Supporting our communities in extraordinary times
March 30, 2020
By Carrie Schwab-Pomerantz, Board Chair and President, Charles Schwab Foundation
In times of crisis, heroes emerge. This unprecedented time has been historic on so many levels, and we’re just beginning to see the impacts. People across our country and around the globe continue to grapple with the devastating effects of the COVID-19 pandemic, and it seems there are still more questions than answers.
Although it may feel we are just finding our way, it’s heartwarming and encouraging to see people stepping up to meet this challenge in heroic and historic ways. From the frontline responders, doctors, nurses and scientists, to our local grocers, the crisis is uncovering the best in human nature. And in our communities, we all feel a tremendous pull to do whatever we can to help our neighbors—especially the most vulnerable. Tragically, more than 18,000 people have already lost their lives, healthcare and other essential service providers are working around the clock, and many of our neighbors are experiencing extreme financial stress.
Schwab donated thousands of N95 masks and nitrile gloves from our emergency kits to local health care facilities across the country.
I am proud and humbled to see so many of my colleagues – “Schwabbies” as we affectionately call each other – who have banded together to help our clients, fellow colleagues and neighbors in their communities. At Schwab, we have always been committed to serving others. And because our support is needed more than ever, I am also proud that the Charles Schwab Foundation is committing $1.25 million to aid in the battle against this crisis. Our contribution will be allocated to help in various critical efforts:
- $500,000 to local food banks and community foundations in our 10 major employee centers. These funds will provide food and critical economic relief to our neighbors who are struggling most during this crisis.
- $350,000 to the CDC Foundation Emergency Response Fund, which will be used to provide additional support for state and local health departments and critical protective equipment and supplies for front-line medical workers.
- $150,000 to the Boys & Girls Clubs of America Emergency Response Fund, which will enable the more than 4,700 clubs nationwide to adjust their operations to meet the basic needs of over 4.7 million youth and families—including caring for children of front-line workers, military families, National Guard, and healthcare workers who provide essential services during this crisis. Schwab has partnered with Boys & Girls Clubs of America for nearly two decades to deliver financial education, and we are proud to continue supporting their efforts to provide youth critical resources while schools are closed.
- $250,000 for a special 2:1 match to enhance our employees’ personal contributions to a wide range of organizations supporting critical areas of recovery needs. This match will be over and beyond the regular matching benefit Schwab offers our employees for their charitable contributions.
Schwab has also donated thousands of N95 masks and nitrile gloves from our emergency kits to local health care facilities, including:
- Travis County Medical Society (Austin, TX)
- Community North Hospital (Indianapolis, IN)
- Douglas County Emergency Services (Lone Tree, CO)
- Florida Medical Clinic and Advent Health-Wesley Chapel (Orlando, FL)
- John C. Lincoln Medical Center (Phoenix, AZ)
- Richfield Fire & Emergency Medical Services (Richfield, OH)
- John Muir Medical Center (San Francisco, CA)
"I am proud and humbled to see so many of my colleagues – “Schwabbies” as we affectionately call each other – who have banded together to help our clients, fellow colleagues and neighbors in their communities. At Schwab, we have always been committed to serving others."
While I am proud of this effort, I also realize there is more we can all do. At Schwab our culture of giving back manifests not just in times of crisis, but year round, in good times and bad. The month of May is normally when we hold our annual Volunteer Week—a long-standing tradition at Schwab where thousands of employees roll up their sleeves and get to work for hundreds of nonprofits in communities from coast to coast. This year however, given the need to limit gatherings in order to slow the spread of the virus, we made the difficult decision to cancel the weeklong event. But we also realize that they still need our help – now more than ever. So we will be re-envisioning employee volunteerism for the remainder of 2020 so that we can continue to help meet critical needs in our communities. And we will provide an unrestricted grant to each nonprofit that had planned to participate in Schwab Volunteer Week, for a total community investment of more than $300,000.
I’ve been touched by how many Schwabbies are reaching out to ask how they can help their neighbors and communities during this unprecedented time. Their generosity is truly inspiring. I am proud to be working side by side with such great people as we navigate this difficult time together. Here’s to the heroes. You all make such a critical difference and you’re needed now more than ever.
The Charles Schwab Foundation is a nonprofit, private foundation, classified by the IRS as a charity under section 501(c),(3) of the Internal Revenue Code. The Foundation is neither a part of Charles Schwab & Co., Inc. (member SIPC) nor its parent company The Charles Schwab Corporation.