Financial Literacy Programs Granted $500,000 from the American Express Foundation; Refugees, Homeless, and Abuse Victims among Those Taught Basic Financial Skills.

Philanthropy/Community Editors

NEW YORK--(BUSINESS WIRE)--July 10, 2003

The American Express Foundation announced today it has awarded $503,773 from its Economic Independence Fund to help 19 community organizations across the country teach money management skills to families and individuals. Each non-profit group receiving an Economic Independence Fund grant will use the funds to offer financial literacy programs to under-served populations.

A diverse range of people from throughout the country will benefit from these financial programs, including refugees learning how to use banking services for the first time, low-income woman building skills to better utilize their household income, teens with English as their second language gaining basic financial skills, and disabled adults establishing a checking or savings account.

"These groups are providing an essential service for people who often slip through the cracks of traditional, mainstream financial education -- this is financial literacy at the most fundamental level," said Barry Murphy, executive vice president at American Express Financial Advisors and chair of the internal committee recommending grants to the Foundation. "The community organizations American Express is funding are in the best position to assess the financial needs of their clients and to provide education to meet those needs. It's education at the grassroots level which leads to financial security, and eventually, stronger, more vital communities."

The 19 Economic Independence Fund grants, which range from $15,000 to $30,000 will be used by grantees to advance the financial literacy of a diverse range of target populations. For example:

-- The International Rescue Committee (IRC) of San Diego will

provide basic financial education for newly arrived refugees.

The IRC also will translate financial education materials into

common refugee languages.

-- Alu LIKE, Inc. of Honolulu will provide financial education

for Hawaii's low-income immigrant and Native Hawaiian

populations. The training will be tailored to the unique needs

and culture of the population, helping people on five Hawaiian

islands increase their financial stability and economic

well-being.

-- Family Service Association of Beloit, Inc., of Beloit, Wis.,

will teach victims of domestic violence basic financial and

life skills such as gaining access to housing, transportation

and banking services. Many victims, at the risk of personal

safety, believe they must suffer abuse to ensure financial

security, and the Family Service Association of Beloit, Inc.

helps them become financially independent.

"Millions of Americans are struggling to support themselves and their families, despite working hard and trying to do the right thing with their money," Murphy said. "Oftentimes, the missing link is basic financial education. Through our support of these community organizations, vulnerable individuals learn what it takes to achieve financial stability and economic independence."

The Economic Independence Fund is administered jointly with the National Endowment for Financial Education(R) (NEFE(R)). Through funding from American Express, NEFE has developed a clearinghouse for financial literacy programs and curricula available at www.nefe.org.

"Over the years, the clearinghouse has become an important repository for community groups in need of financial literacy educational material," said Dr. William Anthes, president and CEO, NEFE. "To date, more than 127 separate resources are listed, and many organizations are taking advantage of the materials. Many groups don't have the staff or resources to develop their own curriculum, so the clearinghouse serves a critical function."

This year, 850 community organizations applied for grants from American Express' Economic Independence Fund, an increase of more than 100 percent from 2002. Representatives from NEFE and the American Express Foundation review the proposals based on criteria that includes how an organization intends to address the financial education needs of its constituents.

Since the Economic Independence Fund was established in 2000, American Express has awarded grants totaling more than $1.6 million. Some 65 community organizations have received funding from American Express and thousands of participants have benefited from the instruction and materials provided.

NEFE is a non profit foundation dedicated to the mission of helping individuals acquire the information and gain the skills necessary to take control of their financial destiny.

Through philanthropic activities worldwide, American Express strives to be a good citizen in the communities in which the company does business and where American Express employees live and work. The American Express philanthropic program, which includes the American Express Foundation and corporate giving, makes grants to non profit organizations on behalf of the American Express Company and its subsidiaries, which include American Express Travel Related Services, American Express Financial Advisors and American Express Bank.

American Express Company (http://www.americanexpress.com), founded in 1850, is a global travel, financial and network services provider. It is a leader in charge and credit cards, Travelers Cheques, travel, financial planning, investment products and international banking, and has been a strong supporter of economic independence since the establishment of its Foundation in 1954.

NOTE TO EDITOR: Attached is a complete list of the 2003 recipients of Economic Independence Fund grants.

1)   ALU LIKE, Inc.
     458 Keawe St.
     Honolulu, HI 96813

2)   CAPTAIN Youth and Family Services
     6 Clifton Common Court
     Clifton Park, NY 12065

3)   Catholic Charities Diocese of Pittsburgh
     212 Ninth St.
     Pittsburgh, PA 15222

4)   Catholic Community Services of Baton Rouge, Inc.
     1900 S. Acadian Thruway
     Baton Rouge, LA 70808

5)   Center for Community Alternatives, Inc.
     39 West 19th St.
     New York, NY 10011

6)   Coastal Enterprises, Inc.
     36 Water St.
     Wiscasset, ME 04578

7)   Family Service Association of Bucks County
     One Oxford Valley, Suite 717
     Langhorne, PA 19047

8)   Family Service of Southern Wisconsin and Northern Illinois, Inc.
     423 Bluff St.
     Beloit, WI 53511

9)   Florence Crittenton Services, Inc.
     2601 SW Western Ave.
     Topeka, KS 66611

10)  International Rescue Committee
     4535 30th St., Suite 110
     San Diego, CA 92116

11)  Iowa Homeless Youth Centers
     1219 Buchanan
     Des Moines, IA 50316

12)  Jewish Family Services
     1151 College Ave.
     Columbus, OH 43209

13)   La Voz Latina Hispanic Resource Development Center
      412 Market St.
      Rockford, IL 61107

14)   Latin American Community Center Development Corp.
      403 N. Van Buren St.
      Wilmington, DE 19805

15)   Northeast Economic Development, Inc.
      111 South 1st St.
      Norfolk, NE 68701

16)   The Pinon Project
      300 Elm
      Cortez, CO 81321

17)   Saginaw County Minority Business Development Center
      501 Lapeer, Suite 225
      Saginaw, MI 48605

18)  The Village Family Service Center
     300 Third Ave., SW, Suite D
     Minot, ND 58701

19)  Women at Work
     50 North Hill Ave., Suite 300
     Pasadena, CA 91106