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Why I Got Arrested on November 17th

Monday, November 21st, 2011 by Dan Apfel, Executive Director

One of the students that REC works closely with, Molly Gott, at Washington University in St. Louis, was arrested in St. Louis during the N17 day of action. Read about it here:

Around the time when the mainstream media began to cover Occupy Wall Street, one of my responsibilities at my internship included interviewing Marva, a 65 year-old African-American woman living on a fixed income in Ballwin, Missouri who had been fighting the foreclosure of her home for over two years. As we talked, a stack of paper several inches high sat on her kitchen table — all of the paperwork she had received and filled out in a so-far unsuccessful attempt to stop the foreclosure of her home. At some point during our conversation, Marva referred to herself as a “99 percent-er.” I was taken aback.

Sitting on bridge

Up until that moment, I hadn’t truly believed that Occupy Wall Street was anything other than a movement created by “radical leftists,” for “radical leftists.” But hearing Marva self-identify with the 99% changed my mind.

Since first hearing about it last summer, I had been skeptical of Occupy Wall Street. But despite my skepticism, I continued reading about the happenings in Zucotti Park. Although I was wary of the “movement,” Occupy Wall Street did resonate with me, simply because it was willing to say, “We have a problem.”

In fact, it was willing to say, “We have a lot of problems. And we haven’t figured them all out yet. The problems are big banks, capitalism, income inequality, unfair foreclosures, the repeal of Glass-Steagall, environmental degradation, unemployment, corporate greed, globalization, racism, a Congress controlled by corporate interests, and a lot of other very complicated things.” It was willing to say, “We’re angry, so let’s be angry together and figure out what we can do about it.”

Still, I was skeptical. There weren’t any clear-cut demands! Too many people were wearing Guy Fawkes masks! The high number of young, white people participating did not accurately reflect the composition of the 99%!

But after speaking with Marva my skepticism began to fade. I realized that, as someone who claims to be committed to “social justice,” it would be irresponsible and impossible for me not to participate in the Occupy movement to the best of my ability. For me, “participating to the best of my ability” meant engaging in civil disobedience at a rally at the Martin Luther King Jr. Bridge in St. Louis on Thursday, November 17 as part of Occupy Wall Street’s national Day of Action.

When I asked myself, “why should I participate in civil disobedience?” part of my answer was: because I can. For most people, such as Marva, voluntary arrest is not possible because of financial, health, and other concerns. But as a white, upper-middle class college student with the social and financial resources to be arrested with almost no subsequent consequences, I can strategically use my privilege to call attention to the injustice that pervades our country.

It is integral that students across the country become even more involved in the Occupy movement. We can carry on the legacy of student activism in our country by working to build a more just future in which we will live. Civil disobedience is one way that we can contribute.

In his famous “Letter from Birmingham Jail,” Dr. Martin Luther King Jr. writes, “We who engage in nonviolent direct action are not the creators of tension. We merely bring to the surface the hidden tension that is already alive. We bring it out in the open, where it can be seen and dealt with.” To me, that is what the Occupy movement is about. That is what Thursday’s march was about. That is why I participated in civil disobedience: to force us all to see that something (even if we don’t know exactly what it is) is wrong, and then to come together to figure out how we can begin to fix it.

I only spent 11 hours in jail, but many of the things I experienced and observed affirmed again and again why the Occupy movement is necessary, and why change can’t wait. Injustice of all kinds was constantly on display. The other inmates (and even some of the police officers and other people who worked at the jail) expressed support of the Occupy movement’s messages.

I hope that the actions across the country on Thursday made it clear that the Occupy movement is not ending anytime soon and inspired more people — especially students — to participate. Now, Occupy can start having serious and difficult conversations about how to transition from symbolic victories to real victories, from social change to political change, and from a problematic present to a more just future.’

You can watch a video of the arrests here.

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WashU in St. Louis Bank Transfer Action

Saturday, November 5th, 2011 by Dan Apfel, Executive Director

Students at Washington University moved their money out of Bank of America and into St. Louis Community Credit Union and then took this picture of their action.

