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Boeing Financial Assistance Fund to begin operations

by Business News Report

The two administrators of the Boeing Financial Assistance Fund, Kenneth R. Feinberg and Camille S. Biros, have said that the fund – designed to provide $50 million in immediate financial assistance to the families of those victims of the Lion Air Flight 610 and Ethiopian Airways Flight 302 accidents – will begin operations today. “The recent 737 MAX tragedies weigh heavily on all of us at Boeing, and we continue to extend our deepest sympathies to the families and loved ones of all those on board,” said Dennis Muilenburg, chairman, president and CEO of The Boeing Company. “The opening of this fund is an important step in our efforts to help affected families. We thank Ken Feinberg and Camille Biros for their important work leading this effort.”

The $50 million Boeing Financial Assistance Fund represents the initial expenditure of a $100 million pledge by Boeing to address family and community needs of those affected by the tragedies. The additional $50 million in funds will support education and economic empowerment in impacted communities. Boeing is developing partnerships with local governments and non-profit organisations to address those varying needs. In addition to this initial assistance package, Boeing has partnered with Global Impact to establish the One Boeing Support Fund, a separate charitable fund that gives Boeing employees and retirees a way to contribute voluntarily. To date, more than $780,000 has been raised to support affected communities.

Employee and retiree donations will be accepted-and matched dollar-for-dollar by Boeing-through the end of 2019 and support reputable, vetted, not-for-profit organisations that create lasting change in the affected communities. Specifically, the fund will support programs that focus on education and economic empowerment. All recipient organisations will be identified through a comprehensive due diligence process led by Global Impact and Boeing.

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