'Goldman Sachs Gives' Catalyzes $4 Million Investment in Community Colleges
$1 Million Goldman Sachs Gives Grant Helps Drive Additional $1 Million in Matching Funds and Builds on $2 Million Grant to LaGuardia Community College
NEW YORK, NY – April 25, 2016 – Goldman Sachs, in collaboration with the American Association of Community Colleges, today announced the nine community colleges selected to receive grants from the Goldman Sachs Gives Community College Fund, which was created to strengthen community college endowments in support of need-based financial aid and build on the firm’s broader commitment to advancing community colleges across the United States. The $1 million donation from Goldman Sachs Gives, a donor-advised fund, will be distributed to community colleges throughout the country and is being matched 1:1 by donors in their respective communities.
In total, Goldman Sachs Gives has catalyzed $4 million overall for this effort, including the $1 million in matching funds and $3 million raised from the firm’s Management Committee, which is comprised of the firm’s senior-most executives. The $1 million disbursement announced today follows a $2 million initial gift to LaGuardia Community College to close their college completion gap. These funds, in addition to the grants The Goldman Sachs Foundation has made to community colleges through its 10,000 Small Businesses program, contributes to Goldman Sachs being one of the largest private backers of community colleges in the country.
“Grants from Goldman Sachs Gives reinforce our belief that community colleges serve a unique need by providing educational opportunities to individuals who may not otherwise be able to pursue or complete a degree,” said Lloyd C. Blankfein, Chairman and CEO of Goldman Sachs. “Through our 10,000 Small Businesses program, we have seen the positive effects these institutions can have on individuals and their communities, and we are committed to helping extend educational opportunities to more people.”
“We are proud to support community colleges nationwide that are enacting innovative and thoughtful programs to address equity in educational opportunity,” said Dr. Walter G. Bumphus, President and CEO of the American Association of Community Colleges. “This major investment from Goldman Sachs Gives recognizes the great need that many community colleges have to strengthen their endowments, and will significantly increase the scholarship funds available at these institutions, allowing them to build on their existing efforts to provide high-quality education to more deserving students.”
Beneficiaries of the Goldman Sachs Gives Community College Fund include:
• Borough of Manhattan Community College (New York, NY)
• Community College of Baltimore County (Baltimore, MD)
• Community College of Philadelphia (Philadelphia, PA)
• Gateway Technical College (Kenosha, WI)
• Lane Community College (Eugene, OR)
• Metropolitan Community College (Omaha, NE)
• Mississippi Gulf Coast Community College (Perkinston, MS)
• Odessa College (Odessa, TX)
• St. Louis Community College (St. Louis, MO)
These nine leading community colleges were selected via a competitive application process. Each community college was required to demonstrate both need and the ability to raise matching funds. The community colleges selected have demonstrated a record of successful partnership-building, exemplary leadership and a commitment to ensuring that students from all backgrounds and socioeconomic levels have access to educational opportunities through a robust financial aid program.
The firm and The Goldman Sachs Foundation have partnered with community colleges since the inception of the Goldman Sachs 10,000 Small Businesses program, a national initiative that helps small businesses create jobs and economic growth. Community colleges deliver the program’s practical business education to small business owners who learn skills they can immediately apply to grow their businesses. To date, nearly 6,000 businesses have been served through the program nationally with 67% of participants reporting that they increased their revenues and 46% of participants reporting net new jobs just six months after graduating, according to a report from Babson College.
Goldman Sachs Gives is committed to fostering innovative ideas, solving economic and social issues, and enabling progress in underserved communities globally. Since 2010, Goldman Sachs Gives has supported need-based scholarships at more than 200 colleges and universities globally and is one of the largest private supporters of such aid in higher education.