Students at other campuses around the country took action on Thursday and Friday as well. Events included teach-ins, credit union visits to campus, moving money to credit unions and other actions designed to showcase the problems with the banks and the value of investing and banking locally.

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Time for Fresh Eyes on Occupy Wall Street?

Wednesday, October 26th, 2011 by admin

By Yinan Hu and Adrienn Szlapak

Occupy Wall Street, a completely leaderless movement that claims to represent 99% of the population against the greedy 1%, staked a claim on a small piece of New York real estate known as Zuccotti Park in September 17.

Employing a range of tactics for media publicity, the movement has gathered thousands of people to occupy Zuccotti Park (private) near in the Wall Street vicinity and staged protesters all over the Manhattan, inspiring solidarity movements globally in 71 cities and drawing disdain from those opposed to their political views.

The unorthodox approach of the Occupy movement—deliberately avoiding sharp, limited demands in favor of a democratic-cum-anarchic call for change—has prompted speculation on the movement’s potential success.

In spite of the vagueness of its message, this amorphous structure has proven successful. The undefined mission and intentional disorganization have allowed the movement to be inclusive, drawing people from all different walks of life –from former Wall Street traders to union organizers to professional left-wing activists.

While no one can deny that Occupy Wall Street (OWS) has been quite successful in drawing media attention and attracting solidarity movements worldwide, the ultimate effectiveness of its media strategy remains uncertain, due to the lack of defined message and an apparent absence of internal consensus.

The widespread media coverage won by the movement is so far regarded as one of the biggest successes, something that even the initiators did not expect.

“No one knows what’s going to happen the next day,” admitted Throine Peace, one of the media coordinators on the #OWS Media Team, an internal working group based in the middle of the park. “We are carefully letting people grow; now you can’t take it down,” he added during an interview, “the movement is meant to redefine itself everyday with the changes” and indeed no one has predicted the wild attention they have raised so far.

Another member of the Media and the Press Teams, Jason Ahmadi, believes their communications strategy has succeeded particularly well on the Internet.

“We are attacking all fronts” he said. He considers the movement’s website and the relationship it has developed with LiveStream as their biggest success, a place where anyone who is interested can follow what is happening even if they cannot be there.

The spread of “Occupy” protests nationwide triggered also attests to this success; the #Occupy movement in Seattle and Washington D.C. are prime examples of this. In addition, numerous organizations plan to incorporate the idea of #Occupy movement into their own campaign causes. Recently, the idea of bringing Occupy Wall Street together with the Tea Party even surfaced briefly. No matter criticism or support, cooperation or skepticism, the attention #Occupy achieved in just four weeks far outstrips the track record of recent such movements.

Turning this success of media attention into real changes, however, remains a challenge. #Occupy has yet to define a consistent message that can be condensed down to pragmatic political changes. Though everyone in the movement wants a fairer economy and to live a better life, their suggestions for changes vary widely. There are people asking for stricter governmental regulations, while others are urging for smaller government, if not an anarchic society. Some protest against job outsourcing to developing countries, while others hold signs for a truly globalized planet. The only common idea all protesters seem to share is solidarity in belonging to the “99 percent”.

People came to the Park to voice their opinions through the existing publicity, become part of the movement and help expanding the spread with their own outreach efforts. In this case, to reach a consensus among people holding conflicting opinions, if at all possible, and come down to certain specific policy options means to block out a certain group of people, who are part of and have been helping to expand the movement. If Wall Street is facing a protest, the protest is facing a dilemma.

Not surprisingly, this dilemma has caught attention from media, NGOs, scholars and politicians, including former US President Bill Clinton. In a Chicago talk show last Wednesday night, Clinton, who has sympathized with OWS, urged the protesters to come down to more specific political goals and work with people who have the knowledge and power to implement these changes.

“To make the change, eventually what it is you’re advocating has to be clear enough and focused enough that either there’s a new political movement which embraces it or people in one of the two parties embrace it,” Clinton said.

Though it is hard to predict what OWS is heading towards, a growing number of case studies in campaign, advocacy movements or NGO management have discussed lessons learned from the movement. Most of these articles focus on its successful strategy in outreach, while warning future movements to develop a more defined message.

