New Jersey
Bank of America Awards $1.5 Million to New Jersey Nonprofits
![Bank of America Awards .5 Million to New Jersey Nonprofits Bank of America Awards .5 Million to New Jersey Nonprofits](https://mma.prnewswire.com/media/1612970/Bank_of_America_Corporation_Logo.jpg?p=facebook)
Grants to twenty-eight organizations throughout the state give attention to investing in fundamental wants, workforce growth and training in weak communities
TRENTON, N.J., July 20, 2022 /PRNewswire/ — Financial institution of America immediately introduced greater than $1.5 million in grants to twenty-eight New Jersey nonprofits to assist drive financial alternative for people and households. These grants give attention to workforce growth and training to assist people chart a path to employment and higher financial futures, in addition to fundamental wants elementary to constructing life-long stability, resembling entry to meals.
Whereas New Jersey’s financial system is recovering from the peak of the COVID-19 pandemic, the state nonetheless trails the nation by way of employment and job creation. In accordance with the U.S. Bureau of Labor Statistics, New Jersey’s unemployment price is 4.1%, in comparison with the nationwide common of three.6%.
Employment is a key driver of financial mobility in New Jersey. That’s the reason the financial institution is targeted on constructing pathways to employment by supporting a spread of workforce growth and academic alternatives that may assist weak people and households stabilize and advance.
“We have chosen to associate with nonprofits that handle essentially the most important points going through New Jersey, together with workforce growth, meals insecurity, and financial and social progress,” mentioned Alberto Garofalo, President, Financial institution of America New Jersey. “Our philanthropic funding in these organizations helps us deploy capital domestically, the place it should have essentially the most influence and construct sustainable communities.”
One Financial institution of America grant recipient is Newark-based La Casa de Don Pedro. Based in 1972, La Casa de Don Pedro’s values have been pushed by a mission to foster self-sufficiency, empowerment, and neighborhood revitalization. With this help from Financial institution of America, La Casa de Don Pedro will handle underlying points and root causes hindering the financial mobility of Better Newark’s minority communities, particularly Hispanic ladies.
“Our purpose is to reverse the trajectory of social, racial, political, and financial dislocations and the marginalization of youngsters and households,” mentioned Peter Rosario, President & CEO, La Casa de Don Pedro. “With this help, we will likely be outfitted with the instruments we have to help applications that enhance the standard of life for Newark residents.”
Financial institution of America has offered $30 million to organizations in New Jersey since 2017. These grants are a part of the corporate’s dedication to accountable progress as it really works to enhance the monetary lives of people, households, and communities throughout the state. The corporate’s 11,000 New Jersey teammates have contributed over 350,000 volunteer hours since 2017.
Past native grant funding, Financial institution of America introduced an expanded $1.25 billion, five-year dedication to assist advance racial equality and financial alternative throughout the nation final yr. The dedication, which additional accelerates work already underway, helps investments that create alternative for folks and communities of shade within the areas of well being and healthcare, jobs and reskilling, help for small companies, and reasonably priced housing.
Extra background about Financial institution of America’s Charitable Basis giving might be discovered right here.
The total record of organizations receiving grants are:
America’s Develop-a-Row
Neighborhood FoodBank of NJ
CUMAC Echo
Elijah’s Promise
Eva’s Village
Fulfill
Homefront
La Casa de Don Pedro
Norwescap
Nourish
Oasis – A Haven for Girls and Youngsters
Parker Household Well being Middle
Paterson Process Pressure for Neighborhood Motion
St. Paul’s Neighborhood Improvement Company
Desk to Desk
Trenton Space Soup Kitchen
United Means of Bergen County
York Road Mission
Fairleigh Dickinson College Veterans Launching Ventures
Better Newark Conservancy
Interfaith Neighbors
Isles
Junior Achievement of New Jersey
New Metropolis Children
The Father Middle
Trinitas Basis
we make
WomenRising
Financial institution of America
At Financial institution of America (NYSE: BAC), we’re guided by a standard objective to assist make monetary lives higher, via the ability of each connection. We’re delivering on this via accountable progress with a give attention to our environmental, social and governance (ESG) management. ESG is embedded throughout our eight traces of enterprise and displays how we assist gasoline the worldwide financial system, construct belief and credibility, and characterize an organization that folks need to work for, put money into and do enterprise with. It is demonstrated within the inclusive and supportive office we create for our staff, the accountable services we provide our shoppers, and the influence we make around the globe in serving to native economies thrive. An necessary a part of this work is forming sturdy partnerships with nonprofits and advocacy teams, resembling neighborhood, shopper and environmental organizations, to carry collectively our collective networks and experience to attain higher influence. Study extra at about.bankofamerica.com, and join with us on Twitter (@BofA_News).
