Goldman aims for $1B charitable fund

The Goldman Sachs Group Inc. today established Goldman Sachs Gives, a donor-advised charitable fund. The New York-based investment bank will encourage its 350 partners to commit a portion of their compensation to charity through the fund. Over the next few years, the firm expects the fund to grow to more than $1 billion. Goldman’s asset management group will manage Goldman Sachs Gives free of charge. Individual accounts will be established within Goldman Sachs Gives for participating partners, who will recommend charitable organizations around the world as recipients. Additionally, the firm itself will make a separate contribution to Goldman Sachs Gives. Though the program is open to partners now, other Goldman employees and alumni will be invited to participate over time. Also, Goldman Sachs said that it will step up its annual matching gift program to $20,000 for each eligible employee, excluding partners, effective Jan. 1, 2008. That’s up from $10,000.