Forbes estimates that the current wealth owned by the median black family is only $2,940 compared to $147,000 owned by the median white family in the United States. At WKKF, racial equity is at the center of our mission-driven investment strategy. By deploying both grant and investment capital in areas that need it most, we can help dismantle systemic barriers and create opportunities for communities to thrive. This story may not have made the cover of Forbes magazine, but it’s top of mind and cover story material for the W.K. Kellogg Foundation.
The English language has more than a few idiosyncrasies, especially as it pertains to the meanings of words. Finding the right word for the right time takes a bit of thought, and taking advice from the dear Mary Poppins and inserting the word “Supercalifragilisticexpialidocious” isn’t always appropriate either. A shared vocabulary is a “necessary first step for discussing racial equity,” and our friends at Generocity have put together a glossary of terms you might find useful in your everyday practice. Give it a glance and put these words in action!
The best thing at Refill Café won’t be found on the menu. The newly opened café in Jackson, Mississippi, is a training ground of sorts for young adults, helping them polish their workforce and life skills by learning how to work in the kitchen and bus tables, to managing their finances and interviewing for a job. The Café, open from 11 a.m. to 2 p.m. weekdays, received a planning grant from the W.K. Kellogg Foundation and riffs off two similar and successful investments we made in New Orleans: Cafe Reconcile and Liberty's Kitchen. Check out Refill Café online to learn more about this 10-week workforce development program. And when you’re in Jackson, stop by at 136 S. Adams St. for lunch.
Of the nearly $70 trillion in global financial assets under management, fewer than 1.3% of these are managed by women and people of color. A recent study by Stanford SPARQ and Illumen Capital finds that there’s bias at the highest levels of the investment capital industry. When comparing fund managers, asset allocators favored White male-led firms over Black male-led firms even when all other aspects of the hypothetical funds were identical. This study affirms the need for a racial equity lens in the investment industry - challenging the field to both invest in managers of color and use a systems approach to combat barriers in the financial capital industry.