News Release
Wachovia Presents $1 Million Gift to Moore School
FOR IMMEDIATE RELEASE
February 3, 2006
Wachovia gives $1 million to USC's Moore School for program for underrepresented students
A $1 million gift from the Wachovia Foundation to the University of South Carolina will help underrepresented students earn a business degree at the Moore School of Business.
Wachovia and university officials announced the gift, the largest gift from Wachovia to USC, Friday, Feb. 3, at a luncheon in the Zone at Williams-Brice Stadium. The lunch was held in conjunction with the Moore School's Wachovia Executive Lecture Series, which featured a talk earlier Friday by Wachovia Chairman, President and CEO Ken Thompson to Moore School undergraduate and graduate students.
Kendall Alley, Wachovia's regional president for South Carolina, announced the gift.
"Education is one of the top priorities of the Wachovia Foundation, and using its funds to find ways to strengthen the educational system in the regions where we do business is critical," Alley said. "The biggest impact we can have is to give bright kids who may not have the opportunity or the wherewithal the chance to understand what it takes to get to college and reinforce that this is something within their reach, regardless of their background."
The gift is intended for the recruitment and retention of underrepresented students, including African-American and other minority students, by the Moore School.
"These gifts strengthen my conviction that education must be a partnership between the public and the private sector, particularly as experiences outside the classroom become just as important as those inside the classroom for students to obtain a well-rounded education," USC President Andrew Sorensen said. "This program will expose these students to the life-altering experiences and opportunities of a college education."
Joel Smith, dean of the Moore School, said the gift is emblematic of the strong relationship that the school has built with Wachovia.
"The gift is a testament to the common interest of the Moore School of Business, the university and Wachovia to increase student diversity through innovative recruiting and retention programs," he said. "Working together, we will be able to increase access for underrepresented students, which will help ensure that the workplace of the future is not only diversified but also staffed by highly skilled employees prepared to work in a global and multicultural environment."
The Wachovia gift will support educational grants, as well as funds for work-study assistantships for Wachovia scholars. Funds will be used for numerous recruiting and retention initiatives, including summer camps, workshops and mentoring programs. Wachovia scholars also will have the opportunity to meet and interact with Wachovia executives.
The first summer camp will be in 2007, with the first class of Wachovia scholars entering USC in fall 2008.
Enrollment statistics for 2005 show that African Americans represented 8.2 percent of the undergraduate enrollment at the Moore School of Business, and Hispanic enrollment was 2.1 percent. While more Hispanics enrolled during the same time period, they are still underrepresented in comparison with U.S. and South Carolina populations.
"It is our shared hope that the recipients of this funding will give back to the state through their experiences and what they've learned and inspire others to do the same," Alley said.
Wachovia operates more than 125 financial centers in South Carolina and is a major employer throughout the state, supporting more than 1,300 jobs in the Midlands, nearly 500 in the Greenville-Spartanburg area and more than 400 in the Charleston area.
The Moore School enrolls 3,613 students, including 2,921 undergraduates.
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FOR MORE INFORMATION, CONTACT:
Peggy Binette or Margaret Lamb
USC Media Relations
Phone: 803.777.5400; E-mail peggy@gwm.sc.edu
Janet Katz
Moore School of Business
Phone: 803.777.2727; E-mail: info@moore.sc.edu