Giving to Focus on Organizations Providing Basic Needs
FAIRFIELD, Conn.--18 December 2008-- Today, the GE Foundation, the philanthropic organization of the GE Company, announces that it will direct more than $20 million in funding to food and shelter organizations responding to the impact of the economic downturn. Focused on addressing basic needs, these organizations continue to experience significant increases in demand without the proper funding to keep pace with the need.
"Families are facing one of the worst economic recessions of our lifetime, forcing many to seek food and shelter services," said Bob Corcoran, president of the GE Foundation. "GE Foundation has reprioritized its 2009 programs and is reallocating funds to support agencies whose prime mission is responding to these basic needs."
The GE Foundation has taken the following steps to prioritize funds and hence address the increase in demand experienced by these organizations. Program components include:
Participating organizations in this initiative will be required to comply with GE Foundation program guidelines.
"As the global economic recession becomes a reality, it's important that companies are attentive to the changing needs of their communities, especially the increased demand on organizations providing food and shelter," said Charles Moore, executive director of the Committee Encouraging Corporate Philanthropy. "By demonstrating flexibility and innovation in its giving model, the GE Foundation has set the bar high for other institutions to respond."
More than fifty years ago, the GE Foundation launched the corporate community's first matching-gift program. Since then, this simple employee engagement breakthrough has caught hold at companies around the world. According to a recent Committee Encouraging Corporate Philanthropy (CECP) survey respondents alone contributed $615 million to support matching programs in 2007.
About the GE Foundation
The GE Foundation, the philanthropic organization of the General Electric Company, works to solve some of the world's most difficult problems. In coordination with its partners, it supports U.S. and international education, the environment, public policy, human rights, and disaster-relief around the globe. In addition, the GE Foundation supports GE employee and retiree giving and involvement in GE communities around the world. In 2007, the GE family including businesses, employees, retirees and GE Foundation contributed more than $210 million to community and educational programs, including $93 million from the GE Foundation. For more information, visit www.gefoundation.com.
About GE
GE (NYSE: GE) is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. GE is Imagination at Work. For more information, visit the company's Web site at http://www.ge.com.
Frank Mantero