Responding to this debate, Throine argued that a more open approach amplified the movement’s appeal. “If you say this is about one thing at the beginning, lots of people would not have come,” he said. #Occupy is a progressing movement.

Two clear but conflicting efforts to redefine OWS are in the air: one to address their weakness and, as Clinton suggested, “work with a political party” or “form their own.” This allows OWS more space to come down to real changes from the top down. The other would seek to maximize the advantages of an undefined message, or even broaden it. To make any real changes this way, #Occupy would need to influence individuals spiritually from the bottom up.

Still, some common ideas exist in either of these directions: they all recognized #Occupy’s inclusiveness as comparing to the previous protests or revolutionary movements, while at the same time even #Occupy admitted that it is not the same as those organized and targeted campaigns in many ways. This comparison of #Occupy with something it is fundamentally different from reveals a stereotype in the understanding of the movement.

The stereotype about protest movements is that they should have a central message and an organized, effective structure; therefore, when there is no defined consensus within, people think there is something wrong. The premature self-comparison with the Arab Spring may have made the situation even worse as people constantly refer back to it, while forgetting about the progressive redefinition and adaptation of the movement.

What if it is not meant to be a unified movement? What if it is not meant to carry one channeled message? What if it is just “an open resource project”, as they like to call themselves, which hosts an amalgam of ideas from everybody who is willing to contribute, but which has no defined message as a whole? Rather than asking whether this could be the third direction #Occupy could turn towards, it appears “a platform for voices” is what really defines the movement right now.

In this case, debates on #Occupy’s problem based on the ground of “campaign theory” do not shed much light on the future of the movement. If they need to make a decision for their future, it seems they already had made one. The question is, how should the world view OWS from a different perspective. Just as software programmers need to maintain the server, how can OWS keep their momentum and advantage of existing publicity and turn that to the advantage of people and groups who need a place to speak their mind.

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Students At Wesleyan Demand Changes

Thursday, October 13th, 2011 by Dan Apfel, Executive Director

Students at Wesleyan submitted the following letter to the Trustees of the University. If you’re an alum or staff member at Wesleyan, offer them your support.

To the Trustees of Wesleyan University,

cc:
Michael Roth, President
Anne Martin, CIO

Wesleyan University finds itself today at a major crossroads in financial strategy. The continuing aftereffects of the first devastating economic crisis of the twenty-first century, and the relatively small size of our endowment that has resulted partially from it, convene to place the University in an ideal position to reevaluate how it goes about investing the money it receives from its alumni and friends.

In this letter, in addition to calling for the initiation of just such an appraisal by the Trustees of the University, and in addition to offering to the Trustees a few examples of prudent and ethical tactics for future endowment development, the Wesleyan Socially Responsible Investment Coalition also brings before the Trustees a few basic demands for investment transparency that will serve as a starting place for this process. These suggestions and demands are motivated by a love of Wesleyan and what it represents, a gratitude for all the opportunities it has afforded us, and a commitment to ensuring that it remains such an excellent institution for a long time to come.

Click here to read the rest of the letter.

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Fordham University Plans to Invest $500K into Bronx Financial Institutions

Friday, May 20th, 2011 by Martin Bourqui, National Organizer

by Brett Vetterlein, Community Investment Campaign Organizer

Bethex Federal Credit union

Bethex Federal Credit Union, one of the two institutions working for the Bronx community that Fordham will be supporting.

In May of 2010, a group of student activists and I got together in my apartment to talk about the possibility of community investment at our school, Fordham University. This meeting would not have happened if a month or so earlier I hadn’t met with Martin Bourqui, the National Organizer for REC. He contacted my roommate Michael and I because we had previously talked to REC about endowment transparency and other responsible investing topics we were interested in. Things had kind of fizzled out by this point, but Martin thought otherwise. I had heard about REC’s new community investment campaign from Martin’s predecessor Cheyenna. It sounded good, but at the time I was too interested in what I had already learned about and didn’t see what turned out to be the right thing to do

By the Spring of 2010, I had been a part of a few unsuccessful campaigns. When I heard what Martin had to say, I knew it was a good idea. Community investment just made sense at Fordham for so many reasons. We were a private university located in the middle of a poor urban area that everybody knows, the Bronx. Fordham also has a strong history of connections to the Bronx, spanning back to the 1960s and especially the 70s during the “Bronx is Burning” period. At that time, Fordham students, alumni, and Bronx community members got together and began organizing for a better Bronx. That legacy has continued with Fordham’s strong community service program. I thought I could make the connections to continue it further.

