Fulton, Md.-based NewDay USA has announced its plans to establish the NewDay USA Foundation, a tax-exempt private foundation that will serve as the principal instrument of philanthropy for the company.
According to the company, the 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. The foundation's first recipient of funds is Renovating Hope, which will receive a $1 million commitment to support its efforts to build and renovate homes for wounded warriors in need.
‘NewDay has a long and proud tradition of philanthropic activity focused on our nation's veterans, members of the armed services and their families,’ says Rear Admiral Tom Lynch (USN, ret.), chairman of the board at NewDay USA. ‘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.’
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 CEO Rob Posner and Admiral Lynch have been named co-chairmen of the NewDay USA Foundation.