Westchester County Business Journal A foundation to build on
A foundation to build on
New York Life giving targets youth
The Business Council of Westchester has chosen The New York Life Foundation, the major vehicle through which New York Life Insurance Co. channels contributions to national and local nonprofit organizations, as a 2009 Business Hall of Fame Winner.
"We are pleased to receive the award for corporate responsibility because it recognizes New York Life's corporate culture and our core values," said Ron Terry, senior vice president of the corporate services department, New York Life Insurance Company. "New York Life is proud to be a part of the Westchester community. Westchester is where our employees live and work and where New York Life actively engages the business community, illustrating that we are a company that cares about the county."
In 2008, the Foundation made grants in the amount of $11.5 million.
“The mission of the New York Life Foundation is a natural outgrowth of one of the defining characteristics of our company,” said Christine Park, president, New York Life Foundation. “Since the very beginning, New York Life’s first and foremost purpose has always been to help people achieve a better, more secure future for themselves and their families.”
Park said The New York Life Foundation has a long history of helping people.
“Predating the foundation’s incorporation by 126 years, one of New York Life’s first charitable contributions was in 1853, when the company helped victims of a yellow fever outbreak in New Orleans,” Park said. “Since then, the foundation has responded to the call in times of crisis, helping to build stronger, more vibrant communities and contributing resources to address emerging social issues.”
In 1951, the company set its first formal contributions budget and in 1979 the New York Life Foundation was established.
In 1998, the foundation implemented its Nurturing the Children initiative, which focuses on educational enhancement, mentoring, safe places to learn and grow and, in 2008, the foundation added childhood bereavement to its concerns.
“It is human nature to protect and provide for those we hold most precious and that's especially true when it comes to children,” Park said. “However, helping young people fulfill their potential and teaching them to be responsible, successful adults has become an enormous challenge. In today's world, kids face a host of negative influences not experienced by previous generations.
Unfortunately, the safety net is tenuous for many children and without intervention and guidance they face daunting obstacles.”
This was the motivation behind the New York Life Foundation's decision in 1998 to channel the majority of its resources toward helping young people.
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