Black College Association and Alabama Firm Team Up on Fundraising Program
by Diverse Staff, November 11, 2010
The National Association for Equal Opportunity in Higher Education (NAFEO) and an
Alabama-based insurance and financial services company are launching a life insurance program that is expected to help raise funds for the nation’s historically Black colleges and universities (HBCUs) and the Predominantly Black Institutions (PBIs).
The initiative, which is known as the “Insuring the Dream” program, is a life insurance program that will enable HBCU and PBI supporters to choose the school of their choice as policy beneficiaries. The program offers a vehicle for these higher education institutions to secure support from administrators, faculty, staff, students, alumni, family as well as to an extended circle of friends who have been an undertapped resource as potential donors, officials said Wednesday.
NAFEO’s partner is The Dream Company, LLC of Huntsville, Ala., which provides risk management solutions in the life, disability and long-term care markets. “We are delighted to engage in this partnership that I believe will provide a mutually beneficial path to enhancing the financial well-being of our member institutions. It will provide supporters of HBCUs and PBIs a cost-efficient, effortless way of leaving a legacy to institutions of their choosing,” said NAFEO President and CEO, Lezli Baskerville, in a statement. “I encourage all HBCU and PBI administrators, faculty, staff, students, alumni and friends of education, in general, to learn about this program and consider adding it to their planned giving and investment portfolio.”
The program will provide a unique fundraising program to HBCUs and PBIs that establishes a large-scale and sustainable revenue source at no cost. Supporters will purchase high-quality insurance that they need and will normally buy, with the added benefit of having the proceeds go to their HBCU or PBI of choice. This program benefits all parties involved and, most important, future leaders who are in need of financial resources to support their continuing education, according to officials.
The Dream Company’s president and former basketball standout, M.L. Carr, said in a statement: “As a college board member, I understand the ongoing financial needs of colleges and universities in this uncertain time. Through ‘Insuring the Dream,’ current students, alumni and friends of Historically Black Colleges and Universities and Predominantly Black Institutions will finally receive the resources they require and the coverage that they need.”
“NAFEO member institutions have been ensuring the dreams of hundreds of thousands of students since their founding. To meet our national educational goal of having roughly 60 percent of Americans with a two- or four-year degree by 2020, HBCUs and PBIs must graduate more students at a faster pace than ever before. With the support and resources made possible by the ‘Insuring the Dream’ program, HBCUs and PBIs will have an additional and important stream of funding with which to support students’ educational dreams,” said Dr. Ernest McNealey, president of Stillman College and chairman of the NAFEO board of directors.
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