Business

AP Interview: UNCF President Seeks New Generation of Donors

Published

9 years ago

April 11, 2015

Reporter II

UNCF President Michael Lomax deplores changes in Parent Plus loans.(NNPA Photo by Jazelle Hunt)

Jessie J. Holland and Kimberly Hefling, THE ASSOCIATED PRESS

WASHINGTON (AP) — Michael Lomax, head of the United Negro College Fund, isn’t shy about ruffling feathers for his cause.

Lomax made headlines last year when he unapologetically announced a $25 million grant from Koch Industries Inc. and the Charles Koch Foundation — a powerhouse name in conservative politics.

President Barack Obama and his wife, Michelle, have personally donated hundreds of thousands of dollars to the fund, but that hasn’t stopped Lomax from criticizing some of the Obama administration’s proposals, such as efforts to rate America’s colleges and universities and to provide free community college.

On Sunday in Atlanta, the UNCF holds its 36th annual telethon. Lomax sees the event as part of a greater effort to recruit a new generation of African-American stars to donate to the organization, which distributes millions in aid annually to historically black colleges and universities and provides scholarships to racial and ethnic minority students to attend all types of institutions.

Five things to know about the UNCF, based on an Associated Press interview with Lomax:

KOCH DONATION

The UNCF faced criticism from some areas for taking the Koch donation. But Lomax said that for seven decades — stemming from a 1944 campaign started by oil baron John D. Rockefeller — UNCF has sought donations from people of all political persuasions. “We have always, always said our cause is universal and all Americans should support it,” Lomax said.

The UNCF got 1,800 applications for 44 positions in a Koch-funded entrepreneur program in a matter of weeks.

Lomax said he doesn’t discuss politics with the Kochs. “What we talk about is the one thing we share a belief in, that young people should be given support to get a good education, and by the way more of them should be given the opportunity to become entrepreneurs,” he said.

___

RECRUITING NEW GENERATION OF DONORS

The telethon has raised hundreds of millions, and Lomax said a new generation has stepped up to replace entertainers such as the late singer Lou Rawls, the longtime host.

Lomax said contributions are now coming from people like comedian Kevin Hart, musicians Pharrell, Trey Songz and Usher and NBA superstar Chris Paul, and other entertainers who may or may not have attended historically black colleges and universities but whose parents did.

___

FREE COMMUNITY COLLEGE PLAN

Lomax was not a fan of the Obama administration’s idea to make community college free, which would cost billions of dollars. He said Congress should instead strengthen the Pell Grant program to help low-income students attend all types of institutions.

There are hundreds of thousands of students who don’t want to go to community college “and they should have the same resources and the same advocacy from the federal government,” he said.

The administration’s community college plan may help middle-class families who might not critically need it, “and I’m not for that when there are people out there who are desperate,” Lomax said.

___

PROPOSED RATINGS SYSTEM

The administration is developing a college ratings system designed to look at access, affordability and outcomes so students and their parents will have a better idea about which institutions provide the best value.

Lomax said the focus on ratings has been a “great distraction” from discussions about how to better get money to students to pay for school. He said there are already plenty of ratings students available.

What it’s not addressing is “once I make my choice, how do I pay if I’m low to moderate income?” Lomax said.

___

WHY HISTORICALLY BLACK COLLEGES AND UNIVERSITIES?

Lomax sees a bright future for historically black schools despite tightening budgets. These schools produce almost 1 in 5 of all African-Americans with bachelor’s degrees, according to the organization.

“We think we’re doing more with less,” he said. “We could do even more with greater advocacy that we have earned.”

___

Kimberly Hefling covers education. Jesse J. Holland covers race and ethnicity. Follow them on Twitter at http://www.twitter.com/khefling and http://www.twitter.com/jessejholland.
Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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State Controller Malia Cohen Keynote Speaker at S.F. Wealth Conference

California State Controller Malia Cohen delivered the keynote speech to over 50 business women at the Black Wealth Brunch held on March 28 at the War Memorial and Performing Arts Center at 301 Van Ness Ave. in San Francisco. The Enterprising Women Networking SF Chapter of the American Business Women’s Association (ABWA) hosted the Green Room event to launch its platform designed to close the racial wealth gap in Black and Brown communities.

Published

3 days ago

April 20, 2024

Oakland Post

American Business Women’s Association Vice President Velma Landers, left, with California State Controller Malia Cohen (center), and ABWA President LaRonda Smith at the Enterprising Women Networking SF Chapter of the ABWA at the Black Wealth Brunch.

By Carla Thomas

The Enterprising Women Networking SF Chapter of the American Business Women’s Association (ABWA) hosted the Green Room event to launch its platform designed to close the racial wealth gap in Black and Brown communities.

