Editor’s Note: This interview in our Feminist Giving IRL series features Maricella Herrera, vice president of Operations and Strategy at Ellevate Network, “a community of professional women committed to helping each other succeed.”
What do you wish you had known when you started out in your profession?
When I first started out, I thought my career was already laid out for me; I was going into my first job at a bank, I would rise in the ranks, get more responsibility, go to business school, go back to finance and keep going until I retired. It was what was expected. I never really understood that to be completely happy, I needed to find something that didn’t just intellectually stimulate me, but that resonated with my values. I didn’t know you could build a career in an area that was about doing good. When I first started out, social enterprises were nascent. Not many people were thinking about them. I wish I had known I could find my passion and what I’m good at in one place, and that it wouldn’t necessarily be what everyone else thought I was supposed to be doing, and that that was ok. My background is in business and finance, so knowing I can use those skills to make a difference in the world is exciting.
CARE RECEIVES COMMITMENT OF NEARLY $7M FROM THE ARTHUR M. BLANK FAMILY FOUNDATION
The organization dedicated to fighting global poverty by empowering women and girls partners with Atlanta family foundation to invest in communities and save lives
(Atlanta, GA) On November 14, 2019, CARE announced a three-year $6.8M grant from The Arthur M. Blank Family Foundation to support international programs that foster economic development, influence policy change, and provide humanitarian aid for people affected by natural and man-made disasters. The partnership marks the first strategic international expansion of The Arthur M. Blank Family Foundation’s philanthropic efforts, which promote positive change in peoples’ lives and build and enhance the communities in which they live.
December 9, 2019 — The Coca-Cola Company is marking its 100th anniversary as a public company today with a $1 million grant to Girls Who Invest from The Coca-Cola Foundation.
Girls Who Invest (GWI) is a non-profit organization dedicated to promoting diversity and inclusion in investment management, with a specific focus on increasing the pipeline of women entering the industry in frontline investing and leadership positions.
The grant will provide scholarships for approximately 40 women at U.S. colleges and universities to explore careers in investment management by participating in rigorous, four-week on-campus training programs at the University of Pennsylvania, the University of Notre Dame or the UCLA Anderson School of Management.
The academic program is followed by a six-week paid internship at one of GWI’s more than 100 partner investment management firms in the United States, Canada and the United Kingdom, during which scholars work alongside investment management teams.
2020 is gearing up to be a landmark election year. The American Presidential election is well underway, and new faces and standing politicians alike are finding ways to come together on issues surrounding women’s rights, LGBTQIA+ rights, climate change, and the economy.
A pioneer of online activism and a self-described “unapologetic feminist,” Fine is an author, a social change thought leader, and the founder of the Network of Elected Women (NEW), which connects women who hold local office around the country. She has also served as chair of the national board of NARAL Pro-Choice America Foundation, as well as the president of her synagogue, Temple Beth Abraham.
Tracy Gray has something important to tell women about their philanthropy: do less of it. It’s not the usual message that donors get from the world, and it’s not the usual message here at Philanthropy Women, either. But the context of this message comes from Gray’s conviction that the quicker we grow women’s wealth, the quicker we will move toward a better society.
“Take some of your money out of charity and put it into women-owned or women-led businesses,” Gray advised women donors, in a recent phone chat with Philanthropy Women.
Editor’s Note: This Q&A is with Jenny Flores, Head of Corporate Social Responsibility for Bank of the West. Grameen America recently announced a new collaboration with Bank of the West, which is donating $2 million to assist with the launch of a new Grameen branch in Fresno, California.
What is the relationship between Bank of the West and Grameen? Does Bank of the West provide the funds and Grameen evaluate the loans and administer the program?
Building on a relationship started in 2017, Bank of the West made an initial $1.5M investment to provide lending capital to Grameen’s Bay Area, Los Angeles, and New York branches, helping to establish Bank of the West as one of Grameen’s key business partners in the U.S.
Editor’s Note: The following essay is authored by Jenny Xia and Patrick Schmitt, Co-Founders of Free Will, an award-winning social venture with a mission of supporting world leaders in law, design, and philanthropy.To date, more than $850 million has been committed to nonprofit organizations through Free Will.
In the next two decades, an estimated $30 trillion will be inherited in the US as the large and prosperous Baby Boomer generation passes its wealth on to the next generation. This is the largest wealth transfer in human history, and may be the single greatest opportunity for philanthropy ever.
This demographic wave is beginning to thrust “planned giving” and “bequests” (giving through wills, trusts, and a few other avenues) from the outskirts of mainstream philanthropy into the spotlight.
Here at Philanthropy Women, we are primarily concerned with how gender equality movements are being cultivated through charitable giving. However, we occasionally like to step out of our silo and bring in news about how gender equality can be fostered through our collective distribution systems known as governments.
Which is why, today, we want to talk about Elizabeth Warren’s proposed ‘Wealth Tax’. According to Nancy L. Cohen, author, historian and thought leader on gender and American politics, “Warren’s wealth tax would be a massive investment in gender equity.”
“Senator Warren’s proposed wealth tax is a massive investment in gender equality – and if enacted, would be a gamechanger for women and girls across the US,” said Cohen, further describing the tax plan as a “bold investments in universal childcare and early education” that would “raise wages for childcare workers” and “unleash the potential of American women – increasing workforce participation and helping to close the gender wage gap.”
Divorce is often a difficult process, and it disproportionately leaves women struggling with financial challenges. As we covered in regard to MacKenzie Bezos’ settlement, after a divorce, men’s standard of living generally rises by about 33%, while women’s drops by about 20%. Other studies have shown that women’s income after divorce drops by an average of 41%. These stats outline the divorce gap, one of many overlapping economic gaps women continue to face, including the wage, debt, unpaid labor, funding, investing and “pink tax” (consumer pricing) gap.
The Divorce Gap
There are many reasons women can find themselves struggling after a divorce; some stop working to raise kids during marriage and then find it difficult to re-enter the workforce and earn adequately. Others take on full-time caregiving for the first time after a divorce, which can conflict with their career paths and keep them from making enough to support their families. Some women haven’t chosen or been able to invest independently for the future and find themselves without a safety net or backup plan. The other financial gaps all come into play. Women are generally paid less, have more debt, receive less funding, invest less and are charged more for products designed for them. And the unpaid labor gap is significant here; women often take on care giving, housekeeping and other crucial contributions to families and societies that are uncompensated.
The final lineup of WFN’s conference Leadership for a Changing World felt like a fireworks finale of feminist brilliance across philanthropy, art, business, and politics. Let’s take a look at these amazing blasts of thought and strategy leadership one at a time.
Whose Story Is It?
Cristi Hegranes, CEO of Global Press and the Publisher of Global Press Journal, and Jeanne Bourgault, President and CEO of Internews, discussed how having more women creating and distributing media can have a significant influence on how we interact with, interpret, and change the world.