For extra Financial institution of America information, together with dividend bulletins and different necessary info, go to Financial institution of America newsroom and register for e-mail information alerts.
Reporters Could Contact:
AnnMarie McDonald, Financial institution of America
Telephone: 1.332.234.8635
[email protected]
SOURCE Financial institution of America Company
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New Jersey
Young, wealthy households moving into New Jersey, study says
![Young, wealthy households moving into New Jersey, study says Young, wealthy households moving into New Jersey, study says](https://www.gannett-cdn.com/authoring/authoring-images/2024/08/16/PAPP/74835971007-getty-images-817334706.jpg?auto=webp&crop=5619,3162,x0,y526&format=pjpg&width=1200)
1 minute read
‘The Symphony of Summer’ by Madison McGay: Video
These are the sounds that signify summer in New Jersey. From ice cream trucks, to kids giggling, to the ocean’s crashing waves.
Lots of people say they plan to move out of New Jersey due to high taxes and an elevated cost of living.
And certainly a large number do.
But guess who’s moving in? The “young and rich.”
That’s what a study of IRS data by financial website SmartAsset found.
More: Yes we’re Shore! It might be the beach elsewhere, but in New Jersey it’s a Shore thing
Looking at tax years 2021 and 2022, the study found that the Garden State saw a net increase of 300 “young and rich” households — which the study defined as households with filers aged 26 to 35 with an adjusted gross income of $200,000 or more.
That places it No. 8 in the country for states that gained the most “young and rich” households.
Here’s what the study found for New Jersey:
- Net migration of young and rich households: 300
- Outflow of young and rich households: 3,135
- Inflow of young and rich households: 3,435
- Total young and rich tax returns filed: 35,294
- Average AGI of young and rich households in the state: $388,643.
What makes that interesting is that many high earners are moving out of New Jersey.
“New Jersey and Washington each lost thousands of households earning $200,000 or more when considering taxpayers of all ages. However, these states ranked fifth and eighth, respectively, when it comes to attracting young people in this income range. Washington netted 383 additional young and rich households over one year, while New Jersey gained 300,” the study says.
More: How does New Jersey rank in personal spending? See which states are ahead of us.
Where else are “young and rich” households moving?
Topping the list was Florida, followed by Texas, Colorado, North Carolina, Washington, South Carolina, Tennessee, Arizona and Nevada. Half of the states in the top 10 don’t charge a state income tax. New Jersey is not one of them.
Which states are losing these households?
California lost the most, with a net loss of 3,226 households. That was followed by Illinois, Massachusetts, New York, Pennsylvania, Michigan, Louisiana, Delaware, Minnesota and Missouri.
The study also found that “young and rich” households earned the most in Nevada, with an average AGI of $731,000. Wyoming came in second at $612,000, with Florida third at $526,000.
New Jersey
Intense rain, severe thunderstorms expected to ramp up Sunday. Flood risk increases.
![Intense rain, severe thunderstorms expected to ramp up Sunday. Flood risk increases. Intense rain, severe thunderstorms expected to ramp up Sunday. Flood risk increases.](https://www.nj.com/resizer/v2/ZZOER6GF4ZDUVFAXNWNE4LJZNM.png?auth=5b3f39f5889d1bb26b402a669a2dfdf7fd0decc812b9a3cb0756331a6a4e2aa7&width=1280&quality=90)
If you thought the amount of rain New Jersey has received so far this weekend was piddling, the next 24 hours could change that.
Forecasters with the National Weather Service said Saturday night that the Garden State is soon expected to face several rounds of downpours and strong thunderstorms.
Hurricane Ernesto has already led to intense rip currents and dangerous conditions throughout the East Coast including the Jersey Shore — where lifeguards in several towns were busy on rescues earlier in the day.
