Duke - The Fuqua School of Business

News Release

Wachovia Donates $1 Million to Duke and The Fuqua School of Business for Durham Community Projects

February 01, 2005

DURHAM, N.C. -- The Wachovia Foundation is giving Duke University $1 million for after-school programs for low-income Durham school children and for Fuqua School of Business programs, including one that encourages MBA students to share their expertise with Durham nonprofit organizations.

"The partnership projects Wachovia has funded are examples of philanthropy at its most enlightened," said Duke President Richard H. Brodhead. "Project HOPE will enhance our cooperation with the Durham community through the Duke-Durham Neighborhood Partnership and improve academic achievement of at-risk school children in the neighborhood schools. The programs at Fuqua that are supported by Wachovia promote leadership, ethics and social entrepreneurship in our community."

Jack Clayton, regional president of Wachovia and a Durham native, said, "We are very pleased to be able to effectively leverage our dollars by partnering with Duke University to make a joint commitment to the youth of Durham. One key focus of the Wachovia Foundation is to assist secondary education in the communities we serve. Working in conjunction with the Fuqua School of Business, our gift will enhance entrepreneurial leadership not only in Durham but well beyond the borders of North Carolina."

The Fuqua School of Business will divide $500,000 equally between the Center for the Advancement of Social Entrepreneurship (CASE) and the Center for Leadership & Ethics (COLE).

CASE is a research and education center created in 2002 that is dedicated to promoting entrepreneurial leadership in the social sector. It will use the money to launch an integrated scholarship and summer internship program that will provide some scholarship support to nonprofit managers to pursue a MBA education and encourage MBA students to consider careers with social-purpose organizations.

A number of Fuqua CASE students are participating as members of boards of nonprofits in the Duke-Durham Neighborhood Partnership. For instance, some students are working on an economic development assessment of the transitional commercial district of West Chapel Hill Street in Durham.

"I've been very pleased with their work -- it's exceeded my expectations," said James Haywood, owner of MADDWAX record store. "They're using demographic measures to evaluate the economic future of the neighborhood and investigating aspects of the neighborhood that would have to change for certain stores to come to the neighborhood."

COLE is an academic center with the mission of promoting leadership and ethics through research and education. Its constituents include faculty, current MBA students, and corporate practitioners and executives.

It will use its $250,000 to develop a leadership and ethics curriculum to establish higher standards in the for-profit and nonprofit worlds. Part of the $250,000 will be used to provide scholarships for community-based organizations and nonprofit groups to send participants to the annual Coach K & Fuqua Conference on Leadership. The conference draws 30 high-level speakers from the corporate, sports, government and nonprofit world to speak to an audience of more than 250 each year. Additionally, COLE will also use the money to create a national case study competition on leadership and ethics in order to develop a set of quality teaching materials for use in classrooms. It will also develop a workshop series for participation from for profits and nonprofits.

The gift also provides $500,000 for Project HOPE (Holistic Opportunities Plan for Enrichment), a comprehensive after-school program designed in collaboration with the Durham Public Schools and local leaders to help children from low-income families in Walltown and Southwest Central Durham to do better in school. It is a program of the Duke-Durham Neighborhood Partnership, which marshals resources to improve the quality of life and boost student achievement in neighborhoods and schools near campus.

The Wachovia Foundation recently made another million-dollar gift to Durham through N.C. Central University to support academic scholarships for students.