computers, each with planning, budgeting and investment software and four electronic stock tickers, allowing students to learn and access real world indexes as it relates to the NASDAQ and Dow Jones Index.
• Workforce Development and Assessment: The program will provide a Workforce Development coach to help students prepare for internships during their sophomore and junior years. The coach will also assist students with mock interviews, job placement and career assessment preparation by providing Behavioral and Market Competency tests. VUU will also host a quarterly Financial Business Speakers series, where students can continually learn about career opportunities in the financial industry.

"We are excited to partner with Bank of America on this innovative program to build a workforce pipeline for the financial industry, as well as to educate young children and adults about the importance of financial literacy, financial markets, and managing wealth," said Dr. Robin R. Davis, Dean of the Sydney Lewis School of Business.

The grant from Bank of America is a component of the "Way Forward Initiative" – a multi-year collaboration between education firm EAB and the bank – and is part of the bank's $1.25 billion, five-year commitment to advance racial equality and economic opportunity. Virginia Union University is an inaugural cohort of the initiative.

"HBCUs play a vital role in creating opportunities for students and communities of color by providing education needed to address economic and social inequality," said Victor Branch, Bank of America Richmond President. "At Bank of America, we believe it is essential that these institutions receive the support they need to continue in their mission."

The Sydney Lewis School of Business will lead this initiative and has partnered with Virginia Union University's Workforce Development division and the Evelyn Reid Syphax School of Education.

About Virginia Union University 
Virginia Union University is a premier liberal arts institution and publicly serving HBCU with recognition as a private institution through the State Council of Higher Education for Virginia. Founded in 1865, Virginia Union University was originally established to give newly emancipated slaves an opportunity for education and advancement. Today, the University is a center for excellence focusing on preparing and developing today's students to become advanced leaders of tomorrow. Virginia Union University's programs offer a broad range of both undergraduate and graduate educational opportunities in high-demand fields that advance liberal arts education, teaching, research, science, technology, civic engagement, and international experiences. Visit www.vuu.edu for more information.

About Bank of America
At Bank of America, we're guided by a common purpose to help make financial lives better, through the power of every connection. We're delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It's demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Reporters may contact:

Erika Roache, Director of Public Relations Virginia Union University
ERoache@vuu.edu 

Matt Card, Bank of America
matthew.card@bofa.com 

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SOURCE Bank of America Corporation

FAQ

What is the purpose of the $1 million grant from Bank of America to Virginia Union University?

The grant supports the MORE program, which aims to enhance financial literacy among students and community members.

How will Virginia Union University utilize the grant from Bank of America?

The grant will fund a mobile financial education outreach, a financial markets lab, and workforce development support for students.

Which program is being launched by Virginia Union University with the Bank of America grant?

The program launched is called MORE, which stands for My Opportunity is Real Essential.

What are the key components of the MORE program at Virginia Union University?

The key components are community outreach, a financial markets lab, and workforce development assistance.

What is Bank of America's commitment to racial equality related to this grant?

This grant is part of Bank of America's $1.25 billion commitment to advance racial equality and economic opportunity.