By: Miriam Arias / Staff Writer
The University and State Farm have joined forces to support literacy education at the College of Business through a $200,000 grant which will to improving its financial literacy lab.
“This is a unique four-year partnership between State Farm Mutual Automobile Insurance Co. and Florida International University to support financial literacy education,” said Jose Soto, public affairs specialist for State Farm.
In addition, a one-year $20,000 grant will go to support various University initiatives to provide mentorship, scholarships and leadership training for students.
The grants will be recognized with the renaming of the Capital Markets Lab to the State Farm Financial Literacy Lab. This lab is directed at enabling students to learn about capital market activities as well as resources used by members of local businesses.
The relationship between State Farm and the University will go beyond a monetary contribution, with State Farm associates mentoring and ultimately working together with students in order to promote financial literacy projects benefitting young adults and families all over South Florida.
“We are very excited to be a part of the FIU community. The sponsorship of the State Farm Financial Literacy Lab represents an investment in the lives and futures of our young adults,” said State Farm Operations Vice President and Chair of the State Farm Education Initiative in Florida, Cheryl Herrin.
Over the past 22 years, State Farm and its employees have contributed to the growth of the University through financial support for a wide range of programs including: BBC in Bloom, the Student Leadership Summit and Upward Bound.
FIU’s Upward Bound is a program for low income first generation high school students and those who enroll are presented with teen auto safety, auto insurance and financial literacy workshops.
“Part of our mission at State Farm is to help people realize their dreams. Much of that begins with the basic financial skills which many teens and young adults need to develop,” said Jim Thompson, State Farm senior vice president and head of the company’s Florida activities.
According to Soto, State Farm chose to award their grants to FIU because of the University’s accomplishments in serving a diverse community of over 40,000 students and 160,000 alumni.
“This partnership is an investment in the future of financial literacy and education, reflecting out dedication to promote diversity,” said Soto.
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