ExxonMobil (NYSE:XOM) employees donated more than $50 million to hundreds of higher education institutions across the US last year.
The funds were given through the supermajor’s charitable foundation.
Employees, retirees, directors and surviving spouses contributed $17.5 million, which was matched with $32.6 million in unrestricted grants from the ExxonMobil Foundation to more than 850 universities, colleges and organizations dedicated to higher education.
ExxonMobil’s program matches donor pledges on a 3:1 basis up to $7,500 to qualified colleges and universities in the UUS, as well as the American Indian College Fund, Hispanic Scholarship Fund and the United Negro College Fund.
More than $630 million has been contributed to such American institutions over more than 50 years.
Ben Soraci, president of the ExxonMobil Foundation said: “ExxonMobil’s employees are committed to investing in quality education.
“The ExxonMobil Foundation has a long history of supporting a range of efforts to improve education in the United States. Our contributions and the generous support of ExxonMobil’s employees will help create a stronger future for today’s students.”
In 2016, nearly 4,500 employees and retirees provided individual donations through the initiative. Although grants are unrestricted, colleges and universities are encouraged to designate a portion to math and science programs supporting student engagement.
In addition to the Educational Matching Gift Program, ExxonMobil and the ExxonMobil Foundation support and develop programs that encourage students, particularly women and minorities, toward careers in science, technology, engineering and math, as well as teacher training initiatives.