$40k Rolexes aside, here is what Shawn Carter Foundation does

Celebrity news outlets have been engulfed the last couple of days by the news that Shawn “Jay Z” Carter sent a number of VIP passes to his upcoming event, Shawn Carter Foundation Gala. Why is this news? Because the VIP passes came with Daytona Rolex watches valued at $40,000 and Ace of Spades bottles valued at $300, a brand owned by Jay Z himself.

The gala is scheduled to take place on November 15 and November 16 at the Seminole Hard Rock Hotel and Casino in Hollywood, Florida. Proceeds from the event will go to the Shawn Carter Foundation.

Celebrities like Meek Mill and Swizz Beatz received theirs and even they couldn’t hold back from expressing their shock at the lavish invitations.

So what exactly is the Shawn Carter Foundation?

The foundation was founded as a public charity in 2003 by mother and son Gloria Carter and Shawn Carter. The goal of the foundation is to help individuals facing socio-economic hardship further their education.

Here are just few of the things the foundation does.

1. Provide scholarship for students seeking post secondary education

This is the biggest goal of the foundation. Shawn Carter Scholars receive financial assistance to pursue their post secondary education. According to the statistics provided by the foundation, 79% of scholars come from single parent homes while 64% of them are first generation college students. Furthermore, 77% of them represent household incomes of less than $40,000 with 59% of that group being under the national poverty line.

The Shawn Carter Foundation also provides opportunities to study abroad and facilitates various career exposures.

2. Teach financial literacy

The foundation holds financial literacy workshops in inner city communities by partnering up with Bridges to Wealth (B2W). As stated on the foundation’s website: “B2W is an innovative financial empowerment program focused on students, parents and local community partners to emphasize the importance of equal access to financial education, services and opportunities.”

3. Marcy Youth Basketball Program

For the past 7 years, the foundation has supported youth basketball tournaments in the Marcy projects in Brooklyn, NY. Hundreds of kids partake in a friendly competition before the start of the school year and receive uniforms, school supplies, and trophies. This is accomplished through a partnership with Tyrone Baldy Davis Foundation.

If you would like to become a Shawn Carter Scholar, check out the requires to apply here.