Verizon Supports the United Negro College Fund With $150,000 Grant

The College Fund (UNCF)
Monday, 4 March 2002

Verizon and the United Negro College Fund today announced Verizon has made a $150,000 grant to the United Negro College Fund (UNCF), the nation's oldest and most successful minority higher education assistance organization in the country.

"Increasing educational opportunities and access for deserving young men and women is a responsibility that we must all share," said William H. Gray, III, president and chief executive officer of UNCF. "We are extremely grateful for the support we are receiving from Verizon, which recognizes the importance of investing in students and in our colleges and universities."

Verizon strongly supports the efforts of the United Negro College Fund to prepare students for the challenges of the hi-tech, information-intensive economy of the 21st Century. Demographers predict that in a few decades - during the career of today's generation of college students – the majority of the U.S. workforce will be comprised of women and minorities.

"An educated, technologically savvy population is good for the health of the communities we serve, for the general economy and for Verizon," said Suzanne DuBose, president of Verizon Foundation.

Verizon has a long-standing commitment to diversity and support for the multicultural organizations in the communities in which employees live and work and in which the company conducts business. This commitment is expressed in many ways, including: the giving of gifts for education and literacy and of grants to minority-operated nonprofits; the encouragement of employees to volunteer for projects such as wiring schools and libraries for Internet access; and through providing business opportunities for minority-owned firms. For example:

- More than 30% of Verizon Foundation's grants and donations in 2001 were given to African American, Hispanic, Asian and other diverse organizations.

- Verizon has programs designed to ensure that minority-owned firms sell a significant portion of the goods and services Verizon buys from suppliers.

- Verizon has programs that encourage minority-owned investment firms to bid on the business of managing its retirement funds and other investments.

The mission of the UNCF is to enhance the quality of education by providing financial assistance to deserving students, raising operating monies for its 39 member colleges and universities and increasing access to technology for students and faculty.

Verizon Foundation, the philanthropic arm of Verizon Communications, is committed to helping Verizon employees, customers and the communities in which they work and live make progress every day. The foundation supports a variety of programs that focus on improving basic computer literacy, bridging the digital divide, enriching communities through technology and creating a skilled work force. The foundation promotes partnerships in technology with organizations serving the needs of diverse communities, people with disabilities, and the economically and socially disadvantaged. The foundation also supports Verizon Volunteers, an incentive program that encourages Verizon employees to volunteer in their communities and provides matching gifts to nonprofit organizations. For more information on the foundation, visit www.verizon.com/foundation on the Internet.

United Negro College Fund:

Founded in 1944, the United Negro College Fund is the nation's oldest and most successful minority higher education assistance organization. UNCF has raised nearly $1.8 billion to support its 39 member institutions and has helped more than 300,000 students earn undergraduate and graduate degrees. Currently, UNCF administers more than 450 programs, including scholarship programs, mentoring, summer enrichment, curriculum and faculty development and leadership development. For more information about UNCF, visit www.uncf.org.

Verizon:

Verizon Communications (NYSE:VZ) is one of the world's leading providers of communications services. Verizon companies are the largest providers of wireline and wireless communications in the United States, with 132.1 million access line equivalents and 29.4 million wireless customers. Verizon is also the largest directory publisher in the world. A Fortune 10 company with 247,000 employees and approximately $67 billion in annual revenues, Verizon's global presence extends to more than 40 countries in the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com.

For more information, or to contact The College Fund (UNCF), see their website at: www.uncf.org