NEW YORK, NY -- (MARKET WIRE) -- 03/08/08 -- PepsiCo has committed $1 million to UNCF -- the United Negro College Fund -- to help provide financial support to UNCF's 39 member institutions and scholarships to students at over 900 colleges and universities around the country. PepsiCo, one of the world's largest food and beverage companies, made the donation on March 7th at UNCF's 64th Anniversary Dinner in New York, where it was the presenting sponsor. The event raised a total of $2.7 million.
The dinner presented UNCF's highest honor, the Frederick D. Patterson Award, to Denzel and Pauletta Washington for their support for UNCF member colleges and for Denzel Washington's recent film, "The Great Debaters," about the history of UNCF member Wiley College. UNCF presented its President's Award to Matthew D. Serra, chairman, president and CEO of Foot Locker Inc. in recognition of the company's longtime support for UNCF. Stennett Brooks, a graduate of UNCF member Oakwood University, was presented with the Greater New York Inter-Alumni Council's (IAC) Distinguished Alumnus Award for his service and active participation with the New York IAC. More than 1,500 UNCF supporters including board members, college presidents, corporate partners, students and alumni gathered to pay tribute to the honorees.
"PepsiCo is a proud supporter of UNCF and has been for sixty years. We are committed to expanding opportunities to help minority students secure higher education," said Indra Nooyi, CEO and chairman of PepsiCo. "That's why we're excited to present this gift of $1 million to UNCF to ensure that deserving young people continue to get a chance to go to college and earn degrees -- and have the opportunity to make their mark in the world."
Minority education has long been a funding priority for PepsiCo's Foundation. In 1981, PepsiCo donated $1 million, the largest multi-year corporate donation ever pledged to UNCF's Annual Campaign at that time. Last year alone, the PepsiCo Foundation provided grants for education programs in excess of $8 million to fund education programs that promote academic excellence for all students.
Over and above the amount committed by the company, PepsiCo's African American employees also raised $75,000, creating a UNCF/PepsiCo African American Legacy Fund, which will be matched by the PepsiCo Foundation, for a total of $150,000. This new educational endowment fund will provide scholarship support for students at UNCF member schools. "This fund honors the many African American employees who have made contributions at the company and most especially those who broke through barriers in the 1940s," said Ron Parker, PepsiCo senior vice president and chief global diversity officer, referring to corporate America's first all-black sales team at Pepsi.
"UNCF is grateful for PepsiCo's investment in young minority men and women," said Michael L. Lomax, Ph.D., UNCF's president and CEO. "PepsiCo's commitment will enable thousands of students to secure degrees that will help them to launch careers in fields like science, math, technology, business, medicine, law and education; and prepare them to become leaders in an ever-changing global economy."
UNCF -- the United Negro College Fund -- is the nation's oldest and most successful minority education assistance organization. Its mission is to increase minority degree attainment by providing financial support to its 39 member institutions, reducing financial barriers to college and serving as a national advocate for minority education. UNCF institutions and other historically black colleges and universities are highly effective, awarding 18 percent of African American baccalaureate degrees. UNCF administers more than 400 programs, including scholarship, internship and fellowship, mentoring, summer enrichment, and curriculum and faculty development programs. Today, UNCF supports more than 60,000 students at over 900 colleges and universities across the country. UNCF's recently redesigned logo and brand identity feature UNCF's torch of leadership in education and its widely recognized motto, "A mind is a terrible thing to waste."® Learn more at www.UNCF.org.
PepsiCo (NYSE: PEP) is one of the world's largest food and beverage companies, with 2007 annual revenues of more than $39 billion. The company employs approximately 185,000 people worldwide, and its products are sold in approximately 200 countries. Its principal businesses include: Frito-Lay snacks, Pepsi-Cola beverages, Gatorade sports drinks, Tropicana juices and Quaker foods. The PepsiCo portfolio includes 17 brands that generate $1 billion or more each in annual retail sales. PepsiCo's commitment to sustainable growth, defined as Performance with Purpose, is focused on generating healthy financial returns while giving back to communities the company serves. This includes meeting consumer needs for a spectrum of convenient foods and beverages, reducing the company's impact on the environment through water, energy and packaging initiatives, and supporting its employees through a diverse and inclusive culture that recruits and retains world-class talent. PepsiCo is listed on the Dow Jones North America Sustainability Index and the Dow Jones World Sustainability Index. For more information, please visit www.pepsico.com.
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