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USAA Announces 3-Year, $50 Million Commitment to Advance Racial Equality
$15 million donation in 2020 will focus on education, employment and closing the racial income gap
“At USAA, we strive to create an environment where all employees feel like they truly belong and have the opportunity to reach their full potential,” USAA President and CEO Wayne Peacock said. “This commitment extends to the communities in which we live and work. It’s our mission to care for military families, a community that reflects our nation’s racial, social and economic diversity — and the complex issues that come with it. We recognize that there is more USAA can do to help close inequality gaps, and these investments are a fundamental part of our efforts.”
According to the U.S. Chamber of Commerce’s Equality of Opportunity Initiative, black-owned non-employer businesses are less than half as likely to get financing as white-owned firms; as a result, black entrepreneurs are nearly three times more likely to have business growth and profitability negatively impacted by a lack of financial capital. In addition, according to that data, Black and Hispanic workers with a bachelor’s degree (and higher) had lower median weekly earnings ($1,065 and $1,101 respectively) than whites ($1,342).
In addition, the military community is as diverse as the country they serve, and this diversity will only grow over time. Research shows that 43% of the military community is listed as ethnic minority – and 47% of USAA employees identify as a person of color. In order to fulfill on its commitment to supporting the financial security of the military community, USAA is determined to help close the gaps that lead to racial disparities in education, employment and the income gap.
Diversity and inclusion are key long-term priorities guiding USAA’s investments, resource allocations and efforts for the future. Some of the efforts include:
- Employee Engagement: In September 2020, USAA created a CEO Diversity and Inclusion Council comprised of more than two dozen employees from across the company. The Council reports directly to the CEO and helps guide USAA’s continued efforts to embrace diversity and be intentionally inclusive.
- Supplier Diversity: Enhancing its supplier diversity program to invest in veteran and minority-owned businesses and all diverse categories, such as women, military, individuals with disabilities and LGBT+ and is increasing due diligence of all suppliers’ efforts to actively embrace diversity and inclusion.
- Diverse talent recruitment and training: To support a more diverse and inclusive culture, USAA is strengthening recruitment, retention and development practices, and enhancing measurement and analysis of its efforts.
In the first phase of contributions made in October, USAA donated nearly $7 million to national and San Antonio-based nonprofits including supporting the expansion of The Executive Leadership Council’s scholarship programs and education-based philanthropic endeavors focused on building a pipeline of Black business talent. Contributions to LiftFund also supported non-traditional loans offered by the nonprofit with low interest rates for Black and Hispanic entrepreneurs, and Project Quest helped low-to-moderate income Black and Hispanic San Antonians receive upskilling and reskilling training within in-demand STEM professions.
In the second phase of contributions made in November, USAA donated $8 million to 21 nonprofit organizations to help advance racial equality. The nonprofits primarily reside in six of USAA's office communities, including Chesapeake, VA.; Colorado Springs, Colo.; Dallas, Texas; Phoenix, Ariz.; and Tampa, Fla. Three national nonprofits also received philanthropic support.
Prior to this announcement, USAA and The USAA Foundation, Inc., have committed more than $40 million in 2020 to provide financial relief for military members and their families, address food insecurity in its communities, advance research and treatments for COVID-19, and help bridge the digital divide for low- and moderate-income families suddenly faced with virtual learning.
More about USAA’s diversity and inclusion initiatives can be found here. A list of nonprofit organizations who have currently received funding as part of the 3-year, $50 million commitment, include:
- Alamo Colleges Foundation
- Communities in Schools of San Antonio
- P16Plus Council of Greater Bexar County
- The University of Texas Foundation (UTSA)
- LiftFund, Inc.
- Project QUEST, INC
- SA Talent, Inc
- Ready to Work SA
- GreenPath, Inc.
- Executive Leadership Council
- National Society of Black Engineers
- Blue Star Families
- National Diversity Council
- Norfolk State University
- United Way of South Hampton Roads
- Boys and Girls Club of the Pikes Peak Region
- Life Skills Fore the Youth of Colorado Springs
- Mt. Carmel Veteran Service Center
- Dallas Education Foundation
- Generation USA
- Paul Quinn College
- Arizona Community Foundation
- Community Tampa Bay
- Corporation to Develop Communities of Tampa, Inc.
- Tampa Metropolitan Area YMCA
- University Area Community Development Corp
About USAA
Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking and investment and retirement solutions to 13 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, Tex., USAA has offices in seven U.S. cities and three overseas locations and employs more than 35,000 people worldwide. Each year, the company contributes to national and local nonprofits in support of military families and communities where employees live and work. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.
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