U named 2017 Corporation of the Year by North Central MSDC
The University of Minnesota was recently named the “2017 Corporation of the Year” by the North Central Minority Supplier Development Council. This recognition is a reflection of the vision of the University’s Board of Regents decision to develop policy for the creation of a Supplier Diversity program in November 1996.
Over the past 24 months, the U has experienced impressive growth in its Supplier Diversity program. In FY 2016/2017 the University saw $11.2 million increase in the utilization of businesses owned by women, minorities and disabled suppliers over FY 2015/2016. The total dollars spent with those diverse suppliers in FY 2016/2017 totaled more than $82.5 million.
“The University of Minnesota strives to support businesses owned and operated by people of color, women and those with disabilities,” said Darryl Peal, executive director in the Office for Business and Community Economic Development at the University of Minnesota. “We believe that by strengthening such businesses, we also strengthen the community in which we live and work.”
In 1996, the Board of Regents developed the Targeted Business (Supplier Diversity) Policy. The policy states that the University of Minnesota will support and promote the utilization of purchasing power to enhance equal employment and business opportunities for minorities, women and disabled persons. Additionally, the University will foster economic growth in urban communities to aid in the reduction of poverty and unemployment.
In 1999, the U developed the Office for Business and Community Economic Development (OBCED) to lead Supplier Diversity initiatives. Since its development, the OBCED has been at the forefront of strengthening such businesses by promoting training and employment of urban community residents in skilled trades and professions and providing creative and innovative ways to involve Minority Business Enterprises in the University’s business.
This is the second major award for the University in the last 6 months. Earlier this year, the University was selected as the 2017 Corporate Partner of the Year by the Women’s Business Development Center – Minnesota.
For more information on the OBCED, visit diversity.umn.edu/bced.
About the North Central Minority Supplier Development Council
The North Central Minority Supplier Development Council (NCMSDC) helps connect minority-owned businesses and corporations throughout the Midwest region in Minnesota, Wisconsin, North and South Dakota and Iowa. It promotes an exchange of information between corporate members and Minority Business Enterprises (MBEs) to ensure proper partnering, fit and cooperation. The NCMSDC is one of 24 regional councils of the National Minority Supplier Development Council (NMSDC) in New York, NY and is a 501(c)(3) non-profit organization.