By concentrating efforts to close gaps in funding education, technology, home ownership, healthcare, employment opportunities and more in these communities, we can magnify our impact. Morehouse College Spring Class of 2019 Commencement Speaker Robert F. Smith will be establishing a grant to pay off the Class of 2019's Student Loans so they'll be graduating debt free! The framework ignites innovation, demands fair access, and accelerates the careers of young people who have been overlooked and underestimated. In response to Smiths charitable donation, many on Twitter are lauding him as an icon. Over the years, Smith has made major contributions to the National African American History Museum, Carnegie Hall, Robert F. Kennedy Human Rights, Cornell University, Morehouse College and many other organizations. He is the founder, chairman, and CEO of private equity firm Vista Equity Partners . [48] He has donated to the Sphinx Organization, which supports diversity in the arts. He's donated thousands more to specific Democratic candidates including Barack Obama, Hillary Clinton, Kamala Harris, and Chuck Schumer. The 2% Solution is a groundbreaking idea for generational change in at-risk communities. Born in Prussia, Wagner migrated with his family to the United States in 1885. Robert your voice will be a great addition to the board going forward.. After the applause and chants of MVP died down, he also said in part, I know my class will make sure they pay this forward and I want my class to look at these alumnus, these beautiful Morehouse brothers, and lets make sure every class has the same opportunity going forward., Robert F. Smith endowed a scholarship for 1.5M in January. During his 2019 commencement address at Morehouse College, a historically Black institution, Smith surprised the graduating class by pledging to pay off the entire class student loan debt a $34 million gift that helped nearly 400 graduates. Many of them had college loans and parents PLUS loans coming out of their neighborhoods, fighting what they were fighting for, and then getting educated. Robert F. Smith in Berlin, February 2018 (, https://www.usatoday.com/story/money/2021/04/06/jay-z-kanye-west-and-tyler-perry-seven-richest-african-americans/4579811001/, https://www.cnn.com/2019/05/19/business/robert-smith-billionaire-morehouse-gift-trnd/index.html, https://www.insidephilanthropy.com/home/2021/2/24/robert-f-smith-talks-black-philanthropy-systemic-change-and-addresses-tax-scandal, https://books.google.com/books?id=nBaqDAAAQBAJ&q=Robert+Frederick+Smith+1962&pg=PT71#v=snippet&q=Robert%20Frederick%20Smith%201962&f=false, https://robertsmith.com/about-robert-f-smith/, https://projects.propublica.org/nonprofits/display_990/472396669/02_2021_prefixes_47-47%2F472396669_201911_990PF_2021021317706243, https://apps.irs.gov/pub/epostcard/cor/472396669_201911_990PF_2021021317706243.pdf, https://apps.irs.gov/pub/epostcard/cor/472396669_201711_990PF_2018120715985020.pdf, https://robertsmith.com/2-percent-solution/, https://robertsmith.com/southern-communities-initiative/, https://www.bloomberg.com/news/articles/2020-08-21/billionaire-robert-smith-fighting-u-s-criminal-tax-inquiry, https://www.dailymail.co.uk/news/article-8816479/Billionaire-befriended-Trumps-inner-circle-investigation-dodging-taxes.html, Fund II Foundation It was a series of very substantive discussions that resulted in really beneficial policies to support minority & underserved communities.https://t.co/qt05ua8jMJ, Ivanka Trump (@IvankaTrump) June 25, 2020. Here's a look at Smith's life and career. [2] He attended Carson Elementary School and East High School[3] in Denver. In 2019, the foundation raised more than $22 million and spent almost $36 million. He argued for the importance of a set aside (for minority owned small businesses in #PPP) and we agreed. And I thought, what can I do to uplift their spirit that is already high? His father, Benjamin F. Smith, was a doctor. Earlier in 2020, Smith had initiated relationships with Trumps daughter Ivanka Trump, then-U.S. Treasury Secretary Steve Mnuchin, and Van Jones, a CNN host believed to have close ties to Ivanka Trumps husband Jared Kushner. * In partnership with National Bankers Association and Appalachian Community Capital; CDFIs/MDIs being considered include: First Bancshares, Commonwealth National Bank, TruFund, Sabre Finance, Bronze Valley, etc. They gave us feedback and we made changes, Mnuchin told the Washington Post in June as part of a profile on the businessman. [19]. Ripple of Hope Awards Honoring VP Joe Biden, Howard Schultz & Scott Minerd in New York City. Sometimes we think its just the Giving Pledge-kind