Truist Foundation leads the way with $5M commitment to the American Red Cross to grow disaster response capacity

On March 7, 2023, Truist Foundation announced a $5 million donation to the American Red Cross to bolster disaster response effectiveness amidst increasing natural disasters in the U.S. This donation supplements an existing annual commitment of $1 million.

Rhea-AI Summary

On March 7, 2023, Truist Foundation announced a $5 million donation to the American Red Cross to bolster disaster response effectiveness amidst increasing natural disasters in the U.S. This donation supplements an existing annual commitment of $1 million. The funds aim to enhance recovery efforts for vulnerable communities affected by extreme weather events like hurricanes and wildfires. With this investment, the Red Cross plans to expand its Community Adaptation Program and enhance support through local partnerships. The initiative seeks to mitigate poverty risks post-disaster, highlighting the urgent need for robust community support systems.

Positive

• Truist Foundation committed an additional $5 million to the American Red Cross, enhancing its disaster response capacity.
• The donation expands on the annual $1 million commitment, showcasing ongoing support for disaster relief efforts.
• The investment aims to alleviate hardships for vulnerable communities and reduce poverty risks post-disaster.

Negative

• None.

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Leading corporate investment aims to inspire other partners; will help the Red Cross alleviate growing impacts of natural disasters on America's most vulnerable communities

WASHINGTON, March 7, 2023 /PRNewswire/ -- Today, the American Red Cross celebrates Truist Foundation for its generous donation of $5 million to support the urgent humanitarian needs posed by extreme weather events across the U.S. Truist Foundation, headquartered in Charlotte, North Carolina, is the first corporate partner to commit such a gift in addition to its annual $1 million commitment to Red Cross Disaster Relief.

Truist Foundation's investment will help the Red Cross grow and adapt its capacity to respond to natural disasters and accelerate its ability to prevent and alleviate hardships brought on by these urgent and increasing challenges. These new Red Cross initiatives aim to reduce the number of families falling into poverty after disasters, including the expansion of financial assistance to help those most in need bridge significant roadblocks to recovery and find solutions for safe and stable living environments.

"Natural disasters pose a clear threat to the well-being and stability of our communities," said Lynette Bell, president of Truist Foundation. "Truist Foundation works to ensure the most vulnerable communities receive the direct and immediate support they need to bolster their recovery in the aftermath of a disaster. My hope is that other corporate partners are inspired to follow in our footsteps and support the American Red Cross in this important work."

As extreme weather-driven disasters such as hurricanes, floods and wildfires worsen, more displaced families and communities rely on the Red Cross for help. The organization is often one of the first on the ground during a crisis and serves millions of people in need each year, especially the most vulnerable who are often disproportionately affected by natural disasters. Furthermore, housing, health and hunger-related services in these communities need greater capacity and stronger support networks to respond.

Through its new Community Adaptation Program, the Red Cross is helping to build resiliency and empower families after disasters by enhancing support in several target areas, which are concurrently at high risk for extreme weather and struggling with socioeconomic challenges. Through the program, the Red Cross is partnering with local nonprofits to strengthen their ability to serve families hit hard by intense, recurring disasters. Inspired by this innovative partnership at the local level, Truist Foundation's commitment will help the Red Cross meet its goal to lessen the impact of future disasters in these communities.

"Stronger and more frequent disasters are repeatedly striking communities across the country, creating unimaginable suffering for vulnerable families," said Gail McGovern, president and CEO of the American Red Cross. "As we continue to see these devastating impacts each year, we're so very grateful for Truist Foundation's generosity and partnership as we work to expand our capacity and adapt our services to help people in times of great need."

Truist Foundation has been a member of the Annual Disaster Giving Program — a group of generous corporate partners that donate to the Red Cross in advance of disasters — since its inception in 2020 and has also supported specific Red Cross disaster response efforts regionally and nationally.

About Truist Foundation
Truist Foundation is committed to Truist Financial Corporation's (NYSE: TFC) purpose to inspire and build better lives and communities. Established in 2020, Truist Foundation makes strategic investments in nonprofit organizations to help ensure the communities it serves have more opportunities for a better quality of life. Truist Foundation's grants and activities focus on building career pathways to economic mobility and strengthening small businesses. Learn more at truist.com/foundation.

About the American Red Cross
The American Red Cross shelters, feeds and provides comfort to victims of disasters; supplies about 40% of the nation's blood; teaches skills that save lives; distributes international humanitarian aid; and supports veterans, military members and their families. The Red Cross is a nonprofit organization that depends on volunteers and the generosity of the American public to deliver its mission. For more information, please visit redcross.org or cruzrojaamericana.org, or visit us on Twitter at @RedCross.

View original content to download multimedia:https://www.prnewswire.com/news-releases/truist-foundation-leads-the-way-with-5m-commitment-to-the-american-red-cross-to-grow-disaster-response-capacity-301763614.html

SOURCE American Red Cross

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the amount of Truist Foundation's recent donation to the American Red Cross?

Truist Foundation recently donated $5 million to the American Red Cross.

When did Truist Foundation announce its donation to the Red Cross?

The donation was announced on March 7, 2023.

What is the purpose of Truist Foundation's donation to the American Red Cross?

The donation aims to enhance the Red Cross's capacity to respond to natural disasters and support vulnerable communities.

How does Truist Foundation's donation impact disaster relief efforts?

The donation supports the Red Cross's Community Adaptation Program, helping to reduce poverty risks after disasters.

What ongoing commitment does Truist Foundation have with the American Red Cross?

Truist Foundation has an annual commitment of $1 million to the American Red Cross in addition to the recent $5 million donation.