The unofficial slogan of our campaign was “the Bronx deserves better,” and with the help of the Responsible Endowments Coalition, I think we gave them something better.

The university plans to invest $500,000 into Bronx financial institutions over the summer: $250,000 in Bethex Federal Credit Union and $250,000 in the Burnside Ave., Morris Height Banking Development District of the Amalgamated Bank. This money will be used by Bronx community members to take out a mortgage on their first house, buy a car, go to school, and start small businesses – all things that would help lead to economic empowerment for one of the country’s poorest areas.

Our group, Fordham for the Bronx, isn’t ready to stop either. Although I will have graduated, the group is looking into ways that we could get other large institutions in the Bronx to begin investing in Bethex and Amalgamated. The Responsible Endowments Coalition really helped us create strategy and implement the tactics necessary to our successful campaign. Personally, REC has allowed me to take on leadership and supported my decisions throughout the campaign, giving me the tools to be successful. I couldn’t have done it without the other members of Fordham for the Bronx, or without the Responsible Endowments Coalition.

Way to go!

Ed. note: Congratulations to Brett and Fordham for the Bronx for your amazing work!

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Howard Students Want In!

Tuesday, April 5th, 2011 by Martin Bourqui, National Organizer

by Illai Kenney, Southeast Student Organizer

The Howard University Employees Federal Credit Union (HUEFC) is open to Howard University employees and their relatives.  The credit union currently has 2,770 members and has holdings of 9 million dollars.  The credit union began in 1935 and has never in its history allowed students to become members.  We are in the process of changing this!  Recently a member of the board of trustees for the credit union fell in love with the idea of having student members.  I was able to present the idea of student membership to this board member and she was excited about the potential of students to become members.

As a financial institution HUEFC offers line of credit services and savings accounts to its members among a few other services.  Students could benefit greatly from the opportunity to save with a financial institution that invests in the community around it.  Howard University has a student body of approximately 7,000 undergraduate students that could be served by the credit union.

The request that the board of trustees consider allowing students to become members of the HUEFC was met with a few concerns.   The most important being the potential for students to take out loans and not repay them.  This concern could be addressed by limiting the capacity of student membership or altering the loan requirements so that they are not a good fit for students who would be unlikely to repay them.  From the report back I was given about the meeting of the board of trustees there was not much consideration given to the idea of students becoming members.

Going forward the plan is to work to make more board members see the value of student members.  Students can help the credit union expand and the credit union can help teach students about successful banking and saving.  In the next month a formal request will be submitted to the board of trustees by one of its members essentially asking that the board give full consideration to having student members.  This request will be supported by documentation of others schools and credit unions that successfully allow student membership.

The goal is to have the board see the value of students as members and give the idea actual discussion.  Another goal of the proposal is to get the board to consider offering more services to its members.  The limited services the credit union offers to its current members has stunted the effectiveness and growth of the credit union in some ways.  The HUEFC not providing basic services like checking accounts to its members forces those who are eligible to become members, but need checking accounts and not just savings accounts or lines of credit to either bank with two financial institutions or opt not to become a member of HUEFC.  Expanding the services offered would allow the HUEFC to better serve the Howard University community and going further to allow students to join the HUEFC would maximize the credit union’s positive impact on the Howard University community.

