The T. Rowe Price Foundation announced Friday it will be granting $500,000 to global and local organizations working to relieve the widespread impact of the COVID-19 pandemic and resulting gaps in community services.
The Baltimore-based asset manager said it also is honoring all of its sponsorship commitments throughout greater Baltimore and other regions. All of the funds the firm had allocated for fundraising efforts will now become donations to the nonprofits.
In a news release, the foundation said it also working with existing grantees to determine if there is a need to expedite funding that had been slated for later this year.
To develop the grant-making strategy and determine where it could have the most impact, the foundation partnered with the city of Baltimore, the Center for Disaster Philanthropy, and other experts and stakeholders. The foundation will be allocating the grant toward:
- Baltimore: $250,000 will be donated to the Fund for Educational Excellence to support food security issues for Baltimore City Public Schools students and their families who are without meals due to the closure of schools.
- Other T. Rowe Price U.S. locations: $125,000 will be split between nonprofits supporting COVID-19 relief efforts in Colorado Springs, New York City, and San Francisco.
- Other T. Rowe Price locations globally: $125,000 will be given to the Center for Disaster Philanthropy to support relief efforts in London, Hong Kong, and other global communities outside the U.S.
“We’ve all been deeply affected by the COVID-19 pandemic, which has disrupted global economies and markets and forced us to live and work in completely different ways,” said William Stromberg, T. Rowe Price president and CEO. “None of us know for sure how long the pandemic will continue, and the needs of local communities are rising. To help ensure those needs are met, we are mobilizing our resources and working to minimize the pandemic’s impact on the social fabric of our communities.”