In an effort to feed the millions of young people expected to miss meals or go hungry this summer, Morgan Stanley (NYSE: MS) announced today a partnership with Boys & Girls Clubs of America (BGCA) to provide more than a million meals to children this summer. Through a donation from the Morgan Stanley Foundation to BGCA, the "Million Meal Summer" program will dispense more than one million wholesome, free meals and snacks to children this summer who typically receive subsidized meals during the school year.
In conjunction with providing meals and snacks, the Morgan Stanley Children's Hospital of New York-Presbyterian will offer comprehensive nutritional information for all participants to take home to parents.
"This summer, nearly 15 million school children in this country will go without the lunchtime meals provided to them during the school year," said John J. Mack, Chairman and CEO of Morgan Stanley. "The reason we are doing this is quite simple. Faced with the current economic challenges, many families are struggling to provide their children with healthy meals. It is part of our Firm's culture to act when we learn that one out of six children in the U.S. will not be getting enough to eat."
Boys & Girls Clubs of America, through its summer programs and network of more than 4,300 community-based Clubs, will distribute meals to hungry children.
"We are extremely grateful to the Morgan Stanley Foundation for their generous support that will ensure the young people we serve this summer will not go hungry," said Roxanne Spillett, president and CEO, Boys & Girls Clubs of America. "The economic downturn that has impacted the entire country has been deeply felt by our Clubs, and many summer food programs have been placed in jeopardy. Hopefully others will follow Morgan Stanley's lead."
During the school year, more than half of the 31 million children who participate in the National School Lunch Program are low-income. Last year, the Department of Agriculture's Summer Food Service Program for Children (SFSP) provided nearly 130 million meals to 2.1 million children across the country. The program reimburses organizations for meals served, but often does not cover the infrastructure or programming costs organizations incur when operating a summer program for children.
"The Summer Food Service Program is a vital nutrition resource during the months students are not in school," said Agriculture Secretary Tom Vilsack. "We know that there are many children who need nutritious food but don't have access to a program in their area. We need more organizations to sponsor sites and sponsors need additional resources from the community in order to succeed in reaching children who need meals. Ongoing partnerships like this one are key to making sure our children have healthy meals during the school year, during the summer months, and all year long."
For more than 30 years, Morgan Stanley has invested in innovative pediatric care through the Firm's signature Global Alliance for Children's Health program. For more information on the Morgan Stanley Foundation and its programs, please visit www.morganstanley.com/globalcitizen.
About Morgan Stanley
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 36 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
About Boys & Girls Clubs of America
For more than 100 years, Boys & Girls Clubs of America (www.bgca.org) has helped kids "Be Great," providing hope and opportunity for those who need it most. Today, more than 4,300 Clubs serve some 4.8 million young people through Club membership and community outreach. Known as The Positive Place for Kids, Boys & Girls Clubs can be found throughout the country and on U.S. military bases worldwide,
Clubs provide young people 6-18 years old with guidance-oriented character development programs conducted by trained, professional staff. In communities large and small, Clubs positively impact lives and help young people reach their full potential as productive, caring citizens. Key Boys & Girls Club programs emphasize leadership development; education and career exploration; community service; financial literacy; health and life skills; the arts; sports, fitness and recreation; and family outreach. In a recent Harris Survey of Club alumni, 57 percent said the Club saved their life. National headquarters are located in Atlanta.
Boys & Girls Clubs of America, Mitch Leff, 404.861.4769, firstname.lastname@example.org
Morgan Stanley, Carissa Ramirez, 212-762-6834