T. Rowe Price Foundation, Baltimore, will grant $2.7 million to bolster its home city's cultural, educational and financial prospects over a four-year period.
Under the cultural umbrella, $975,000 will go to four initiatives, including an effort led by local non-profit Arts Every Day to provide two hours of high-quality, sequential arts instruction each week to students in Baltimore public schools.
In education, $875,000 in grants will fund three initiatives, including an effort by Baltimore's Promise, a citywide collaborative composed of public, business, higher education, non-profit, community and philanthropic leaders, that aims to help schools identify and use partnerships with area community organizations to support educational outcomes and individualized needs for a specific school.
And in finance, three initiatives will receive grants totaling $850,000, including an effort to increase black home ownership and build stronger financial literacy of black entrepreneurs in Baltimore.
"We want these grants to be a DNA changer for the city, by opening doors in underserved communities and empowering those with limited access to financial resources," said John Brothers, president of the T. Rowe Price Foundation, in a news release. "Our approach is informed by a strategic analysis of where we could have the most impact, investing in areas that have the broadest social good and could yield the strongest returns for the city. We listened to the community and partnered with them to identify the most powerful grant-making opportunities that could move the needle."
In 2016, the foundation, which has $75.3 million in assets, pledged $1.3 million over three years to fund collaboration across non-profits and address some of West Baltimore's most critical needs.
Baltimore-based T. Rowe Price Group Inc. had $1.07 trillion in assets under management as of May 31.