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An Object in Motion…

Friday, January 28th, 2011 by Martin Bourqui, National Organizer

By Brett Vetterlein, Community Investment Campaign Organizer

Getting started is always the hardest thing to do. Whether it’s that 10 page paper due on Friday, starting a workout routine, or quitting a bad habit, the first step is always the hardest. That hold even more true for starting a campaign. While making fliers and talking about ideas seems very easy, when we actually try to begin to formulate ideas into actions is where we get caught up. This is what I’m going through trying to start a Community Investment campaign at my Fordham University campus here in the Bronx. The pieces are in place, there are people willing to put in the work, and all the research is basically complete. Our proposal is in its final stages and now we need to act. But that action step is always going to be the hardest one.

However, an object in motion stays in motion (or so says Sir Isaac Newton). That first step more easily makes way for the second, which allows for the third and pretty soon you are sprinting full speed. The object doesn’t stay in motion by itself, mind you. There are very complicated natural processes going on that keeps a ball rolling. We, the organizers, activists, and concerned citizens, are the gravity of social justice movements and campaigns. If we want the object to stay in motion we have to make it stay in motion. And just as Sir Isaac Newton wrote down the laws of gravity, I will write down the laws of (social) movement. And yes, my ego is that big. Just kidding.

1. GET HELP! You can’t do this on your own. Surround yourself with a group of supportive and like-minded (and even sometimes not-so-like-minded) people who are willing to put in the work is the first thing you need to do to start your campaign. Even finding one singular person who will help is better than nothing. There are always levels of people’s commitment, but having a handful of close comrades to help in your campaign is the first law of (social) movement.

2. GAMES ARE WON ON MONDAYS! Well I used to play a lot of sports growing up, and the one thing I always learned was that you didn’t win a football game on gameday, but rather you won it during practice on Monday. To break it down even further, the big flashy rally you have isn’t what’s going to win the campaign for you. You’re going to win your campaign sitting in a coffee shop researching credit unions with two other people Monday afternoon.

3. BE FLEXIBLE! Having a plan is essential to your campaign. It seemed so obvious that I didn’t even think to list it as one of my laws. However, just as essential is that ability to be comfortable altering and even sometimes abandoning all or some of your plan. Situations change. You might ask your board of trustees to approve of a proposal to move money into your community, and they very well might say no. Does your campaign have to end? No. The ability to improvise, and to do it in an organizationally democratic way, is vital to any campaign for social justice. You aren’t going to meet all of your deadlines for everything all of the time. That doesn’t mean you should plan to, but when you don’t be prepared to adjust and react.

4. JUST DO IT! A lot of times what gets us hung up is just ourselves. We are nervous of rejection, of putting ourselves out there. We are nervous that we will lose or that people will look at our flier and laugh. But as progressives, radical, activists, and organizers we have no choice but to act because we see the problems of the world like other people don’t. And we see solutions. We see all the good our universities could do if they would put just a little bit of their vast wealth back into the community. So don’t be afraid. Like that horrible, sweatshop-powering corporation Nike says, “Just Do It.”

These are my four laws of (social) movement. In no way are these concrete or exhaustive. I’m sure every single one of you could come up with 20 more from your own experiences. But remember, the best way to start is just to make the commitment to yourself that you want something better. There are people out there who will help you and support you. If all else fails, REC is here to help you. Let’s move that money. To paraphrase Karl Marx (yea, I went there), we have nothing to lose but our chains; we have a world to win.

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Reflections on REC’s 7th National Conference

Monday, October 18th, 2010 by Martin Bourqui, National Organizer

By Brett Vetterlein, Community Investment Campaign Organizer

Last weekend, October 9th and 10th, the Responsible Endowments Coalition held their 7th National Conference at Columbia University in New York City. Students and faculty came from all over, Boston to St. Louis, Oregon to North Carolina, California to Pittsburgh, and even Canada. These activists and organizers gathered to attend workshops, discuss strategy, and have a bit of fun. However, I think we all walked out with a little bit more than we had originally anticipated.

For me the conference started very late Friday night, when two people who were at that point strangers to me from the University of Pittsburgh buzzed up to my Bronx apartment. I was expecting them, of course. The hostel where everyone was supposed to sleep had run out of room for all of the REC attendees so I offered my couches as extra sleeping space. After some getting to know one another I let them get to bed.

