The University of Chicago’s Class of 2012’s gift was truly an investment in the community; after negotiating with administration officials in February about the University’s investment practices, students convinced the University to shift $1 million in deposits to four community banks. Each bank will receive the FDIC insured maximum deposit of $250,000.
One million is a tiny portion of the University’s large endowment but it represents the growing consciousness regarding the issue of social responsibly investing – from both students and administrators. This money will help local banks increase lending in the neighborhoods around the University, further strengthening those communities that surround this anchor institution – creating a win-win situation for both.
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