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Goldman Sachs Foundation

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The Goldman Sachs Foundation is a New York-based, not-for-profit private foundation that is a subsidiary of the financial services firm Goldman Sachs and has the goal of bettering humanity worldwide, especially regarding health and education.[1]

It is one of the world’s largest corporate foundations with hundreds of millions of dollars in assets.[2]

History

The foundation was founded in 1999,[1] the same year Goldman Sachs went public, with an experience nitial $200 million asset base.[3]

The foundation became especially active after the global financial crisis of 2008.[3] Between 2008 and 2013 it gave away some $1.6 billion.[3] According to the New York Times, " Goldman is a firm that prides itself on discretion, but it isn’t giving away its billions quietly. It has bestowed the Goldman Sachs logo — and hundreds of millions of dollars — on two splashy programs, one that supports women in developing countries and another that helps small businesses."[3]

Its president during the mid 2000s was Stephanie Bell-Rose.[4] Its president during the early 2010s was Dina Habib Powell, who soon after her departure became a Deputy National Security Advisor (United States).[5]

Initiatives

Some of the Foundation's initiatives involve supporting and developing entrepreneurs around the world, including 10,000 Women and 10,000 Small Businesses. 10,000 Women provides women entrepreneurs in developing countries with business education, access to capital and mentors.[6][7] Under Powell, Goldman Sachs partnered with International Finance Corporation and Overseas Private Investment Corporation to raise 600 million dollars, to provide access to capital for more than 100,000 women worldwide.[8] Goldman's 10,000 Small Businesses, which was co-chaired by Lloyd Blankfein, Warren Buffett, Michael Bloomberg and Michael Porter of Harvard Business School, supports the growth and expansion of small business in the U.S. and UK.[9][10]

In 2000, Prep for Prep partnered with the Goldman Sachs Foundation to establish the New York Metro Region Leadership Academy. According to a report on the Goldman Sachs Foundation signature initiative to develop high-potential youth, "The New York Metro Region Leadership Academy (NYMRLA)was established as a program of Prep for Prep to improve academic preparation of promising 12- and 13-year-old students from suburban public schools in the New York metro region. Through a rigorous course of study and an array of leadership development opportunities, the program prepares young people for accelerated and Advanced Placement courses in high school. NYMRLA’s educational mission is to create a foundation for strong academic performance that will enable students to satisfy the admission criteria of top-ranked colleges." Unfortunately, the Foundation only supported two cohorts of students (131 accepted) and the program had to end due to a lack of funding.[11]

In September 2006, the Parliament of Bangladesh ratified the landmark Charter of the Asian University for Women. The Charter endowed the University with institutional autonomy, academic freedom, and embedded it in the principle of non-discrimination. In 2005 and 2006, the Goldman Sachs Foundation and the Bill & Melinda Gates Foundation provided the start-up funds which enabled the university to become operational in 2008.[12]

In 2006, Harvard Summit for Young Leaders in China, supported by the Goldman Sachs Foundation and American Airlines, recruited 37 students of Harvard University to create and teach a curriculum at a school in Shanghai. The program received extensive media attention across China, bringing approximately 600 high school students from among thousands of applicants to participate.

Goldman Sachs has received favorable press coverage for conducting business and implementing internal policies related to reversing global climate change.[13] According to the company website, the Goldman Sachs Foundation has given $114 million in grants since 1999, with the goal of promoting youth education worldwide.[14]

References

  1. ^ a b http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=4960180
  2. ^ Kolhatkar, Sheelah (2012-05-24). "Goldman's Jobs Act". Bloomberg Businessweek. Bloomberg L.P. Retrieved 2015-09-11.
  3. ^ a b c d https://mobile.nytimes.com/blogs/dealbook/2013/10/26/goldman-sachs-buying-redemption/?referer=http://www.businessinsider.com/goldman-sachs-dina-powell-2013-10
  4. ^ https://www.tiaainstitute.org/people/stephanie-bell-rose
  5. ^ Gordon, Michael (March 15, 2017). "Dina Powell, Donald Trump Aide, Named to National Security Post". The New York Times.
  6. ^ White, Ben (2008-03-10). "A helping hand for women". Financial Times. The Financial Times Limited. Retrieved 2015-09-22.
  7. ^ Lawrence, Christopher (2014-08-18). "Dina Habib Powell Wants to Invest In Your Future". Marie Claire. Hearst Communications. Retrieved 2015-09-11.
  8. ^ "OPIC Announces Plans to Join Goldman Sachs 10,000 Women and IFC in the Women Entrepreneurs Opportunity Facility, Committing $100 Million to Enable 100,000 Women to Access Capital" (Press release). OPIC. July 27, 2015. Retrieved 2015-09-16.
  9. ^ McGill Murphy, Richard (2011-01-18). "Goldman Sachs's gift to 10,000 small businesses". FORTUNE. Time Inc. Retrieved 2015-09-22.
  10. ^ Walsh, Tom (2014-09-18). "Buffett, Bloomberg, Goldman add star power to graduation". Detroit Free Press. Gannett. Retrieved 2015-09-22.
  11. ^ http://www2.goldmansachs.com/citizenship/philanthropy/publications-and-resources/developing-high-potential-youth/signature-initiative-evaluation.pdf
  12. ^ Kingston, Jeff (2009-01-11). "Asia University for Women: magic in the making". The Japan Times Online. ISSN 0447-5763. Retrieved 2017-01-17.
  13. ^ "The Street Turns Green". Newsweek. Newsweek, Inc. 2007. Retrieved November 23, 2007.
  14. ^ "Corporate Engagement". The Goldman Sachs Group, Inc. Retrieved September 10, 2013.

Category:Non-profit organizations based in New York City Category:Foundations based in the United States Category:Goldman Sachs Category:Organizations established in 1999 Category:1999 establishments in New York

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