Charles Schwab Foundation will expand its funding of scholarship awards for winners of the Fall 2008 National Financial Literacy Challenge, a 35-question online test of personal finance knowledge and understanding for high school students across the United States. The test-taking window for the Fall Challenge begins November 3 and continues through November 26. Teachers can sign up their students at the U.S. Treasury’s website: http://flc.treas.gov/index.htm. High school students enrolled in any subject from any U.S. high school can participate.
Charles Schwab Foundation, which focuses many of its resources on financial education for youth, will award scholarships of $1,000 each to as many as 100 students who achieve a score of 100 percent on the test.* In addition, the Foundation will award $1,000 to the student’s school or organization that contributed to the student’s financial education†. The U.S. Department of the Treasury will also award medals to students scoring in the top 1 percent and certificates of recognition to students scoring in the top 25 percent. Winners will be announced in December.
“Understanding the basics of personal finance is a life skill everyone needs,” said Carrie Schwab-Pomerantz, president of Charles Schwab Foundation. “Through the Challenge, we have the opportunity to raise awareness of the need for more financial education,” she added, “and at the same time reward the students and schools that do an outstanding job. These kids—and their teachers—can inspire others with the message that learning about money management is not only smart, it’s essential.”
The Challenge was offered for the first time in the spring of 2008. During the month of May, 46,000 students took the exam, turning in an average score of 56 percent. Thirty-five students received a score of 100 percent, and, of those, ten regional winners were selected by lottery to receive scholarship awards funded by Charles Schwab Foundation and an all-expenses paid trip to Washington, DC, in June. For the fall 2008 Challenge, up to 100 students who achieve a perfect score will receive scholarship awards.
The voluntary test is an initiative recommended by the President’s Advisory Council on Financial Literacy and administered by the Department of the U.S. Treasury. The Challenge was developed by the Office of Financial Education, Department of the U.S. Treasury, in consultation with four prominent academicians, the National Endowment for Financial Education, Junior Achievement USA, the National Council on Economic Education and the Jump$tart Coalition for Personal Financial Literacy.
Additional information is available at www.schwabmoneywise.com.
About Charles Schwab
The Charles Schwab Corporation (Nasdaq:SCHW) is a leading provider of financial services, with more than 300 offices and 7.3 million client brokerage accounts, 1.3 million corporate retirement plan participants, 377,000 banking accounts, and $1.4 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, http://www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Schwab Institutional division. The Charles Schwab Bank (member FDIC) provides banking and mortgage services and products. More information is available at www.schwab.com.
About Charles Schwab Foundation
Charles Schwab Foundation is a private, nonprofit organization funded by The Charles Schwab Corporation. Its mission is to support employee-selected causes and promote financial literacy. (1008-4883)
* If more than 100 students receive a perfect score in the fall 2008 National Financial Literary Challenge, 100 scholarship winners will be selected by lottery from among all students who received perfect scores. Previous scholarship winners will be disqualified from receiving any future awards and prizes provided by Charles Schwab Foundation.
† If more than one student at a particular school or organization gets a perfect score, the school or organization will receive only a single $1,000 grant.
Eligible high schools and qualifying post-secondary institutions must be located in the U.S. or one of its possessions; recognized by the IRS as a tax-exempt public charity under Sections 501(c)(3) and 170 of the Internal Revenue Code or be a public high school or public post-secondary institution; and be accredited by a nationally recognized regional or professional association. Organizations providing money management education must be recognized by the IRS as tax-exempt public charities under Section 501(c)(3). The scholarship award will be disbursed to the winner’s post-secondary educational institution upon proof that the winner is admitted to and enrolled in the institution. If a winner does not graduate in the 2008-2009 academic year, the scholarship will be disbursed to the winner’s post-secondary institution after the winner graduates from high school. Winners must enroll in a post-secondary institution and claim the scholarship award within two years after graduating from high school.
The scholarship awards are sponsored by Charles Schwab Foundation in consultation with the Office of Financial Education, Department of the Treasury. Charles Schwab Foundation is a nonprofit public benefit corporation, classified by the IRS as a charity under section 501(c)(3) of the Internal Revenue Code. The Foundation is a part of neither Charles Schwab & Co., Inc. (member SIPC) nor its parent company, The Charles Schwab Corporation. Employees of Charles Schwab Foundation and The Charles Schwab Corporation, as well as their immediate family members, are ineligible for the awards or scholarships.
Contacts:
Sarah Bulgatz, 415-636-5940
sarah.bulgatz@schwab.com