Fast-forward to 7 A.M. Saturday morning, when I woke up after less than four hours of sleep. I realized I had forgotten to print out my script for the workshop I was leading, not to mention the schedule for the day. Needless to say I was worried about what laid ahead. Trying not to wake my guests up, I poured a cup of coffee and ran out the door at 7:30 hoping to make it to the hostel on 104th Street around 8:15. The MTA didn’t like my plan however, and decided 8:25 was a more appropriate time for me to arrive. I met Martin, REC’s national organizer and a few other staff members, not the mention the room full of student activists, for coffee and bagels before heading over to the conference center at Columbia.

After making a quick round to make sure everyone was out of bed and ready to get going, we started out for our destination. The only problem was that I had no idea where any of my fellow Fordham activists were, not to mention the two Pittsburgh people I had made them responsible. I was getting a little nervous. After arriving at the conference center and sending out a few strongly-worded text messages, I began to relax as I drank my third cup of coffee, and Dan and Martin introduced the conference.

My first workshop was “Student Power: Organizing and Envisioning Democracy in Higher Education” presented by Patrick St. John and Tristan Husby. I was really blown away by the historical and social context they brought to the student movement. The two began by introducing the concepts of the “university” and “student power” and then moved onto discussing the history of the structure of higher education, pointing out that in the 14th century, when universities first started popping up, there existed a student run university. We talked about what a student run university could look like and how we could get there, not to mention discussing why its important to use prefigurative politics.

After lunch, and another cup of coffee and two cans of coke (I was on a bit of a caffeine high by this point), it was my turn to run a workshop with my fellow REC community investment campaign organizer from Tufts, Caroline Incledon. This was what I had been looking forward to (and simultaneously dreading) for weeks now. It was our job to introduce these students to Community Investment and convincing them that they could move their university’s money out of the big banks that caused the financial crash. The presentation went great though, with the help of Dan, REC executive director (although he won’t like me saying so). We talked about different kinds of Community Development Financial Institutions (CDFIs) and how we could use the economic recession to prove to our university administrations that investing in our local community not only will help residents of the depressed areas our universities are located in, but will be a way of telling the big banks we don’t approve of their practices.

After that the Keynote Panel, Sarah Ludwig from the Neighborhood Economic Development Advocacy Project and Leslie Lowe, a consultant for several SRI industry organizations, presented on the practices of banks like Chase, how practices like sub-prime mortgage lending are the natural successor to the practice of redlining, systematically denying loans to low-income communities and especially communities of color. They also showed how universities and other institutional investors can fight back. All in all it was very inspirational.

Next I attended the “Moving your Money” workshop led by Vonda Brunsting from the Service Employees International Union, who gave us ideas about how to get individuals and especially universities to break up the big banks by moving their accounts away from Chase, Bank of America, etc and into small community banks and credit unions, just like many pension funds, labor unions, and other institutional investors have been doing for years.

The day ended with a walk back to the Hostel for some pizza and open discussion. Unfortunately I wasn’t able to attend the any of the “open spaces” as they are called, because I met with some people to discuss REC’s Steering Committee, possibly one of my favorite aspects of the organization. It is a group made up of entirely students that is meant to advise REC’s Board of Trustees, to make sure that we always remain driven by the needs of the actual students. Talk about democracy in action!

While many others went out to bars and to sightsee in the city, I headed home for some much needed rest. The morning came too quickly once again, and I found myself back at Columbia soon enough sitting in Cheyenna Weber’s, REC’s former national organizer, workshop “Creating Sustainable Activist Cultures,” where we discussed how to created long-term movements and avoid burnout for others and especially ourselves. The entire conversation made me think very seriously about the campaign I’m running at Fordham and how to make sure that it is always enjoyable so that I don’t get burnt out too quickly.

The last workshop was presented by Yotam Marom, a NYC activist formerly from the New School and member of the Organization for a Free Society (not to mention a good friend of mine). He led a workshop called “The Movement Inside and Out,” about how to structure our movements so we promote diversity and inclusiveness, not to mention challenge multiple sections of social life (the economy, sexism, racism, etc) while organizing for social change.

