The Goldman Sachs Group announced the establishment of a new donor-driven philanthropy fund, Goldman Sachs Gives. Participating partners are expected to commit a part of their overall compensation to the fund. With approximately 350 partners, the fund is expected to grow to $1 billion in several years.
Individual accounts will be established for each partner as donor advised funds (DAFs). These partners can then recommend gifts to charities worldwide from their DAFs. Alumni and others will eventually be invited to participate in the program.
Effective January 1, 2008, Goldman plans to increase their Matching Gift Program from $10,000 to $20,000 for eligible employees.
Goldman has five employee networks, including the Asian Professional Network (what a great pool of board candidates for your organization).
Of course, all this giving helps when the firm made $9.4 billion in profits in 2006 and for the first nine months in 2007, they earned $8.2 billion.
Goldman Sachs Start Drive to Build Philanthropy Fund
Goldman Sachs Establishes Goldman Sachs Gives Charitable Fund