The worst of the weekend’s inclement weather is expected to start early Sunday morning and intensify in the afternoon.
“Probably around like 4 to 6 a.m. we’ll start seeing more activity … our main timing of concern is going to be primarily during the afternoon. That’s when the heavier activity and thunderstorms are most likely to occur. I’d say around 1 to 2 p.m. or later,” Alex Staarmann, a meteorologist with the National Weather Service’s Mount Holly office, said Saturday on the phone at 9:18 p.m.
Thunderstorms and damaging winds threaten the entire state but the most significant impacts may be seen south of Trenton based on current weather projections, Staarmann said.
“So, we could see some trees down, power lines down, and possibly some power outages with that activity,” he added.
The National Weather Service on Saturday also said a day-long flood watch would begin from 2 a.m. on Sunday through Monday. The parts of northeast New Jersey that watch includes: Bergen, Essex, Passaic, Union, Hudson, Bergen, Essex, Passaic and Union counties, according to an AccuWeather alert.
A flood warning is more urgent than a flood watch.National Weather Service
Ernesto made landfall early Saturday morning in Bermuda as a category 1 storm with top sustained winds of 85 mph.
On Saturday shortly after 9 p.m., Ernesto was “barely a hurricane” according to a national meteorologist.
The storm, which had dropped to sustaining winds at 75 mph, was located just northeast of Bermuda by about 100 miles at that time. It was expected to move towards the north and may barely clip Newfoundland early next week, experts said.
⚠️🌧️⛈️ Scattered showers persisting through this evening, increasing in intensity and coverage overnight and into Sunday. Localized flash flooding and damaging winds are possible on Sunday. A Flood Watch is in effect for portions of the area. #PAwx #NJwx #DEwx #MDwx pic.twitter.com/o1bdcMyNY7
— NWS Mount Holly (@NWS_MountHolly) August 17, 2024
In its latest forecast, the National Weather Service noted that rip currents continue to be a threat along the shore.
Punishing conditions on the coast have already prompted first responders to post red flags at Jersey Shore beach entrances. New York City officials announced beaches in Brooklyn and Queens would be closed to swimming and wading on Saturday and Sunday due to dangerous rip currents.
Staarmann, a meteorologist with the National Weather Service, said that besides all of northern New Jersey being under a flood watch, Monmouth County was as well.
“What we’re expecting generally is a widespread half-of-an inch to one-inch of rain. But there could be localized heavier amounts of around 2 to 4 inches or more, which could lead to areas of flash flooding wherever those heavier rainfall amounts do occur,” he said.
As it stands, flooding could pose a danger farther south of the state depending on how the forecast evolves later Saturday night.
AccuWeather senior meteorologist Dan Pydynowski said: “There can still be flash flooding of small streams and urban areas where it manages to pour for a couple of hours but that sort of condition would tend to be highly localized.”
New Jersey
25-year-old motorcyclist killed in N.J. crash Friday night
![25-year-old motorcyclist killed in N.J. crash Friday night 25-year-old motorcyclist killed in N.J. crash Friday night](https://www.nj.com/resizer/v2/XDZD6B54EZA4REOZMSTHQ3L3DA.png?auth=368597146df6db673c4e7119f4e150165a1e008b016fb01fa60a2bb66e9cbaf9&width=1280&quality=90)
A 25-year-old Camden County man was killed Friday night on Interstate 76 after he was ejected from his motorcycle and hit by another vehicle, a spokesperson with the New Jersey State Police said Saturday.
State Police responded to milepost 1.1 in Gloucester City in Camden County at 9:40 p.m. after receiving a report of a crash, officials said.
A preliminary investigation found Ryan Gaskill, of Pennsauken, was traveling southbound on I-76 when an unidentified SUV changed lanes in front of him, forcing Gaskill to apply the brakes, officials said.
The motorcycle overturned and Gaskill was ejected before being struck by another SUV traveling south, resulting in fatal injuries, according to authorities. The SUV that struck Gaskill remained at the scene, and the crash is remains under investigation.
No additional details were released by authorities Saturday morning.
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Matthew Enuco may be reached at Menuco@njadvancemedia.com. Follow Matt on X
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