Synchrony Foundation Reinforces Commitment to Elevate Women in Trades

Rhea-AI Summary

Synchrony (NYSE: SYF) announced a $100,000 donation from its Foundation to Women in HVACR (WHVACR) to fund scholarships for women pursuing careers in the heating, ventilation, air conditioning, and refrigeration industry. The donation will be distributed as $50,000 in 2024 and $50,000 in 2025. This initiative is part of Synchrony's Education as an Equalizer program, aimed at expanding access to education and supporting diversity in trade industries. In 2023, Synchrony and its Foundation donated over $19 million to more than 400 charitable organizations, while employees contributed over 19,200 volunteer hours.

Insights

Financial Analyst

This $100,000 donation, while commendable for its social impact, has minimal material effect on Synchrony's financial position or stock performance. For context, Synchrony reported over $19 million in charitable donations in 2023, making this contribution represent roughly 0.5% of their annual philanthropic spending. The investment in HVACR education aligns with their business interests in home improvement financing but is unlikely to generate significant near-term returns. The broader Education as an Equalizer initiative demonstrates good corporate citizenship and ESG commitment, which may positively influence long-term brand value and stakeholder relationships, but the immediate financial impact is negligible relative to Synchrony's scale of operations.

10/23/2024 - 10:00 AM

$100,000 Donation to Women in HVACR to Support Scholarships as Part of Synchrony's Education as an Equalizer Initiative

STAMFORD, Conn., Oct. 23, 2024 /PRNewswire/ -- Synchrony (NYSE: SYF), a premier consumer financial services company, is a steadfast advocate for womens' representation in trade jobs as a driver of economic opportunity. The company is reinforcing that belief with a $100,000 donation from the Synchrony Foundation to Women in HVACR (WHVACR). The commitment will fund scholarships for women pursuing careers in the heating, ventilation, air conditioning, and refrigeration (HVACR) industry. 

"Synchrony's support plays a crucial role in our shared mission to encourage networking, education, mentoring, and increasing the presence of women in the trades," said Lori Tschohl, President, Women in HVACR. "We believe fostering diversity and providing opportunities for women in HVACR enriches our industry and ensures a broader range of perspectives and solutions." 

The donation, presented at WHVACR's 21st Annual Conference in Dallas, Texas, includes $50,000 to be awarded in 2024 and an additional $50,000 in 2025. This contribution builds on Synchrony's existing sponsorship of WHVACR, which includes organizational memberships and support for educational events throughout the year. 

"By investing in scholarships for women in trades like HVACR, we're not only supporting individual career growth but also strengthening the industry as a whole," said Curtis Howse, EVP and CEO, Home & Auto, Synchrony. "Our partnership with Women in HVACR aligns with Synchrony's commitment to expanding access to education and supporting diversity in trade industries." 

The donation to WHVACR is part of Synchrony's broader Education as an Equalizer initiative, which aims to unlock economic opportunity for underserved communities through expanded access to higher education, skills training, and financial literacy. 

"Education as an Equalizer is at the core of our philanthropic efforts," said Synchrony Foundation President Denise Yap. "By supporting organizations like WHVACR, we're helping to create pathways for underrepresented groups to access education and build successful careers in high-demand fields." 

In 2023, Synchrony and the Synchrony Foundation donated over $19 million to more than 400 charitable organizations. The company's commitment to corporate citizenship extends beyond financial contributions, with employees logging over 19,200 volunteer hours in 2023. Learn more about Synchrony's corporate citizenship initiatives here: https://www.synchrony.com/about-us/corporate-citizenship.  

About Women in HVACR
Women in HVACR (WHVACR) exists to improve the lives of its members by providing professional avenues to connect with other women growing their careers in the HVACR industry. The organization empowers women to succeed through networking opportunities, mentoring, and education. For more information, please visit https://www.womeninhvacr.org. 

About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry's most complete digitally enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our "partners."  We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences.  We offer the right financing products to the right customers in their channel of choice. For more information, visit www.synchrony.com. 

Contact:
Michelle Romero 
Synchrony 
michelle.romero@syf.com  

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SOURCE Synchrony Financial

FAQ

How much did Synchrony (SYF) donate to Women in HVACR in 2024?

Synchrony Foundation announced a $100,000 donation to Women in HVACR, with $50,000 to be awarded in 2024 and another $50,000 in 2025.

How much did Synchrony (SYF) donate to charitable organizations in 2023?

In 2023, Synchrony and the Synchrony Foundation donated over $19 million to more than 400 charitable organizations.

What is Synchrony's (SYF) Education as an Equalizer initiative?

Education as an Equalizer is Synchrony's initiative aimed at unlocking economic opportunity for underserved communities through expanded access to higher education, skills training, and financial literacy.