Fordham for the Bronx Proposes Investments

To a prospective Fordham student, any number of factors could sway his or her crucial decision, and Fordham's prime New York City location and Jesuit tradition are the main selling points emphasized by the University.  The Jesuit philosophy is especially visible in the work of Campus Ministry and the Dorothy Day Center for Service and Justice, as well as the University's involvement with community groups like University Neighborhood Housing Program (UNHP) and the Northwest Bronx Community and Clergy Coalition (NWBCCC).

Students involved with Fordham for the Bronx, however, contend that this is not enough to truly embody Fordham's Jesuit principles of "assisting in the alleviation of poverty, the promotion of justice, the protection of human rights and respect for the environment." They have submitted a proposal to the University administration to urge the investment of a small portion of the University's cash assets in Bronx Community Development Financial Institutions (CDFI's).

"We have a really strong community service program that is based around students that are really dedicated to working with our community partners, but in my opinion, that's where it ends, and there is no more institutional involvement to the Bronx," club member Brett Vetterlein, FCRH '11, said.

After the club's initial meeting with the administration in mid-March, the campaign intensified. They posted flyers and tabled McGinley last week to gain student support and petition signatures. In addition, they met with United Student Government and Dorothy Day Center staff members to secure an official statement of support from USG "encouraging the University to look into the proposal."

"The University does do a lot and is very sensitive to its place in the Bronx community," Robert Steves, director of Treasury Operations, said. He stressed the positive disposition of the administration towards the student proposal. 

Vetterlein cited Fordham University's substantial role in the forming of the NWBCCC in the 1970s when the Bronx was "burning" as a sign that Fordham was an institution with strong, active ties to the local community in the past. Now, however, "in terms of finance, it's not clear to me how Fordham uses its money to better the Bronx. If it is, then that's great and they should publicize it more."

The two institutions the group suggested, Bethex Federal Credit Union located here in the northwest Bronx area and Amalgamated Bank located in Morris Heights, are federally insured up to the same amount as other traditional depository banks, and specifically serve "under-banked" areas where low income and minority communities do not have access to corporate banks and loans.

Fordham for the Bronx claims that redirecting funds into these banks will lead to an improved economic outlook for the entire area, allowing community members  access to loans and spurring internal economic growth with the reinvestment made in the local community. In the proposal, the students cited seven universities with similar community investment programs, including Seattle University and the University of Pennsylvania.

USG executive president Sara Kugel, FCRH '11 said that while she is no expert on the fiscal responsibility of the matter, "I respect and appreciate the thoughtfulness and motives of the students," and agreed that, "maybe it's a matter about publicizing what the university does."

For the University to make this a reality, several things would need to occur. According to Steves, he would need to consult with others "as it generally relates to our relationship to the Bronx, and make sure that we're not overlapping with something else that's being done." If the go-ahead is given, then Steves will have to research the "appropriateness" of the banks and determine a dollar value, although it "will not exceed the FDI insurance," of up to $250,000.

If the current campaign succeeds, Fordham for the Bronx hopes that it will not only provide great publicity for the University, but also serve as an example for other financial giants and organizations in the Bronx, like the Montefiore Medical Center, to follow suit in empowering the local community through economic investment.