of people making a difference, but its also individuals who may not have great wealth but who give generously of their time and resources. Fund modernization & capacity-building and provide in-kind subject matter experts $30M: help 4-5 CDFIs/MDIs** over 5 years modernize their core systems, hire and train staff, expand marketing and standup a SWAT team of experts to conduct needs diagnostic, implement tech solution & provide technical assistance. Among the recognitions he received are: 2020 Forbes Diversity & Inclusion Award 2020TIMEs100 Most Influential People 2019 Carnegie Medal of Philanthropy 2019 Inductee into the Texas Business Hall of Fame 2019 UNCF Presidents Award 2018 Honored by National Park Foundation 2017 Columbia University BBSA Distinguished Alumni Award 2016 Congressional Black Caucus Foundation Chairs Award 2010 Ripple of Hope Award from Robert F. Kennedy Human Rights Forbes 100 Greatest Living Business Minds. Vista Equity partners, has officesin Austin, Chicago, Smith and his wife bought a $20 million Malibu mansion. Accelerate digital access initiatives $75M:partner with local orgs* to invest in setting up internet connections / installing hotspots, offering laptops and supporting adoption (through government subsidy technical assistance and digital literacy) to connect ~135K homes to high-speed internet in the Memphis region, 9. Robert F. Smith in Berlin, February 2018 ( link) Robert Smith is a billionaire American businessman, financier, and philanthropist who amassed his fortune as the founder and CEO of Vista Equity Partners. Robert F. Smith prioritizes making a difference in the communities where he lives and works. Smith became one of the most recognizable members of the three-comma club after announcing during his May 2019 commencement address at Morehouse College in Georgia that he would pay off all the student loans owed by the entire graduating class. The nonprofit is devoted to supporting the careers of recent college graduates in minority serving institutions. [12], In 2016, the Foundation gave $20 million to Smiths alma mater Cornell University to support its chemical engineering school. [28][29]Smith said: "When we unify the souls of our two communities, we can usher in light to banish the darkness of racism, bigotry, and antisemitism. [1][9][10], After graduating from Cornell, Smith worked at Goodyear Tire and Rubber Company, Air Products & Chemicals, and later at Kraft General Foods as a chemical engineer,[1] where he registered two United States and two European patents. And my family is making a grant to eliminate their student loans.. For his 60th birthday, billionaire Robert F. Smith's wife threw him a James Bond-themed party. Columbia Business School Smith's generous gift of $15 million to the Columbia Business School in 2017, helped the School secure its $500 million fundraising goal for its move to Manhattanville. What to know about Robert F. Smith, the man paying off Morehouse grads student loans. CNN Business. Scale Black Business Works Fund $10M: grow the Urban League of Louisianas Black Business Works Fund to support ~3K-4K MBEs over 5 years with emergency working capital needs to support/sustain ~$1B+ in annual revenues, 2. Robert F Smith (born 1948) is listed at 34 Honor Road West Haven, Ct 06516 and has no political party affiliation. Fund startups and give access to investor network $70M: grow the Prosper Health Tech Fund powered by Gener8tor and offer venture capital technical assistance to scale 50+ startups from <$1M to $5M+ in annual revenue; near-term priority is to secure $4M in venture investment by end of May 2022, 2. A state government trifecta is a term that describes single-party government, when one political party holds the governor's office and has majorities in both chambers of the legislature in a state government. did not show up, he got the position, and that summer he developed a reliability test for semiconductors. Have you subscribed totheGrios podcastDear Culture? Commit to increase racial diversity in supply chain and procurement: increase MBE spend in Greater Houston region* to 5-10%+, * One Houston Together serves as lead (please contact if you are interested in funding these initiatives), ** Houston Minority Supplier Development Council (HSMDC) serves as a partner organization (please contact if you are interested in learning more about this initiative), Estimated impact (of all initiatives): 2.5x increase in MBE value & ~55K new jobs, boosting Black communitys net worth by ~$12B, 4. Robert is registered to vote in Hancock County, Ohio. He continued to work there as an intern during his summer and winter breaks before