Finally the conference ended with us going around “RECognizing” (get it?) all the people we wanted to thank for making the weekend memorable. After eating another leftover bagel from breakfast, giving a few directions to out-of-towners, and chatting with some people, I finally went home, happy with a successful weekend and my first REC conference of what I’m sure will be many.

I’d like to thank Martin, Dan, and all my fellow REC Student Organizers, and especially all the students from around the country for coming and making REC’s National Conference something truly great, and for doing all the great work we all do on our campuses. Here’s to us getting a better world. We’ll make it happen soon enough.

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Beyond Transparency, Towards the Community

Tuesday, September 14th, 2010 by Martin Bourqui, National Organizer

By Brett Vetterlein, Community Investment Campaign Organizer

Endowment transparency has been quite a buzzword in the student movement for the last few years, at least it seems to have become one since I joined the “movement” three years ago after becoming an activist at Fordham University in the Bronx, NY. And there’s good reason for that. The endowment is basically the savings account of the university, although instead of being invested in one bank, it is put in various banks, corporations, bonds, mutual funds, and other types of investments. The point of this institution, to put it simply, is to make money. The endowment gets returns on its investment, which can be used in the university’s operating budget, to hire new teachers, staff, to build new buildings, dorms, and athletic facilities, or just put back into the endowment and reinvested.

So why do we care? Because it’s our school, our reputation, and because our tuition is an investment in Fordham. And just like Fordham, we want to see our money used for the right purposes, so we want transparency. We want to know that Fordham isn’t invested in a company like BP, which caused major and most likely irreversible environmental damage to the Gulf Coast, or like Blackwater, the private military contractor which profits off of two unjust wars in the Middle East.

Instead of trying to find out what is in the endowment or where the budget is invested and then trying to change it, we think we have a better way. Why not just try to move the money ourselves out of the big corporate banks and into credit unions and community banks. This way, we know where a large portion of the university’s money is and we know its being used to promote social and economic justice.

Fordham is a private school and thus has no legal obligation to show us the endowment. Believe me, I’ve asked and the administration has no desire whatsoever to let us know how our and the university’s money is being used. Transparency movements are huge undertakings that usually end in compromise at best and a standstill or backpeddling of the campaign at worst. Ask the students from Take Back NYU, the New York University student group which occupied a building last year demanding transparency and wound up getting arrested, suspended, and almost expelled.

I believe we should have transparency, but I also know that here at Fordham University, at this point, that is next to impossible. On top of that, say we actually get transparency and find out Fordham is invested in a company with terrible environmental practices. Then we would have to launch a whole new campaign to either get our university to divest or to write up shareholder proxies and try to change the company within, both of which could be long and arduous processes. We’d have to organize two different movements simultaneously or one after another.

We want our money to be put to good use, so we should make sure it is by getting Fordham to take its money out of the big banks and put them into community ones. This practice is called community investment: getting Fordham to take its cash assets, mainly those of the endowment and of the operating budget (the “checking account” of the university used to pay wages, salaries, bills, and so on), out of whichever corporate bank it’s invested in – Bank of America, Chase, etc., the same banks which helped cause our current economic recession, – and reinvest it into Community Development Financial Institutions, namely credit unions and community banks which specialize in providing financial services like loans and credit to individuals and small businesses from low-income communities.

By doing this we are accomplishing a number of things. First, because we got the money moved, we know where it is and what it is being used for. This empowers students and the university community by demonstrating that we have the power to put forth a productive and beneficial initiative with some of Fordham’s money, instead of simply watching it sit in the bank.

Second, we’ve done some good for people who needed help. Fordham is a university that seeks to create “men and women for others,” giving students the tools to make other people’s lives better. By Fordham investing its money in credit unions or community banks, we’ve provided a degree of economic empowerment to the Bronx, an area that has historically been disempowered on so many levels.

Finally, we sent a message to the corporate banks, the CEOs, and hedge fund managers. That message is that we don’t have to use your system. By moving our money we are challenging an economic system set up to only work for those at the top, while ignoring the rest of us. When we move our money we tell the big banks that if they won’t give us what we need we’ll find it elsewhere.

