2021 Parsec Prize:
As our country struggled with the numerous unsettling events of this past year, we spent time reflecting on what role we could play to improve the lives of those around us. After careful analysis, we are honored to dedicate our 2021 Parsec Prize grants totaling $200,000 to serving two areas: food insecurity and racial diversity within the financial industry.
2021 Parsec Prize Winners
According to Feeding America, COVID-19 has tragically reversed improvements seen to food insecurity rates over the past decade. They project that “nationally, more than 42 million people, including 13 million children, may experience food insecurity in 2021.” Moreover, 12 NC counties are projected to see more than a 20% increase in their food insecurity rates due to COVID-19, including a 25% increase in Buncombe County, a 26% increase in Mecklenburg County, and a 20% increase in Forsyth County, all three where we have offices.
Thus, we are honored to give $175,000 in unrestricted grants to 10 deserving North Carolina organizations focused on alleviating food insecurity:
According to MarketWatch, “the financial services industry, particularly in jobs that work directly with individuals, is mostly white, data from the Bureau of Labor Statistics show. Of the 551,000 personal financial advisers in 2019, 82.2% were white, 8.6% were Asian, 6.9% were black and 6.3% were Hispanic.” Moreover, according to Financial Planning, “The number of black and Latino CFP professionals grew 12% last year — the highest increase ever, according to the CFP Board. Despite last year’s gains, there are still only 3,259 black and Latino CFP professionals in total. They make up less than 4% of the 86,378 certified advisors, while blacks and Latinos account for nearly 30% of the country’s population.”
In response, we have launched a four-year $100,000 diversity scholarship with the CFP Board. Called the Parsec Financial CFP® Certification Diversity Scholarship, it aims to advance diversity in the financial planning profession by providing financial assistance to qualified individuals in the Southeastern United States who are from underrepresented populations in the profession and who strive to obtain the CFP® certification. In total, it will provide 16 $5,000 scholarships to deserving applicants. We look forward to learning more about our scholarship recipients!
One of the fundamental values at Parsec is giving back to the communities in which we serve. We have long maintained a significant commitment to charitable giving and this core value is why we established the Parsec Prize in 2005.
The Parsec Prize is designed to help local non-profits further their missions and help improve the lives of those served in our communities. Since 2005, Parsec has awarded more than $1.7 million in Parsec Prize grants to 93 local non-profits. The Parsec Prize represents approximately one-half of Parsec’s annual charitable giving.
Each year, as we review Parsec Prize candidates, we are reminded in powerful ways of the invaluable work by our area nonprofit organizations. Their work is honorable and they service critical missions. Many of these entities are quiet champions, advocating for people in difficult circumstances. We are honored to know them and contribute to their success.
Since 2005, Parsec has awarded more than
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Giving is in our nature. Our philanthropy spans further than solely Parsec Prize. Learn more about how we are helping better our community.