The Business-Higher Education Forum Releases New Report on Corporate Giving in Education
New Report Gives Insight into Fortune 100 Corporate Philanthropy
(WASHINGTON, DC — July 14, 2008) The Business-Higher Education Forum (BHEF), in partnership with the Institute for Higher Education Policy (IHEP), has released a new report on education philanthropy entitled, “Corporate Investments in College Readiness and Access.” The report, prepared by IHEP and produced with financial support from USA Funds, examines major corporations’ philanthropic support for “college readiness and access initiatives,” defined as efforts to increase the likelihood that students will graduate from high school fully prepared to enroll and succeed in college. The report supplements substantial research that highlights the importance of higher education to ensuring a U.S. workforce prepared to compete in a global economy.
Research for the report was conducted through interviews with select corporate leaders and others involved in corporate-sponsored college readiness and access initiatives and through analysis of the education philanthropy of Fortune 100 companies. It demonstrates that as major corporations focus on their workforce needs, they are recognizing the imperative to increase readiness and access to postsecondary education, and are devising strategies to address that need.
Major findings of the report include:
- Education is a key philanthropic priority for corporations: 90 percent of Fortune 100 companies support education as a philanthropic goal.
- More than two-thirds of Fortune 100 companies support college readiness and access programs, although the substance and depth of that support varies widely among corporations.
- Most of the Fortune 100 corporations that support college readiness and access programs support existing programs rather than developing their own customized efforts, and most support programs located in the geographic areas where their employees and customers live and work, rather than supporting programs nationally.
- Ultimately, to be effective, corporate investments in college readiness and access must address three key barriers: 1) the lack of knowledge about college admissions and financial aid (“college knowledge”); 2) inadequate financial resources; and 3) insufficient academic preparation.
- Key strategies employed by corporations to increase readiness and access include: investing in readiness and access to meet current and future workforce needs; using data-driven decision making to achieve a clear understanding of educational challenges and to identify potential solutions; building partnerships with other organizations that focus on these issues; convening other stakeholders to ensure sustainability of efforts once undertaken.
“The report addresses a crucial gap in our understanding of corporate philanthropy in education,” says Dr. Brian K. Fitzgerald, BHEF’s Executive Director. “It is heartening to confirm that more than two-thirds of Fortune 100 corporations are seeking to increase college readiness and access. It is disappointing to realize that nearly one-third of these companies apparently are not focusing on these issues, despite their clear significance for our nation’s workforce.”
Notes Dr. Wendy Erisman, the report’s lead author, “This research reveals a lack of readily available information about corporate philanthropy in the areas of college readiness and access. This situation is exacerbated by the fact that companies sometimes do not highlight their investments in the most effective ways. Clearly, more research is needed to build on this initial study.”
“USA Funds is pleased to support this research, which sheds more light on this important topic,” said Carl C. Dalstrom, USA Funds president and CEO. We hope that more corporations will focus their philanthropy on preparation for and access to college and will learn from the practices described in this report as they do so.”
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About BHEF
BHEF is an organization of Fortune 500 CEOs, prominent college and university presidents, and foundation leaders working to advance innovative solutions to our nation's education challenges in order to enhance U.S. competitiveness. BHEF brings together an extraordinary coalition of corporate, academic, and foundation members to influence public policy and inspire other leaders to act. BHEF currently is pursuing major initiatives in the areas of college readiness, access and success, and science, technology, engineering and math (STEM) education. To learn more, visit BHEF’s Web site at www.bhef.com.
About IHEP
IHEP is an independent, nonprofit organization that is dedicated to increasing access and success in postsecondary education around the world. Established in 1993, the Washington, D.C.-based organization uses unique research and innovative programs to inform key decision makers who shape public policy and support economic and social development. IHEP’s Web site, www.ihep.org, features an expansive collection of higher education information available free of charge and provides access to some of the most respected professionals in the fields of public policy and research.
For media inquiries, please contact:
Nancy R. Kuhn
Director of External Relations, BHEF
Nancy.Kuhn@bhef.com
202-367-1209
Tia T. Gordon
Managing Director of Communications and Marketing, IHEP
tgordon@ihep.org
202-861-8227
To download a copy of the report, please click here.
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