graduating Cornell with a chemical engineering degree. Lead community organization: The Collective Blueprint, Increase the volume and value of Black-owned businesses through corporate MBE spend and MBE startups & scaling, 1. Issue digital access equality bonds: issue equality progress bonds and invest proceeds into SCIs digital access initiatives, 5. [49], Smith became the board chairman of Carnegie Hall in 2016, the first African American to hold that position. as well as other partner offers and accept our, Ricky Carioti/The Washington Post via Getty Images, Ricky Carioti/The Washington Post via Getty Images), http://robertfsmith.org/post/118605075721/robert-f-smith-is-the-founder-chairman-and-ceo. Throughout his life, Smiths commitment to philanthropy and equity has never wavered, and finding ways to make a difference in the communities where he lives and works is central to his character and approach to life. He then pulled up at @Morehouses graduation this morning, received an honorary doctorate, and said hes establishing a grant to pay off everyones student loans in the class of 2019 ? He has also served as chairman of the Robert F. Kennedy center for Justice and Human Rights in the past. "I dug up the phone number for Bell Labs to ask about summer internships," Smith said. * In partnership with National Bankers Association and Appalachian Community Capital; CDFIs/MDIs being considered include: Security Federal Bank, Institute / North Carolina Community Development Initiative, Sequoyah Fund Inc, etc. Smith's firm, Vista Equity partners, has officesin Austin, Chicago, New York City, Oakland, and San Francisco. Background Report. In 2017, the Foundation gave $15 million to Smiths other alma mater Columbia University to help move the location of its business school. [65][66] He was awarded an honorary doctorate of International Affairs from American University's School of International Service[67][68] and an honorary doctorate from Morehouse College. He was Speaker of the House for the 1969 and 1971 sessions. Access your favorite topics in a personalized feed while you're on the go. * CDFIs/MDIs being considered (examples and not exhaustive): Security Federal Bank, Institute / North Carolina Community Development Initiative, Sequoyah Fund Inc,Self-Help Credit Union, BEFCOR, Aspire Community Capital,etc. [31][37] As part of the deal, Brockman required an offshore trust be set up to conceal earnings from tax authorities and avoid litigation in US courts. Accessed August 25, 2021. Robert F. Smith is the Founder, Chairman and CEO of Vista Equity Partners, a leading global technology investment firm. After a brief retirement, he returned to Congress in 1997. Robert F. Smith Discusses his Goalsetter Gift on MSNBC Today. ", "Inspiring Female Founders In The Beauty Industry", "Suzanne McFayden Wiki: Facts about Billionaire Robert F. Smith's Ex-Wife", "How Robert F. Smith, the Wealthiest Black American, Is Making Change", "The World's Billionaires (2016 ranking): #688 Robert Smith", "Real Housewives of Malibu Part 2: Yolanda Hadid Foster sells to Robert & Hope Smith for nearly $20 million", "Billionaire Robert Smith Is Buyer Of Record-Breaking $59M New York Penthouse", https://en.wikipedia.org/w/index.php?title=Robert_F._Smith_(investor)&oldid=1130578664, Pages using infobox person with multiple spouses, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 30 December 2022, at 22:11. Robert F Smith (age 70) is listed at 2433 Aberdeen Dr Findlay, Oh 45840 and has no known political party affiliation. 2020 Transaction Count/Amount. Accessed August 25, 2021. [80][81], In May 2022, Cornell University announced a $15 million donation from Robert Frederick Smith that will provide financial aid to engineering students from historically underrepresented communities. He is the richest of the seven Black billionaires in the United States, however. Follow Robert F. Smith on social media for the latest on his work as a business and philanthropic leader. Robert F.Smith is a billionaire who gave the commencement speech at Morehouse College on Sunday, telling the graduating students his "gift" was to pay off all of their student loans. Fund scholarships and hire coaches ~$35M: scale Birmingham Promise fund to financially support 200-250 students per year over 4 years to increase college retention and graduation rates, 5. Accessed August 25, 2021. TheGrio is now on Apple TV, Amazon Fire, and Roku. "This has been a heartbreaking and painful week for America and a reminder that in our endless pursuit of a 'more perfect union,' a great deal of work remains," Smith wrote. He worked as a rancher until his election to