Money Matches Contributions From GE Employees, Retirees
ERIE, Pa. (May 19, 2004) -- The GE Foundation today distributed checkstotalling more than $184,000 to 24 organizations that are part of GE's Community Matching Gifts program. The money is a dollar-for-dollar match of contributions made by GE employees and retirees, meaning that the qualified organizations Received more than $368,000.
"Through the matching gift programs, we can make a real difference in our Communities. GE employees and retirees have given so generously to these Organizations and everyone involved in this effort can be proud of the results,"said Charlene Begley, President and CEO of GE Transportation's Global Rail Business.
Nationwide, the GE Foundation and GE employees, retirees and directors, will contribute nearly $36 million to 450community organizations and 1,100 colleges and universities through the GE Foundation's matching gift programs. Community agencies include food banks,hospices, environmental preservation organizations, arts organizations, shelters, training programs for those with disabilities, and disaster relief agencies.
The GE Foundation created the concept of a corporate matching gift program in1954 to encourage personal philanthropy and match gifts made by employees to educational institutions and community-based non-profit organizations. Since then, thousands of companies worldwide have adopted similar programs, contributing well over $1 billion per year. The Matching Gifts Program continues to serve as an important element of the GE family's philanthropic portfolio.
The GE Foundation, the philanthropic organization of the General Electric Company, invests in initiatives that improve educational opportunity and strengthen local organizations in GE communities around the world. In 2003, the GE Family contributed $140 million to community and educational programs, including $50 million from the GE Foundation. With a primary focus on education, the Foundation's investments encourage student achievement, strengthen teacher development and build the capacity of schools and communities to educate the citizens and workforce of tomorrow. The Foundation also supports arrange of other grant areas -- focused on the environment, children's development and public policy -- and employee programs, including matching gifts to higher education institutions and local community organizations.
Chris Banocy