Fidelity Investments and Common Impact: 20 Years of Unwavering Support for Underserved Communities
As a leader in Social Impact, Fidelity’s commitment to community is clear: to create positive social change by actively partnering with community leaders and nonprofit organizations. Fidelity esteems nonprofits and their leaders as experts with invaluable insight into their communities’ needs. In 2022 alone, Fidelity offered financial backing and programmatic support to over 150 nonprofits serving Black and Latino youth, building on Fidelity’s long-standing commitment to community and work with local organizations. In early 2023, Fidelity also pledged to invest an astounding $250 million through a new Invest in My Education (ME)SM initiative to provide access to education, support, and financial mobility for up to 50,000 historically underserved students over the next five years.
Fidelity’s initiatives extend beyond monetary contributions. They actively develop financial wellness programs in partnership with nonprofit organizations, support nonprofits dedicated to Communities of Color, and leverage their associates’ diverse skills and talents for social good. For example, to address the operational challenges many nonprofit organizations face, Fidelity partners with Common Impact to create skills-based volunteering initiatives addressing nonprofits’ unique operational needs. Since the start of the partnership, Fidelity’s committed volunteers have collectively generated an impressive social return on investment, amounting to a remarkable $20.7 million from 2004 to 2023, with a notable contribution of $1.6 million in the year 2023 alone. Setting themselves apart, Fidelity is dedicated to cultivating transparent, trust-based relationships with these partner nonprofits, fostering mutual learning and collaboration.
Commitment in Action
An exceptional example of their commitment to these principles is their enduring 20-year partnership with Common Impact, which began in 2004. Common Impact designs innovative programs that help turn Fidelity’s principles into tangible impact. These programs offered high-quality, customized social impact, volunteer, and training solutions geared towards generating tangible outcomes for nonprofit organizations.
With a clear mission to channel their resources and talents towards supporting underserved communities, Fidelity prioritized BIPOC-led nonprofits, recognizing their historical underfunding. Fidelity also actively engaged Aspire, their Black and Latino employee resource group, to harness the expertise and dedication of its diverse employees to ensure nonprofits receive tailored solutions.
High-Impact Days of Service in Honor of Martin Luther King Jr.
In early 2023, Fidelity and Common Impact organized a virtual skills-based volunteering event in recognition of Martin Luther King Jr. Day of Service, an event driven by a strong commitment to express solidarity with nonprofits dedicated to social justice. More than 30 volunteers were thoughtfully matched to a nonprofit, each selected based on the unique business challenges faced by the five participating organizations. Each nonprofit received tailored solutions and strategies to strengthen critical operational challenges, including enhancing website user experiences, formulating social media growth strategies, and optimizing vendor selection framework.
Twyla Prindle, the CEO and Founder of Us & Our Children Inc, and the visionary behind Kash Kids, expressed her appreciation for the invaluable support provided by Fidelity’s volunteers. She noted, “Through the volunteer work with Fidelity, we have gained valuable insights into different technologies, cost exploration, and how to deploy them for maximum benefit. They also provided a great tool for working with different vendors.” Notably, 100% of nonprofits concur that the work achieved during this virtual volunteering day has had a substantial and positive impact on their organizations, underscoring the significance of this collaboration.
Empowering Latin and Hispanic-led nonprofits
During Hispanic Heritage Month 2023, 45 enthusiastic volunteers from Fidelity supported six Latin and Hispanic-led nonprofits: Boston Higher Education Resource Center, El Centro Hispano, Hyde Square Task Force, La Alianza Hispana, LatinX Ed, and STREAM Foundation.
Emilia Ismael, Manager for Civic & Community Participation at El Centro North Carolina, expressed her enthusiasm, “This is of great value to nonprofits. The volunteers’ diverse skills contributed to a well-rounded consultation that met the core issues. The delivery was efficient and immediately applicable.” All nonprofits echoed this sentiment, 100% acknowledging that the project had a substantial, positive impact. Additionally, they all affirmed their ability to use the work created by the corporate volunteers in the next 12 months, highlighting the immediate practical benefits.
One Fidelity volunteer, Sandrea Moore, Workplace Education Manager, describes her experience, “It was a pleasure to learn about the extraordinary things this nonprofit is doing in their communities. It was an honor to serve them.” Notably, 95% of her fellow volunteers affirmed the tangible impact they made on their nonprofit partners. This day of service aimed to empower Hispanic and Latino community leaders, providing vital community programs such as support for first-generation students, workforce programming, and scholarships and internships for underrepresented youth.
Investing in Knowledge Sharing and Long-Term Impact
Fidelity fully embraces the transformative power of skills-based volunteering, recognizing its potential to provide specialized expertise, cost-effective solutions, capacity building, and innovative solutions to nonprofit organizations. As a result, Fidelity and Common Impact facilitate opportunities for nonprofits to discover the potential of skills-based volunteering through tailored training sessions, particularly for those unfamiliar with this concept.
Fidelity’s commitment goes beyond the short-term by proactively tackling challenges demanding deeper understanding and dedication. In 2023 alone, Fidelity undertook twelve long-term consulting projects and five advisory programs in collaboration with Common Impact. These initiatives connect Fidelity associates with nonprofits seeking more comprehensive and in-depth solutions over the span of three months.
A Common Thread of Impact:
At the heart of all of Fidelity’s programming is a resolute commitment to uplifting underserved and under-resourced communities. Across all skills-based volunteering initiatives with Common Impact, 68% of the 70 participating nonprofits are BIPOC-led, a clear testament to Fidelity’s dedication to promoting equity and diversity in its efforts to support those who have historically faced greater challenges and barriers.
Fidelity’s commitment and Common Impact’s expertise in crafting social impact programs have created a powerful force for good in the nonprofit sector. The enduring partnership is a shining example of how cross-sector collaborations can play a pivotal role in addressing society’s most pressing challenges.
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About Fidelity Investments
Fidelity’s mission is to strengthen the financial well-being of our customers and deliver better outcomes for the clients and businesses we serve. With assets under administration of $11.5 trillion, including discretionary assets of $4.4 trillion as of September 30, 2023, we focus on meeting the unique needs of a diverse set of customers. Privately held for 77 years, Fidelity employs more than 73,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about-fidelity/our-company.
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About Common Impact
Common Impact is a national nonprofit that fosters meaningful partnerships between purpose-driven Fortune 500 companies and nonprofits worldwide to propel social good. Since 2000, Common Impact has generated over 205,000 hours of skills-based volunteering and $40 million in resources. Common Impact is dedicated to helping nonprofits expand their capacity, improve efficiency, and deliver on their mission with customized and impactful projects through corporate partnerships. Learn more about Common Impact’s services, impact, and clients.
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Media Contact
Elizabeth Cross, Obviouslee Marketing
common-impact@obviouslee.com
