NewDay USA has announced that its board of directors has voted to establish the NewDay USA Foundation, a tax-exempt private foundation that will serve as the principal instrument of philanthropy for the company. The newly formed Foundation’s primary philanthropic mission is to provide grants and charitable contributions to nonprofit organizations that support veterans, active-duty service members and military families.
“NewDay has a long and proud tradition of philanthropic activity focused on our nation’s veterans, members of the armed services and their families. By establishing the NewDay USA Foundation we are taking our efforts to support the men and women who serve our country to a higher level,” said Rear Admiral Tom Lynch (USN – ret.), chairman of the board at NewDay USA.
The Foundation’s first recipient of funds is Renovating Hope. The Foundation has made a $1 million commitment to support this nonprofit organization that builds and renovates homes for wounded warriors in need.
Beyond funds contributed to launch the Foundation, NewDay USA will devote 5% of its pre-tax earnings from its mortgage banking activities to the Foundation during the 2013 calendar year. NewDay USA Chief Executive Officer Rob Posner and Admiral Lynch have been named co-chairmen of the NewDay USA Foundation.
“At NewDay USA we are not just building a great mortgage banking company. Our company and our workforce stand for much more. We are determined to make truly meaningful contributions that support our nation’s heroes and their families, especially those experiencing physical, emotional and financial hardships,” said Posner.
In addition to Renovating Hope, other philanthropic partners of NewDay USA include Purple Heart Homes, The National Coalition for Homeless Veterans, The National Trust for the Wounded Warriors, and the annual Military Bowl in Washington D.C. that benefits the USO. The company is also a long-time, generous supporter of Maryland’s statewide Special Olympics programs.