St. Benedict’s Preparatory School receives $1 million
as part of Prudential's $30 million in grants for Newark nonprofits
NEWARK, N.J., April 11, 2018 – St. Benedict’s Preparatory School is one of 17 Newark nonprofit organizations to receive part of the $30 million in grants from Prudential Financial, Inc. (NYSE: PRU) to fund capital campaigns and endowments throughout Newark’s five wards. St. Benedict’s will receive $1 million to support the school’s operating expenses and grow its endowment to help sustain the school in the future.
“Prudential and St. Benedict’s both refused to abandon Newark during its most difficult days,” said Rev. Edwin D. Leahy, O.S.B., Headmaster of St. Benedict’s. “This iconic company has our eternal gratitude for its support of our school and the role that we play in the rebirth of this great city.”
With a focus on meeting critical needs of organizations serving Newark communities, these grants are in addition to Prudential’s annual grant-making budget and build on the more than $1 billion the company has committed toward the revitalization of its home city in the past decade alone.
“As a Newark native, I’ve seen the positive impact made when local government, businesses and community nonprofit organizations work together to improve the city,” said Shané Harris, vice president of corporate giving for Prudential. “At Prudential, we recognize that strong and vibrant communities cannot exist without a strong nonprofit sector. These grants are designed to help strengthen the financial stability of these groups so they can continue delivering quality programs that will serve the residents of Newark today and in the future.”
About St. Benedict’s Preparatory School
St. Benedict's Preparatory School was founded by the Benedictine Monks in 1868 and is one of the oldest and most successful urban schools in the country. Over its history, the Catholic school has educated a rich variety of successive immigrant groups and the local community in and around Greater Newark. It now serves students primarily of African-American and Latino heritage, in grades K through post-graduate. Ninety-eight percent of its graduates go on to college with 87 percent obtaining a degree or on track to graduate. “The Resurrection of St. Benedict’s,” a segment on CBS’s 60 Minutes was aired in 2016 (www.sbp.org/60Minutes).
About Prudential Financial
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of December 31, 2017, has operations in the United States, Asia, Europe and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.
Prudential Financial, Inc.:
St. Benedict’s Preparatory School: