PNC, Moody’s Pick Up Philanthropy Awards from CECP

Financial firms cited for their corporate-community partnerships

By Dennis Schaal

The Committee Encouraging Corporate Philanthropy (CECP) recognized the philanthropic efforts of two financial services firms, the PNC Financial Services Group and Moody’s, as part of CECP’s National Corporate Philanthropy Day Feb. 25.

PNC collected CECP’s Large Company Excellence Award for PNC’s 10-year, $100 million initiative to educate parents, caregivers and local communities on the imperatives of preschool education.

Moody’s, the rating service, took home the Small Company Award for firms with revenues of less than $3 billion. Moody’s, in partnership with the Society for Industrial and Applied Mathematics emphasizes mathematics education through a Web-based math competition.

The honors come as banks and ratings agencies have taken a reputation hit for their roles in the subprime mortgage crisis.

In the fourth quarter of 2007, PNC’s provisions for credit losses tied to its residential real estate exposure increased 50 percent to $70 million compared with the year earlier quarter.

And, Moody’s has come under fire for ratings that failed to elucidate that risk in mortgage-backed securities.

The CECP, in keeping with its mission, focuses on companies’ philanthropic initiatives, and presented the awards to celebrate leaders in corporate-community partnerships.

The CECP Directors’ Nonprofit Award, including a $25,000 cash donation, went to Community Voice Mail, which last year partnered with community organizations to provide free voicemail service to more than 41,000 people in more than 40 cities.

Cisco Systems nominated Community Voice Mail for the award. Several years ago, its Cisco Foundation awarded Community Voice Mail a $2.5 million grant to boost its service capabilities and to expand its services across the country.