 |
Year Up's mission is to close the opportunity divide by providing urban young adults with skills, experience, and support that will empower them to reach their potential through professional careers and higher education. With a high support, high expectation model that combines marketable job skills, stipends, apprenticeships, college credit, a behavior management system, and several levels of support, Year Up places young adults on a viable path to economic self-sufficiency.
- Increased annual revenue from $700,000 in 2001 to $7.5 million in 2005 and grew the number of lives touched (students served per year) from 22 individuals in 2001 to 207 individuals in 2005. Year Up expects to serve more than 350 young adults in 2006.
- Opened its third site in Providence, RI in early 2005, welcomed its first class of students to its Washington, DC site in January 2006, and hired an Executive Director and start-up staff for a New York City launch in September 2006.
- In the 5 years since its founding, Year Up has empowered more than 450 low-income urban adults, delivering strong outcomes including: 83% student retention; 100% student placement in apprenticeships; 90% student placement in full- and part-time positions earning average wages of $14.96 per hour; and 65% student acceptance to college (42% currently attending).
- An MIT study estimates the expected net present value increase in total lifetime income and taxes paid by Year Up students at $444,000 and $137,000, respectively, with an even larger impact on the economic livelihood and well-being of the students' families and communities.
|
|
Year Up's 5-year growth plan calls for strengthening the operational structure of its 4 metropolitan locations and increasing service capacity to more than 1,400 students per year by 2010 in order to lay a foundation for national expansion. By 2007, Year Up expects that apprenticeship revenue and public funding will cover 70% of operating costs, with the remaining 30% to be raised nationally and regionally from individuals, foundations, and corporations.
Total Funding from New Profit to Date: $280,000
|