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Even before Lloyd Campbell became a managing director and group head of equity private placement at Rothchild Inc., a New York-based investment bank, he knew the importance of giving back. The son of one of the Tuskegee airmen, Campbell, 44, has been volunteering in his community since he was 17. He started out tutoring grade school kids while still in high school. Today, he is chairman of Pride First (www.pridefirstcorporation.org), a nonprofit corporation he founded in 1986 that helps train New York City public school teachers. “I was raised to believe the more you give, the more you get,” Campbell says.
Over the past nine years, Campbell has worked with co-founder Kevin P. Newman, an investment banker at Lehman Brothers, and Gwen McEvilley, a former colleague at Credit Suisse First Boston, to help Pride First serve two New York City schools in neighborhoods with large black and Latino populations to improve the skills level and income-earning ability of their teachers. He has put his money where his mouth is.
“When the organization began, Campbell and Newman contributed about 50% of the organization’s funding, about $25,000 a year,” says McEvilley, Pride First’s executive director, who handles the books and most of the administrative work. As the organization grew, it became less dependent on Campbell and Newman’s direct financial support. Today, they contribute about 10% to 15% of Pride First’s annual budget of $175,000. The rest is raised through direct-mail solicitations and grant proposals.
Campbell has kept up his financial support over the years by managing his personal investments intelligently. “Generally, I use appreciated securities,” he explains. “I donate the security so that I don’t have to pay capital gains taxes. This year I am going to establish a charitable trust deduction through Fidelity Securities. If I put $10,000 into the account, I can take the deduction any year that I need it.”
Through Pride First, Campbell helps minority teachers by providing free tutoring and other assistance to those seeking their master’s degrees, which will lead to higher pay. The teachers are also trained to administer an accelerated learning program for students, better preparing them to reach their life’s goals. Overall, the communities that Pride First serves are enriched, demonstrating the positive effects of practicing Declaration of Financial Empowerment principle No. 7: To use a portion of my personal wealth to strengthen my community. The following advice can help you create an organization:
BE PASSIONATE ABOUT YOUR CAUSE
Building a successful nonprofit corporation or community-based program from the ground up takes time. Are you willing to give up nights and weekends? Whether your cause is education, health issues, or domestic violence, you should be willing to set aside time to do it whether you’re paid to or not.
In Pride First’s early days, Campbell and his partners gave countless hours, even after working demanding days in investment banking.
MAKE A SUSTAINED FINANCIAL CONTRIBUTION
Your first order of business is to figure out how much your program will cost, and where to get the resources to fund it. “You have to