OVERVIEW: The T. Rowe Price Foundation names youth empowerment, creativity and innovation and financial well-being as its areas of grantmaking focus. More than half of its grants stay in the Baltimore, Maryland area.
IP TAKE: The T. Rowe Price Foundation’s primary geographic focus is Baltimore, which receives more than half of its grants, but Colorado Springs, San Francisco and New York City are also named as areas of interest.
Prospective grantees should begin the application process by completing the foundation’s eligibility questionnaire. Qualifying organizations may schedule a call with foundation staff to explore grantmaking opportunities.
PROFILE: Established in 1981, the Baltimore-based T. Rowe Price Foundation is the philanthropic arm of the financial services company T. Rowe Price. The foundation aims to support communities where it does business by “strategically addressing issues they’ve identified.” Its current funding initiatives are Youth Empowerment, Creativity and Innovation and Financial Well-Being. More than half of all T. Rowe Price grants go to organizations operating in the greater Baltimore area. Other geographic areas of priority include Colorado Springs, San Francisco and New York City.
Grants for Racial Justice and Equity
In 2020 following the murder of George Floyd by police, the foundation committed $2 million to six foundations working towards racial justice efforts. This funding area will work to bridge gaps in funding, build capacity and create access for national and local organizations already working to address challenges related to racial inequality, a news release states. To make these grants, the T. Rowe Price Foundation formed a 24-member advisory committee made up of associates that consulted local and national experts.
This funding area supports entrepreneurs of color that work to facilitate community development through two efforts. The Black Business Initiative, which works with partners in Baltimore and Colorado Springs to create an online hub that offers incubation, education and networking, among other resources. The other program is called Social Entrepreneur Residencies, from Baltimore Corps, which seeks to develop social innovators of color.
Racial justice and equity funding also invests in financial coaching platform Change Machine and CASH Campaign of Maryland, which works with local hospitals to provide financial coaching. In addition, grants for racial justice education support interactive training from Race Forward and Designing the We, which organizes traveling exhibits that offer audiences the opportunity to learn more about the history of structural racism in their cities.
Grants for K-12 Education
The T. Rowe Price Foundation supports K-12 education via its Youth Empowerment initiative, which names achievement in reading and the development of exceptional school leadership, capacity and instruction as priorities. The foundation has provided ongoing support to Baltimore’s Fund for Educational Excellence, which works to “close the equity and opportunity gaps for all students in Baltimore City Schools.” The foundation has also given to Teach for America, New York City’s Teach for All and educational programs at the Maryland Science Center.
Grants for Higher Education
Higher education funding also stems from the T. Rowe Price Foundation’s Youth Empowerment initiative and focuses on the personal development and academic success of college students “through multi-faceted, multi-year programs.” Recent grants have gone to Loyola University of Maryland, Baltimore City Community College, the Maryland Institute College of Art, the University of Colorado and the University of South Florida.
Grants for Work and Economic Opportunity
The T. Rowe Price Foundation makes grants for work and economic opportunity via its Financial Well-Being initiative. Specific areas of interest include “local approaches” to economic development, initiatives to alleviate poverty and homelessness and programs that empower individuals to achieve financial stability. In New York City, the foundation has given to the Neighborhood Trust Financial Partners, which helps low-income earners take control of their finances to achieve financial goals. Another recent grantee, Strong City Baltimore, helps neighborhoods develop grassroots leadership and strengthen civic engagement. Other grantees include the Open Society Institute of Baltimore, the Baltimore Civic Fund and the Center for Urban Families.
Grants for Arts and Culture
T. Rowe Price supports a broad range of arts and culture organizations, with most grants remaining in the state of Maryland. Grantmaking priorities include advancing creative disciplines, addressing community challenges through the arts and engaging youth and families in artistic expression. Past grantees include the Baltimore Museum of Art, Center Stage Associates, the Baltimore Symphony Orchestra, the B&O Railroad Museum, the Walters Art Gallery and the Baltimore Children’s Museum.
Grants for Disaster Relief and Humanitarian Aid
The T. Rowe Price Foundation does not name disaster relief as an area of grantmaking priority, but has provided ongoing support to the Center of Disaster Philanthropy.
Grants for Animals and Wildlife
Animals are not a stated priority for T. Rowe Price, but the foundation has made grants to the Maryland Zoo, the National Aquarium in Baltimore and the Humane Society of Tampa Bay, Florida.
Important Grant Details:
The T. Rowe Price Foundation has made about $4 million a year in grants in recent years. Most grants are awarded in amounts of up to $10,000, but in a few cases, grants have been as high as $100,000. More than half of all grants remain in the greater Baltimore area. This funder tends to support organizations working directly with underserved communities and arts organizations with broad public reach. For additional information about past grantmaking, see the foundation’s recent tax filings.
The T. Rowe Price Foundation requests that prospective applicants respond to the foundation’s eligibility questionnaire before reaching out to staff to discuss grantmaking opportunities. General inquiries may be submitted to the foundation’s staff via email.
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