The Monroe College SIFE (Students in Free Enterprise) Team was selected over 400 colleges to receive the HSBC Financial Literacy Grant. This grant of $750 was awarded on behalf of the SIFE World Headquarters and their Financial Literacy funding supporters: the HSBC Global Education Trust and the Corporate Investment Banking and Markets (CIBM) division of HSBC.
"This is a major accomplishment for our team and college," said Professor Tilokie Depoo, Sam Walton Fellow of the SIFE team. "It demonstrates that our programs and projects are recognized by our corporate partners and the community. We are so proud of our students."
The Monroe College SIFE team received this award because of their work promoting financial literacy to those in need by teaching them to acquire, manage, and most importantly, understand personal finances.
Among the programs SIFE has instituted is "Money Making Matters", which teaches children and teens the value of basic financial management. By March 2007, SIFE expects to have a total of 400 bank accounts opened by local children.
"This ongoing increase in the number of participants will have an impact on the Bronx residents' understanding of financial literacy," said Professor Depoo. "As a result this will reduce credit card defaults and personal bankruptcies."
The HSBC Financial Literacy Grant is one of many awards the Monroe College SIFE team has received. In 2005 they won the National SIFE Competition and was featured on the cover of the Kellogg's Corn Flakes box.