ATLANTA, Feb. 10, 2014 – The East Lake Foundation closed on a $12 million New Markets Tax Credit (NMTC) transaction with SunTrust Bank, the net proceeds of which complete the $73 million campaign fundraising goal for the Charles R. Drew Charter School Junior and Senior Academy at the Charlie Yates Campus. SunTrust has partnered with the East Lake Foundation since 2009.
“SunTrust has been an invaluable partner, and we are grateful for its contributions to the East Lake Foundation and help developing programs that support Drew Charter School students,” said Daniel J. Shoy, Jr., president of East Lake Foundation. “It’s only fitting that this partner helped us reach our fundraising goal, allowing us to complete our vision of cradle-to-college education. Thanks to SunTrust’s involvement there are many opportunities ahead for our students.”
SunTrust’s East Lake branch location provides residents with a banking resource. Additionally, SunTrust has partnered with Drew Charter School since 2007 to operate the SunTrust/Drew Youth Bank, offering students financial literacy. SunTrust teammates work directly with students to run the bank where they can apply math concepts, explore career options and learn the value of saving.
“We are pleased with our longstanding partnership with the East Lake Foundation and Drew Charter School,” said Paul Woodworth, president of SunTrust Community Capital. “As a purpose-driven company, we are dedicated to Lighting the Way to Financial Well-Being and this is a good example of that commitment. We want to lead a movement to help people gain greater confidence and control over their finances and education is a stepping stone to greater economic opportunity.”
SunTrust Foundation donated an additional $75,000 and the SunTrust Trusteed Foundations – Harriet McDaniel Marshall Trust and Thomas Guy Woolford Charitable Trust gave a total of $175,000, bringing the fundraising total to more than $75.6 million in campaign commitments. Revenue beyond the fundraising goal will be applied to an operating reserve account and a future scholarship fund for Drew Charter School graduates.
Set to be completed in July, the new 200,000-square-foot campus will allow the Drew Charter School to expand enrollment from 850 to 1,875 students. The new LEED Gold facility is expected to serve 400 Junior Academy students and 600 Senior Academy students at full capacity, and employ an additional estimated 85 faculty and staff.
“The completion of our fundraising goal allows us to continue focusing on what matters most – our commitment to academic achievement, character development and enrichment opportunities,” said Cynthia Kuhlman, Ph.D., chair of the Drew Charter School board of directors. “We will continue to work closely with our community and partners like SunTrust to help all of our students reach their full potential.”
About the East Lake Foundation
Founded in 1995 on the belief that everyone deserves a chance to succeed, the East Lake Foundation (www.eastlakefoundation.org) collaborates with public and private organizations to provide tools that enable Atlanta’s East Lake residents to build a better future through its model for community revitalization. The East Lake model includes cradle-to-college education at Charles R. Drew Charter School and its early learning partners, mixed-income housing at The Villages of East Lake and community wellness through programs including The First Tee® of East Lake, the East Lake Community Learning Garden and Urban Farm and a partnership with the East Lake YMCA. This approach to building a strong community not only helps break the cycle of poverty, but creates a place where people of all ages and incomes choose to live. East Lake has become a model for integrated community revitalization programs across the country.
About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation’s largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of December 31, 2013, SunTrust had total assets of $175.3 billion and total deposits of $129.8 billion. Through its flagship subsidiary, SunTrust Bank, the Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through its various subsidiaries, the Company provides mortgage banking, asset management, securities brokerage, and capital market services. SunTrust’s Internet address is suntrust.com.
About the SunTrust Foundation
The SunTrust Foundation’s mission is to provide monetary support to nonprofit organizations and institutions engaged in activities promoting education, health and human services, culture and art, and civic and community involvement that contribute to the social and economic development primarily in the communities SunTrust serves.