Beyonce and Jay-Z are teaming up to help a San Diego charity that helps at-risk children, the AP reports.
The trio announced Thursday that they'll each donate $1 million to the San Diego Foundation, which aims to improve the lives of at-risk children and their families in the area.
The foundation says it's the first time Beyonce and Jay-Z have teamed up to do so.
The money will go to the Children's Defense Fund, which works with at-risk children and their families to prevent trauma and abuse.
"This is a very special time in our lives, and we want to do everything we can to help as many children as we can," Beyonce said in a statement.
Jay-Z said in a separate statement that he's honored to be a part of the fundraising effort.
"The work and impact of the San Diego nonprofit community helps to advance just, equitable, and resilient communities in our region," he said.
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Senay Ataselim-Yilmaz, Chief Operating Officer, Turkish Philanthropy Funds, writes that philanthropy often solves the very problems that stems from market failure. Some social issues, however, cannot be tackled by questioning the return on investment.