BNY Mellon Awards $1 Million Grant to CUNY
JANUARY 24, 2019
Grant Funds Scholarships for STEM and Finance Students in CUNY Senior Colleges
The BNY Mellon Foundation has awarded a $1 million grant to The City University of New York (CUNY) to provide financial support to high-achieving, low-income students and help raise graduation rates for recipients.
The three-year grant will provide financial support to 330 juniors and seniors who are on track to earn baccalaureate degrees in either a STEM or finance-related field at a CUNY senior college. Those selected will be designated BNY Mellon Foundation Scholars.
The grant requires recipients to be graduates of CUNY community colleges who have completed the university’s Accelerated Study in Associate Programs (ASAP). The nationally acclaimed program provides mostly low-income community college students with a range of academic, financial and personal supports to help them earn their associate degrees. The BNY Mellon Foundation Transfer Scholarship also requires recipients to be on course to earn their bachelor degrees within two years.
“We are grateful to the BNY Mellon Foundation for this generous and groundbreaking gift, which will help hundreds of CUNY students complete their degrees,” said Interim Chancellor Vita C. Rabinowitz. “It is of great significance that the grant was conceived as a link to CUNY’s pioneering ASAP program. The BNY Mellon Foundation Transfer scholarships will be both a reward to deserving students and an incentive for them to keep going. We’re optimistic the scholarships will increase the number of students who complete ASAP and go on to earn baccalaureate degrees.”
BNY Mellon Foundation Scholars will receive scholarships for each academic year to defray the costs of tuition, books and fees. The grant is the largest commitment the foundation has made to support a non-capital campaign. It is also the first grant BNY Mellon has awarded to CUNY; the foundation has previously made smaller direct gifts to individual CUNY colleges.
“This scholarship program is a first for the BNY Mellon Foundation and we’re honored to embark on this partnership with CUNY, the nation’s leading urban public university,” said Daisey Holmes, President of the BNY Mellon Foundation. “What makes this scholarship special is its focus on reducing the barriers to graduation for students who have already faced hurdles in life and demonstrated resiliency and a drive to succeed academically. The grant was enthusiastically approved by the BNY Mellon Foundation Trustees, and we’re proud to team with CUNY to help these students get to their finish line.”
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries. As of December 31, 2018, BNY Mellon had $33.1 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.