It is time to move beyond just transparency. If we want a more democratic university, if we want a better economic system, if we want justice for the Bronx, then we want community investment. We want Fordham to move its money away from the big banks and into our community.

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A Proposal for
 New Thinking on University Endowments and Community Investment


Tuesday, July 20th, 2010 by admin

The Case of Greensboro, North Carolina
by Steve Flynn, Greensboro, North Carolina



Over half the children in Guilford County Schools live below the poverty line.  Nearly 50 percent of males of color are no longer in school after the age of 16.  Accordingly, our high schools then proudly champion ‘graduation rates’ of 100%.  Where do many of those young men end up?  Even those kids who do graduate and go on to college and graduate, where exactly are they going to find jobs?


We see the building of our city’s new prison taking shape downtown, we witness the decades long struggle between Greensboro’s police department and its citizenry east of Murrow Boulevard.  We know in our hearts where many of those young men are ending up, if we choose to listen.


Some of us wonder what institutions will step up and work toward community solutions in terms of sustainable economic development.

 Today I want to begin a discussion about Greensboro’s higher education institutions and how they can envision together becoming part of the community’s solution and not, as so many at the grassroots feel, part of the problem.



I’ve been a member of Greensboro’s higher education community, in various flavors, for nearly two decades. Having previously worked in international educational exchange that took me around the world, one comparative thing I’ve come to learn is that one of American culture’s truly unique and amazing things is the capacity of American college graduates to give back to their alma maters. As a city of colleges and universities, this wonderfully charitable spirit is alive and well
 here in Greensboro.



This is something that speaks well of us: our spirit of giving.



I attended the US Social Forum in Detroit a couple of weeks ago and learned of the Responsible Endowments Coalition (REC).  One of REC’s main goals is to teach and train college students to organize advocacy campaigns to harness small percentages of university endowment dollars for the purpose of local community investment.  In Detroit I gathered committed Greensboro students from North Carolina A&T, University of North Carolina at Greensboro, Guilford College and other local schools to meet with the REC people.  Those meetings in Detroit were 
transformative and I’m confident the student activists in our community’s Colleges and University’s will be moving the ball forward this coming year.



My own personal dog in this hunt is to begin similar conversations at the leadership level.  The students discussed above will no doubt soon begin pushing these new ideas and values from the bottom up among Greensboro schools (indeed, this has already begun). I would like to help nurture the conversation from the top down so that just maybe we can meet each other in the middle or somewhere on behalf of our community and the citizens of North Carolina.



If we’ve learned anything in at least the last couple years, it is that the world of Tom Wolf’s ‘Masters of the Universe’ and Oliver Stone’s Gordon Gecco have born strange fruit.  Previous truths about how assets and wealth are ‘made and accumulated’ are suddenly called into question.  As a global culture, it seems we are currently in search of new ideas for what economic development and sustainability
and knowledge production now mean.


I believe American Universities need a new paradigm as it relates to philanthropy and investment.  We are expert at and resource significantly our planned giving enterprises on our campuses.  Yet, our ‘expertise’ in terms of soliciting gifts goes only so far.  In terms of actual investment decisions by investment managers, we typically outsource such expertise to ‘outsiders’ such as Cambridge and Associates (in the case of University of North Carolina-Greensboro I believe).  The result?  However good or bad our endowment returns each year (and its moral and sustainable impacts) how much of our endowment income and investments are actually directly benefiting our own community?  I have no idea, since such information is not available in the opaque universe of endowment investing, but I would venture to say the answer might be none.



We are currently living in a world where assumed paradigmatic truths (which evolved over the last 30 or so years) about capitalism and high finance are now in question.  Universities trained and staffed the whiz kids on Wall Street and London that got us into this mess. Having trained them, universities assumed these whiz kids would do right by university endowments.  In the wreckage of 2008, where did that get us?



What do universities have to show for it?  Far more importantly, what are our local communities gaining when we outsource our own investment management?  I believe new thinking is the way of the world in the coming century and universities seeking relevance must change their approach.

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