the Oregon House of Representatives in 1960. Now he'll spend. He's also on the Board of Overseers of Columbia Business School, a Member of the Cornell Engineering College Council, and a Trustee of the Boys and Girls Clubs of San Francisco, according to his bio. At one point, we were having daily conference calls with him and his team. Smith also donated $5,000 to Republican Mitt Romney, according to the research group. [37], According to reports in Bloomberg and The Washington Post, Brockman approached Smith in the 1990s about creating a private equity fund and offered to back the initial fund. This page focuses on the Republican primaries that took place in Texas on March 1, 2022. This agreement came alongside Smith agreeing to assist the DOJ in creating a separate case against Robert T. Brockman, who had been charged with hiding $2 billion in income. He worked as an engineer at Goodyear Tire and Rubber Company, Air Products and Chemicals, and Kraft General Foods. [57][58], In 2018, Smith was the largest individual donor at the City of Hope Gala, which funds prostate cancer treatment and breast cancer research for black men and women. [13], Also in 2016, the Foundation gave $3 million to the Southern Poverty Law Center to support left-progressive criminal justice policy. Smith reportedly approached the agency for amnesty from prosecution under a program for Americans who did not report offshore assets but the request was declined. . 77th United States Secretary of the Treasury, Morehouse College Student Success Program, Billionaire Robert Smith reaches $140 million tax settlement with DOJ. [16], In August 2020, Bloomberg News reported that Robert Smith had been under investigation by the U.S. Internal Revenue Service (IRS) and U.S. Department of Justice (DOJ) on allegations of tax evasion since 2014. Download our newest episodes now! Smith attended Cornell for undergrad but never lost touch with Bell Labs. Oregon Blue Book: Earliest Authorities in Oregon - Speakers of the House of Representatives of Oregon. Smith attended Cornell University as an undergraduate, then attended Columbias School of Business to get his MBA. [74] Smith was also inducted into the Texas Business Hall of Fame as a Class of 2019 Legend. [6], Smith was the first Black American to sign the Giving Pledge, pledging to donate most of his wealth to philanthropic causes before his death. [44][45], Smith has also served as the chairman of Robert F. Kennedy Human Rights,[46] on the board of overseers of Columbia Business School, as a member of the Cornell Engineering College Council,[47] on the Cornell University Tech Board,[9] and as a Trustee of the Boys & Girls Clubs of San Francisco. "When I finished business school and decided to join the tumultuous world of investment banking, my family and friends spoke up with concerns about my sanity," Smith said in his American University commencement speech. Philanthropy. Robert F. Smith. Standup MBE fund $15M: standup/scale MBE fund* to offer more flexible access to capital arrangements 400-500 MBEs over 5 years, * Lead organization: The Collective Blueprint; Contributing local organizations for community strategy include (but not limited to): Community Unlimited, Womens Business Center South, Epicenter, others, Estimated impact (of all initiatives): 2.3x increase in MBE value & 20K+ new jobs, boosting Black communitys net worth by ~$3B+, Modernize CDFI/MDI systems and tech as well as recruit and upskill talent to increase CDFI/MDI capacity and ability to inject more capital into Black communities, 3. In Austin, Smith has started programs supporting music education and minority entrepreneurship, according to The New York Times. Smith,. [51][52] He was later recognized as a distinguished alumnus by the college. Smith founded Vista Equity Partners in 2000, which focuses on investing in technology companies. [55][56], In 2018, Fund II Foundation gave a $2.7 million grant to the Louis Armstrong House Museum, and Smith has served as a board member since. Smith persisted, calling each Monday for five months. Jones, Charisse. Sign up for our newsletter to get the latest stories in hedge funds, PE, fintech, and banking delivered daily to your inbox. Still, the apple didn't fall too far from the tree: Ziff gave to Republican legislators. Fund modernization & capacity-building and provide in-kind subject matter experts $30M: help 4-5 CDFIs/MDIs* over 5 years modernize their core systems, hire and train staff, expand marketing and standup SWAT team of experts to conduct needs diagnostic, implement tech solution & provide technical assistance. 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