The Goldman Sachs Foundation Awards Second Set of Grants to Major Education Programs
Institute of International Education receives largest grant
NEW YORK - The Goldman Sachs Foundation recently awarded six new grants to promote innovation and excellence in education worldwide, each in excess of US$1 million. Announcing the grants, Stephanie Bell-Rose, the Foundation's President remarked: "These grants reflect the Foundation's mission - to identify and promote innovation and excellence in education worldwide. The funded programs will make a lasting, positive impact on young people around the world at an important point in their lives."
"We are seeking to accomplish three goals with our resources," explained John C. Whitehead, Chairman of the Foundation's Board of Trustees, former Co-Chairman of Goldman Sachs and a former Deputy Secretary of State. "First, to build the capacity of exceptional organizations. Second, to take extremely effective education strategies to scale. And third, to promote high academic achievement worldwide."
The Board of Trustees also welcomed its newest member, Frank H. T. Rhodes, President Emeritus of Cornell University and former chairman of the Board of Trustees of the Carnegie Foundation for the Advancement of Teaching.
The Goldman Sachs Foundation was launched in 1999 with a first-of-its-kind contribution of US$200 million from The Goldman Sachs Group, Inc. (NYSE:GS) concurrent with the Group's initial public offering. Priorities of the Foundation are to develop the abilities and leadership skills of promising high potential youth worldwide; to support quality education for young people in business and entrepreneurship; and to enhance academic performance and prospects for life achievement of students at the secondary school level.
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 has awarded a set of significant grants under its Signature Initiative - Preparing High Potential Youth for Excellence and Leadership.
"This new set of grants reflects the goals of the Signature Initiative - to cultivate the talents and abilities of high potential youth worldwide," said Bell-Rose. "In particular, the aim is to expand successful programs that equip gifted youngsters with the skills, knowledge, and discipline to enter and thrive in highly competitive academic institutions and careers."
Selected awards in the Signature Initiative will utilize a distinctive brand of "venture philanthropy" designed to intensify the impact of funded projects by combining sizable grants from the Foundation with contributions of professional services and business expertise from Goldman Sachs. The Foundation will coordinate "Goldman Sachs Institutes" - educational programs on entrepreneurship, business and leadership specially crafted for students and college-aged alumni of several grantees. These programs will respond to the growing interest in such topics by leveraging the invaluable experience of highly talented people affiliated with the firm.
"The Foundation's venture philanthropy approach will extend Goldman Sachs' charitable work around the world," explained Foundation Trustee, John L. Thornton, who is also President and Co-Chief Operating Officer of Goldman Sachs. "It offers our people additional opportunities to serve effective organizations that are developing high potential youth from underrepresented groups."
New grant recipients in the Signature Initiative include Prep for Prep, A Better Chance, Inc., and Bank Street College of Education.
Prep for Prep is a New York City based organization that utilizes a multi-faceted, long-term preparation strategy to help exceptionally high-potential students enter and succeed in academically demanding high schools, will receive a Signature Initiative grant of US$1,100,000. Support from the Foundation will fund an expansion of the organization's program in order to prepare significantly larger numbers of high potential underrepresented youth for selective colleges.
A Better Chance, Inc. - the nation's largest high school placement and support organization for academically gifted youth from underrepresented groups - will receive a US$1,200,000 grant to increase the numbers of students who graduate from some of the nation's finest preparatory schools and enter selective colleges. The grant will also support the preparation and dissemination of an expanded career services curriculum with a new focus on entrepreneurship, leadership and technology.
The Bank Street College of Education will be awarded a grant of US$1,200,000 to expand a successful program of academic support for secondary school students by assisting high potential inner city youngsters attending parochial schools to prepare for admission to selective colleges. It will also develop a program of professional development for teachers in several New York City Catholic high schools.
International Education and Leadership Development
A grant of US$3,000,000 will fund the establishment of the Goldman Sachs Global Leaders Program at the Institute of International Education (IIE). As part of this program, a global competition will be held annually to identify one hundred highly accomplished college students around the world. Selected students will partake in an engaging set of learning activities designed explicitly to develop fully their potential. The capstone activity will be a program on leadership and the new economy which will be co-taught by faculty from several fine universities and Goldman Sachs experts. This venture philanthropy strategy - through which the Foundation's grant is coupled with expertise of firm leaders - will be a critical factor in the success of the Global Leaders Program.
"Pervasive shortages of well-trained leaders who can operate effectively in complex, technology-driven environments, and in varied cultural settings require fresh approaches to prepare more high potential youth for the demands of the new economy," said Whitehead. He added, "The Goldman Sachs Global Leaders Program will demonstrate a strong commitment to excellence and to the development of highly talented individuals across geographic borders."
Promoting Excellence in Secondary School Education
Teachers College at Columbia University and the Kenan-Flagler Business School of the University of North Carolina at Chapel Hill complete the list of grantees.
Teachers College will receive a grant of US$1,100,000 to create the "Institute for School Redesign, Teaching and Leadership," a model program that will use apprenticeships to leverage the resources and skills of experienced educators from the College's faculty and from top performing high schools to assist the effective development of 15 new small high schools.
The Board of Trustees also awarded US$1,200,000 to the Kenan-Flagler Business School of the University of North Carolina at Chapel Hill to help launch an innovative new model school that will serve as a promising alternative to public education. The school will combine the best practices of education reform, technology and business to create an opportunity for accelerated learning for secondary school students from local communities.