The Goldman Sachs Foundation Announces Major Grants to Groundbreaking Programs
Johns Hopkins University's Center for Talented Youth Named First "Signature Initiative" Grantee
NEW YORK - The Goldman Sachs Foundation today announced the approval of the first three in a series of significant grants to education organizations, each for $1 million. Two of the three grants reflect the Foundation's brand of "venture philanthropy," which will leverage its grants with contributions of professional services and volunteer time.
Recipients include the Center for Talented Youth (CTY) at Johns Hopkins University, which received the Foundation's first "Signature Initiative" grant. CTY conducts the nation's oldest and most extensive talent search and educational program for secondary school students with exceptionally high academic potential.
Grants were also approved for the National Foundation for Teaching Entrepreneurship (NFTE), a leader in youth development through its entrepreneurship training program, and the Indian School of Business in Hyderabad, India, a distinctive new academic institution focused on developing business leaders for the future.
"These initial grants reflect the Foundation's mission - to identify and promote innovation and excellence in education worldwide," said Stephanie Bell-Rose, President of the Foundation. "Each of these high quality, achievement-oriented institutions applies extremely effective educational strategies that will flourish with the financial and human resources provided by the Foundation."
Promoting Innovation and Excellence in Education
The Goldman Sachs Foundation was launched in 1999 with a first-of-its-kind contribution of $200 million from The Goldman Sachs Group, Inc. (NYSE:GS), concurrent with the Group's initial public offering. John C. Whitehead, former co-Chairman of Goldman Sachs and former Deputy Secretary of State, chairs the Foundation's Board of Directors. Foundation President Bell-Rose served previously as Foundation Counsel and Program Officer at The Andrew W. Mellon Foundation.
Foundation Director John L. Thornton, President and co-Chief Operating Officer of Goldman Sachs, explained, "Today's global economy requires sophisticated, well-educated professionals who can master technology, process complex information, and communicate across multiple languages and cultures. Goldman Sachs has always valued these skills and supported programs to develop them in the communities where we do business. The Goldman Sachs Foundation now allows us to support educational programs and development efforts on a larger, more global scale."
The Foundation intends to make grants on a quarterly basis. Additional grants in the year 2000 will promote excellence in public schools and other educational settings.
"We have a three-fold mission: to enhance academic performance and prospects for life achievement of students at the secondary school level, to develop the abilities of promising high potential youth worldwide, and to support high quality education for young people in business and entrepreneurship," said Bell-Rose.
Signature Initiative: Preparing High Potential Youth for Excellence and Leadership
To increase the numbers of students on course to competitive colleges and careers worldwide, the Foundation will award a set of significant grants under its Signature Initiative.
"Our Signature Initiative aims to increase the number of high potential youth who are well-prepared for the rigorous education and training required of today's global leaders," said Bell-Rose. "By combining sizable grants to effective organizations with strategic donations of volunteer mentoring and business expertise, the Signature Initiative aspires to deepen the pool of young people who attend selective colleges and universities, pursue demanding professions and become effective leaders."
CTY will use its newly awarded grant to recruit more children, and those who qualify will be designated "Goldman Sachs Scholars." One hundred "Goldman Sachs Scholars" a year will attend CTY's academically challenging summer programs on college campuses and participate in weekend and distance education programs.
"We are honored to be recognized as an organization that exemplifies the spirit of the Signature Initiative," said Lea Ybarra, Executive Director, CTY. "The Foundation's grant and partnership will contribute enormously to our growth and allow us to identify, guide and prepare greater numbers of gifted young people - especially those from underrepresented backgrounds - for excellence and achievement."
Proven Solutions to Scale: A "Venture Philanthropy" Approach
The Goldman Sachs Foundation will base some of its grants on a "venture philanthropy" approach that is intensely focused on strengthening organizational effectiveness, building relationships between businesses and nonprofits, and coupling financial commitments with professional expertise and volunteer time.
"This is a creative, forward-looking brand of philanthropy that concentrates on building the capacity of exceptionally high quality organizations," said John C. Whitehead, Chairman of the Foundation's Board of Directors. "While helping take proven solutions to scale, the Foundation will support the long-term sustainability of the programs funded and increase benefits to those served."
To maximize its impact, the Foundation will support a select number of creative, measurably effective organizations around the world with grants of approximately $1 million each. These grants are intended to be catalysts for the development of links among the grantees and institutions in the private, public and nonprofit sectors. As part of its "venture philanthropy" approach, the Foundation will partner with CTY and NFTE in a strategic planning process that helps to define how the goals of the grants will best be met.
Goldman Sachs is a leading global investment banking and securities firm, providing a full range of investing, advisory and financing services worldwide to a substantial and diversified client base, which includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.