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SOURCE United Way of Greater Philadelphia and Southern New Jersey
Donation to Help Local Working Adults Secure Long-Term Financial Stability
PHILADELPHIA, Sept. 10, 2013 /PRNewswire-USNewswire/ -- Philadelphia venture capital investor and philanthropist Ira M. Lubert has pledged $4 million to United Way of Greater Philadelphia and Southern New Jersey's (UWGPSNJ) endowment fund to support in perpetuity the Lubert Individual Development Account (IDA) Program, an initiative that enables working individuals to achieve long-term financial stability and security.
The Lubert IDA Program assists participants with funding for post-secondary education or a first home by matching their savings. The program also provides participants with financial education, including lessons in establishing a pattern of regular saving, the importance of good credit, budgeting, and long-term money management skills. Since its inception, nearly 400 individuals have successfully completed the program, through which participants can save for post-secondary education with a 4:1 match or save for a first home with a 2:1 match.
Lubert, a real estate investment and private equity expert, is a long-time United Way supporter and leader and has been a champion of this important program since its inception in 2002. "For many working individuals, the two key factors to achieving financial stability are education and home ownership," said Lubert. "I am proud to partner with United Way to help ensure that adults across our region have the chance to learn critical skills, gain tools to improve their lives, and achieve financial independence."
Jill Michal, president and CEO of UWGPSNJ applauds Lubert's extraordinary commitment to helping individuals attain financial stability. "The impact that Ira has had on members of our community through the Lubert IDA Program has been tremendous and life-changing," said Michal. "This program uplifts and empowers working adults and their families through financial independence, which is an important component of a high quality of life. I am certain that Ira's incredible investment will have a positive and lasting influence on the lives of participants and continue to open doors to home ownership and higher education in the future."
Lubert has 30 years of experience in the real estate investment sector. He is currently chairman and co-founder of Lubert-Adler and also co-founder of LLR Equity Partners, Quaker Bio Ventures, LEM Mezzanine Fund, LBC Credit Partners, and Patriot Capital Partners, which together constitute Independence Capital Partners. Prior to co-founding Lubert-Adler, Lubert was the principal and founder of TL Ventures, within the family of Safeguard Scientifics, Inc., an early-stage venture fund. Lubert was also founder of Radnor Venture Partners, L.P., the first venture fund managed by Safeguard Scientifics.
Lubert currently serves on the board of his alma mater Pennsylvania State University, Thomas Jefferson University Hospital, The Franklin Institute, the National Constitution Center and Pennsylvania Real Estate Investment Trust (PREIT).
He has been involved as a leadership volunteer with United Way for many years and is an active recruiter for the Tocqueville Society, which is comprised of philanthropists who give $10,000 or more annually to United Way.
For more information on United Way's Impact agenda and work in education, income and health, please visit www.UnitedForImpact.org.
About United Way of Greater Philadelphia and Southern New Jersey
United Way of Greater Philadelphia and Southern New Jersey, serving communities in Pennsylvania's Chester, Delaware, Montgomery and Philadelphia counties, and New Jersey's Atlantic, Burlington, Camden, Cape May and Cumberland counties, is part of a national network of more than 1,300 locally governed organizations that work to create lasting positive changes in communities and in people's lives. United Way engages the community to identify the underlying causes of the most significant local issues, develops strategies and pulls together financial and human resources to address them, and measures the results. United Way is advancing the common good in Greater Philadelphia and Southern New Jersey by positively impacting the lives of people throughout the region in the areas of education, income, and health. For more information about United Way of Greater Philadelphia and Southern New Jersey visit www.UnitedForImpact.org.
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