BALTIMORE, May 12, 2015 /PRNewswire/ -- The Boards of
Trustees for the T. Rowe Price Foundation and the Program for
Charitable Giving have jointly appointed nonprofit veteran
John Brothers as president of their
organizations. The current president, Ann
Allston Boyce, is retiring on June 1,
2015, after a long and successful career in the nonprofit
arena, including 14 years at the two nonprofit organizations
founded by T. Rowe Price.
The T. Rowe Price Foundation is funded by T. Rowe Price Group,
Inc., and primarily supports communities where T. Rowe Price has offices by awarding direct
grants and matching associate donations. Dr. Brothers will be
responsible for managing the company's philanthropic giving
practices.
Since its founding in 1981, the T. Rowe Price Foundation
has:
- Given nearly $84 million to
communities throughout the U.S., including nearly $52 million in direct grants and $32 million in matching gifts.
- Focused on giving to nonprofit organizations that enhance
community life, with a significant emphasis on education and youth
development.
- Provided volunteer service grants to more than 1,200
organizations.
Dr. Brothers will also be leading The T. Rowe Price Program for
Charitable GivingSM, a national donor-advised fund. He
will assist clients in developing and pursuing their philanthropic
interests. Donors make an initial gift of $10,000 or more to open a fund account and
receive a charitable tax deduction. Then, on their timetable, they
recommend grants to support their designated charities. In the
meantime, the account balance is invested among investment pools
managed by T. Rowe Price.
Since its founding in 2000, The T. Rowe Price Program for
Charitable Giving has:
- Distributed close to $180 million
in grants to public charities, private operating foundations, and
government entities.
- Grown to over $188 million in
assets as of December 31, 2014.
Dr. Brothers has worked closely with nonprofit organizations and
foundations for more than 20 years. In 2003, he founded Quidoo
Consulting, a firm that helps nonprofits develop the management and
organizational capacity to achieve high-impact results. He
currently serves as the chair of the Board for the Alliance for
Nonprofit Management. Dr. Brothers has worked directly with
large-scale efforts in over a dozen countries throughout the world,
including most recently working on health care redesign in
Tanzania and effective
philanthropy in several countries throughout Europe.
Additionally, Dr. Brothers is an adjunct professor in social
welfare policy at Rutgers University
and in nonprofit and philanthropic studies at New York University. He has also served as a
visiting scholar at the Hauser Center for Nonprofit Organizations
at Harvard University. Dr. Brothers
holds an M.P.A. in nonprofit management from New York University, an M.B.A. from American Public
University, and a doctorate in law and policy from Northeastern University.
The T. Rowe Price Program for Charitable Giving is an
independent, nonprofit corporation and donor-advised fund founded
by T. Rowe Price to assist
individuals with planning and managing their charitable giving.
QUOTES
Meredith Callanan, chair of the
T. Rowe Price Foundation
"We are delighted to welcome John and believe that his passion for
effective philanthropy, managerial skills, and strategic vision
will be great assets for the foundation. John's successful
leadership record and deep industry knowledge will further
strengthen our ability to support communities in which our
associates live and work."
James Riepe, chair and director
of The T. Rowe Price Program for Charitable Giving
"John will help us continue the tradition of quality service to our
clients as we support the causes they care about and grow our
granting assets. John's impressive experience and accomplishments
position him well to assist our clients in using their resources
effectively and meeting their philanthropic goals."
ABOUT T. ROWE PRICE
Founded in 1937, Baltimore-based T.
Rowe Price (NASDAQ-GS: TROW) is a global investment
management organization with $772.7
billion in assets under management as of March 31, 2015. The organization provides a broad
array of mutual funds, subadvisory services, and separate account
management for individual and institutional investors, retirement
plans, and financial intermediaries. The company also offers a
variety of sophisticated investment planning and guidance tools.
T. Rowe Price's disciplined,
risk-aware investment approach focuses on diversification, style
consistency, and fundamental research. For more information, visit
troweprice.com or our Twitter, YouTube, LinkedIn, and Facebook
sites.
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SOURCE T. Rowe Price Associates