“Our goal is to educate Black and Brown families in the masses about financial wellness, wealth building, and how to protect and preserve wealth,” said ABWA San Francisco Chapter President LaRonda Smith.

ABWA’s mission is to bring together businesswomen of diverse occupations and provide opportunities for them to help themselves and others grow personally and professionally through leadership, education, networking support, and national recognition.

“This day is about recognizing influential women, hearing from an accomplished woman as our keynote speaker and allowing women to come together as powerful people,” said ABWA SF Chapter Vice President Velma Landers.

More than 60 attendees dined on the culinary delights of Chef Sharon Lee of The Spot catering, which included a full soul food brunch of skewered shrimp, chicken, blackened salmon, and mac and cheese.

Cohen discussed the many economic disparities women and people of color face. From pay equity to financial literacy, Cohen shared not only statistics, but was excited about a new solution in motion which entailed partnering with Californians for Financial Education.

“I want everyone to reach their full potential,” she said. “Just a few weeks ago in Sacramento, I partnered with an organization, Californians for Financial Education.

“We gathered 990 signatures and submitted it to the [California] Secretary of State to get an initiative on the ballot that guarantees personal finance courses for every public school kid in the state of California.

“Every California student deserves an equal opportunity to learn about filing taxes, interest rates, budgets, and understanding the impact of credit scores. The way we begin to do that is to teach it,” Cohen said.

By equipping students with information, Cohen hopes to close the financial wealth gap, and give everyone an opportunity to reach their full financial potential. “They have to first be equipped with the information and education is the key. Then all we need are opportunities to step into spaces and places of power.”

Cohen went on to share that in her own upbringing, she was not guided on financial principles that could jump start her finances. “Communities of color don’t have the same information and I don’t know about you, but I did not grow up listening to my parents discussing their assets, their investments, and diversifying their portfolio. This is the kind of nomenclature and language we are trying to introduce to our future generations so we can pivot from a life of poverty so we can pivot away and never return to poverty.”

Cohen urged audience members to pass the initiative on the November 2024 ballot.

“When we come together as women, uplift women, and support women, we all win. By networking and learning together, we can continue to build generational wealth,” said Landers. “Passing a powerful initiative will ensure the next generation of California students will be empowered to make more informed financial decisions, decisions that will last them a lifetime.”

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Black Business Summit Focuses on Equity, Access and Data

The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship. Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.

Published

4 days ago

April 20, 2024

Oakland Post

Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA), answers questions from concerned entrepreneurs frustrated with a lack of follow-up from the state. January 24, 2024 at the Westin Los Angeles Airport Hotel, Lost Angeles, Calif. Photo by Solomon O. Smith

By Solomon O. Smith, California Black Media

The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship.

Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.

Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA) was a guest at the event. He told attendees about his department’s efforts to increase access for Black business owners.

“One thing I’m taking away from this for sure is we’re going to have to do a better job of connecting through your chambers of all these opportunities of billions of dollars that are coming down the pike. I’m honestly disappointed that people don’t know, so we’ll do better,” said Omishakin.

Lueathel Seawood, the president of the African American Chamber of Commerce of San Joaquin County, expressed frustration with obtaining federal contracts for small businesses, and completing the process. She observed that once a small business was certified as DBE, a Disadvantaged Business Enterprises, there was little help getting to the next step.

Omishakin admitted there is more work to be done to help them complete the process and include them in upcoming projects. However, the high-speed rail system expansion by the California High-Speed Rail Authority has set a goal of 30% participation from small businesses — only 10 percent is set aside for DBE.

The importance of Diversity, Equity and Inclusion (DEI) in economics was reinforced during the “State of the California Economy” talk led by author and economist Julianne Malveaux, and Anthony Asadullah Samad, Executive Director of the Mervyn Dymally African American Political and Economic Institute (MDAAPEI) at California State University, Dominguez Hills.

Assaults on DEI disproportionately affect women of color and Black women, according to Malveaux. When asked what role the loss of DEI might serve in economics, she suggested a more sinister purpose.

“The genesis of all this is anti-blackness. So, your question about how this fits into the economy is economic exclusion, that essentially has been promoted as public policy,” said Malveaux.

The most anticipated speaker at the event was Janice Bryant Howroyd known affectionately to her peers as “JBH.” She is one of the first Black women to run and own a multi-billion-dollar company. Her company ActOne Group, is one of the largest, and most recognized, hiring, staffing and human resources firms in the world. She is the author of “Acting Up” and has a profile on Forbes.

Chairman of the board of directors of the California African American Chamber of Commerce, Timothy Alan Simon, a lawyer and the first Black Appointments Secretary in the Office of the Governor of California, moderated. They discussed the state of Black entrepreneurship in the country and Howroyd gave advice to other business owners.

“We look to inspire and educate,” said Howroyd. “Inspiration is great but when I’ve got people’s attention, I want to teach them something.”