Bain Capital pledges $3m gift to City Year
Financial services giant Bain Capital has donated $3 million to City Year to help the Boston-based nonprofit group continue its work in underserved schools around the world, officials said on Tuesday.
In a statement, City Year said the company will also be the national sponsor of the organization’s 25th anniversary events in several cities over the next several months.
“We are excited to have Bain Capital as our National 25th Anniversary Sponsor,” Michael Brown, City Year’s chief executive and cofounder, said in a statement. “Contributing time, talent, and resources, Bain Capital has been essential to City Year’s success since our founding years.”
According to City Year, Bain Capital has contributed more than $25 million in donations and hundreds of volunteer hours since the group’s inception in 1988. The $3 million gift will help City Year provide more tutors and mentors to high-poverty schools and support efforts to curb dropout rates.
“City Year and Bain Capital share a common belief that supporting young people’s education, growth and development is the single most important investment we can make in our future,” Jonathan Lavine, managing partner of Bain Capital’s credit affiliate, said in a statement.
“City Year is an incredible double bottom-line investment. It helps students in high poverty public schools succeed, and at the same time develops corps members into civic-minded leaders of tomorrow.”
Lavine, a longtime member of City Year’s national board of trustees, will become the chairman of the board this week, the nonprofit organization said.
As national sponsor of City Year’s 25th anniversary celebrations, Bain Capital will support a number of initiatives, including Red Jacket Weekend, a series of events this weekend in Boston that will include a swearing-in ceremony of new City Year participants with Mayor Thomas M. Menino, as well as a day of service at Hennigan Elementary School in Jamaica Plain.
“This fall, City Year Boston welcomes 265 talented and committed City Year AmeriCorps members into our 25th anniversary corps, ready to serve and support teachers, students, and schools,” said Sandra Lopez Burke, vice president and executive director of City Year Boston.
“Bain Capital’s generous support of Red Jacket Weekend provides City Year Boston with the opportunity to celebrate our alumni, school leaders, community partners and all of the champions who have supported our service for a quarter century.”
Other events Bain Capital will sponsor include a national benefit in the spring that will feature the Boston Pops in a performance at Symphony Hall.
City Year now places its AmeriCorps members, young adults who serve in one-year stints with the organization, in more than 250 high-poverty schools in 25 US cities, the organization says.
AmeriCorps members work as tutors, mentors, and in after-school programs. They receive modest stipends during their term of service and also get a $5,550 education award at the end of their program that they can put toward their education or student loans, according to the City Year website.
More than 18,000 people have performed over 26 million hours of service through City Year since its founding, the organization says.