NEW YORK--(BUSINESS WIRE via COLLEGIATE PRESSWIRE)--Apr 7, 2005--The Goldman Sachs Foundation today announced $1.7 million in grants to outstanding educational organizations to support innovative youth development, business education, and teacher development programs.
Commenting on the new grants, Stephanie Bell-Rose, President of The Goldman Sachs Foundation, said, ''These grants address critical needs in education - academic enrichment for gifted youth who have traditionally been underrepresented on top college campuses, economic and financial literacy, and teacher training. Collectively they represent our commitment to preparing leaders of tomorrow and the teachers who will help guide them to success.''
With selected grants, the Foundation will combine a contribution of financial and intellectual capital in the form of Goldman Sachs professional expertise through its distinctive brand of ''venture philanthropy'' - the practice of high-engagement grant making that accesses the core competencies of Goldman Sachs to enrich grantee programs. The Foundation will leverage a network of volunteers who will serve as mentors, teachers, advisory board members, and presenters on such topics as entrepreneurship, business planning, and leadership.
The grants announced today include:
-- $575,000 to the Center for Talented Youth at Johns Hopkins University (CTY) (Baltimore, Md.) to support the efforts of the Next Generation Venture Fund, a collaboration with Duke University to support academic enrichment, mentoring and distance learning programs for young people from underrepresented and underserved backgrounds. The Next Generation Venture Fund was launched in 2004 with the backing of The Goldman Sachs Foundation and has since drawn support from a number of other corporate and foundation supporters, including Booz Allen Hamilton, Conexant Systems, Delphi, General Mills, Hewlett Packard, Time Warner, Carnegie Corporation of New York, The Hauser Foundation, the Kellogg Foundation and the Tiger Woods Foundation. A number of private individual investors have also invested in the Fund.
-- $220,000 to the Duke University Talent Identification Program (Durham, N.C.) to support the efforts of the Next Generation Venture Fund, a collaboration with Johns Hopkins University to support academic enrichment, mentoring and distance learning programs for young people from underrepresented and underserved backgrounds.
-- $300,000 to the University of California at Santa Cruz (Santa Cruz, Calif.) to build and implement a business model and organizational infrastructure to support the rapid growth of the university`s New Teacher Center, a national leader in developing and disseminating information about effective teacher induction and in helping schools retain new teachers.
-- $300,000 to the National Council on Economic Education (NCEE) (New York, N.Y.) to conduct the 2005-06 NCEE/Goldman Sachs Foundation National Economics Challenge, a nationwide competition that educates high school students about core economic concepts and stimulates broader interest in economics using a ''quiz bowl'' competition format.
-- $120,000 to Junior Achievement Worldwide (JA) (Colorado Springs, Colo.) to provide ongoing support for the Junior Achievement/Goldman Sachs Foundation Personal Finance Program, available through public and in-school websites.
The Foundation has also made a grant to the Education Testing Service (Princeton, N.J.) to continue an ongoing independent evaluation of Foundation programs.
About The Goldman Sachs Foundation
The Goldman Sachs Foundation is a global philanthropic organization funded by The Goldman Sachs Group, Inc. The Foundation`s mission is to promote excellence and innovation in education and to improve the academic performance and lifelong productivity of young people worldwide. It achieves this mission through a combination of strategic partnerships, grants, loans, private sector investments, and the deployment of professional talent from Goldman Sachs. Funded in 1999, the Foundation has awarded grants in excess of $62 million since its inception, providing opportunities for young people in more than 20 countries.
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