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News & Press: News Release

NABJ Scholarship Investment Account Reaches $1.3M, Becomes Endowed

Friday, August 9, 2019   (0 Comments)
Posted by: Glover Communications Team via NABJ19
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NABJ Scholarship Investment Account Reaches $1.3M, Becomes Endowed

 

Miami (Aug. 9, 2019) -- For the first time in nearly a decade, the National Association of Black Journalists (NABJ) investment account has reached more than $1 million, allowing the organization to endow its scholarship fund to assist deserving college students.

 

Under the leadership of outgoing President Sarah J. Glover, the investment value has increased 353 percent from $307,494 when she took office in 2005 to more than $1.4 million, according to Finance Committee Chairman Gregory H. Lee.

 

“This is a tremendous accomplishment that will allow NABJ to maintain its commitment to our students,” Glover said. “As I leave office, I am proud to fulfill one of my goals to significantly improve our financial sustainability.”

 

NABJ has not had $1 million on hand since 2008, when the stock market took a downturn, said Lee, a former treasurer and president. Since then, NABJ has slowly rebuilt its investment portfolio, which was buoyed by a record-setting convention in 2016, when the organization had a $1.2 million surplus.

 

The endowment was started in 1998 by former NABJ President Vanessa Williams, a strong fundraiser who made the scholarship a top priority. She recruited donors and close friends to dig deeper to push the endowment to nearly $1 million.

 

“By establishing an endowment, NABJ will have a source to support our key mission of providing scholarships for journalism and communications students,” said NABJ Treasurer Greg Morrison. “The other savings accounts and the Fund Our Future project are examples of a commitment to strengthen the financial stability of our association.”

 

The NABJ Board allocated $400,000 in 2018 surplus funds to the scholarship fund to achieve endowment status. In addition, the Glover administration established three additional investment accounts -- short-term, long-term and a Fund Our Future investment account. Glover challenges future boards to allocate $50,000 in surplus funds per year for the next 20 years to the Fund Our Future account so that $1 million in seed money can help future NABJ leaders expand the association’s physical footprint.

 

“This is a phenomenal achievement for the National Association of Black Journalists, especially since we are celebrating the 30th year for the student projects. NABJ is committed to our student members. They are the heart of this organization. We must invest in the careers of future journalists of color,” said NABJ Student Projects Co-Chair Carol Gantt.



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