Rutgers Receives $1 Million Grant from Bank of America; Funding will Help Transform College Avenue Campus
June 14, 2006
See also:
Vision for the College Avenue Campus
NEW BRUNSWICK/PISCATAWAY, N.J. – Kenneth D. Lewis, chairman and chief executive officer of Bank of America Corp., today announced that the Bank of America Charitable Foundation will donate $1 million to Rutgers, The State University of New Jersey. The funds will be used to help complete the design competition and subsequent design phase of the university’s initiative to transform the historic College Avenue campus. The Bank of America grant represents the first major commitment of private money to the College Avenue project.
Joined by Rutgers President Richard L. McCormick at a College Avenue ceremony, Lewis said the grant is significant because the College Avenue initiative will not only transform the face of the campus but also spur economic development in the city. This long-term project is a vivid reflection of the strong partnership between the university and city.
“We applaud Rutgers University for spearheading this important effort to transform College Avenue into an attractive cultural center for the campus and the community,” said Lewis. “Organizations like Rutgers are anchors in their communities, promoting economic activity, creating jobs, and attracting and retaining residents. Rutgers is helping to build an economically and culturally vibrant New Brunswick.”
The Rutgers grant is part of the bank’s $200 million goal for philanthropic giving in 2006. Under its strategy to promote neighborhood excellence, Bank of America partners with and directs funding to organizations that are committed to improving the communities in which the company conducts business.
In 2005, McCormick and the city of New Brunswick announced a vision for a comprehensive, multiyear revitalization project with the transformation of the College Avenue campus at the core of the initiative.
“The College Avenue campus project is a priority for Rutgers and has tremendous implications for the city’s broader economic renaissance,” McCormick said. “As a direct result of Bank of America’s generosity, Rutgers will continue to play a significant role in the economic and cultural rebirth under way in New Brunswick. It is our goal to make Rutgers a more attractive and inspiring academic destination, which will serve as a magnet for high-achieving students and renowned faculty.”
New Brunswick Mayor Jim Cahill also expressed appreciation. “I wish to thank Bank of America for its generous gift to Rutgers University. The City of New Brunswick and the university understand the value of partnerships,” Cahill said, “and we are happy to see institutions like Bank of America recognize and reward our efforts to strengthen the bond between town and gown through projects like the revitalization of College Avenue.”
The current plans include unveiling the five design concepts and selecting a design team in the fall. McCormick said the design phase offers an extraordinary opportunity to engage the university and neighboring communities in an educational and discussion process that focuses on campus planning and design.
Funding for the College Avenue campus initiative will come from a variety of private and public sources.
About Bank of America Corporate Philanthropy
In 2005, the Bank of America Charitable Foundation embarked on an unprecedented 10-year, $1.5 billion philanthropic goal. The bank has announced it will donate $200 million in 2006, making Bank of America one of the most generous corporate donors in the country. The bank approaches giving through a national strategy called "neighborhood excellence" under which it works with local leaders to identify and meet the most pressing needs of communities.
Through Team Bank of America, bank associate volunteers contribute more than 650,000 hours each year to improve the quality of life in their communities nationwide. For more information about Bank of America Corporate Philanthropy, visit www.bankofamerica.com/foundation.
Contact: E.J. Miranda
732-932-7084, ext. 613
E-mail: emiranda@ur.rutgers.edu