Philanthropy Spotlight: Doing Good

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A spotlight on leading philanthropic initiatives at successful companies

By Belinda Sharr

Pricewaterhouse Coopers’s PwC Charitable Foundation

For some companies, philanthropy isn’t just a small branch of the business—it’s its own business. Pricewaterhouse Coopers has its own philanthropic foundation that dedicates itself to helping others.

The PwC Charitable Foundation, Inc. supports the work of innovative organizations, social entrepreneurs, and leaders who transform education, empower veterans, inspire social entrepreneurship, and respond rapidly in times of natural disasters and other tragic events, according to the company. The foundation also supports PwC employees in times of unexpected financial hardship and celebrates them in times of achievement.

The mission of PwC’s foundation is to support the people of PwC and address the societal issues that impact them, their families, and their communities. According to the company, “by leveraging its knowledge, interests, goodwill and entrepreneurial spirit, PwC invests in scalable solutions to society’s biggest challenges in education and humanitarianism.”

“The mission has been built by our people and for our people,” Shannon Schuyler, president of the PwC Charitable Foundation, says. She explains that PwC looked at its company charity initiatives about five years ago and asked if they should be doing more—the answer was yes. “We made a commitment over the next five years. We look to be a $50 million giving foundation. It’s a really exciting shift,” she says. Thus far, the shift has been a success. “Even within this past year we [have gained] the engagement of our people by 85 percent,” she says.

One of the key initiatives of the foundation is to help veterans. The foundation committed $5 million for a series of grants to support U.S. veterans and their children by 2019. The grants are geared towards helping veterans and their children overcome barriers, such as a lack of access to affordable education and transition assistance, to help military service members gain the necessary knowledge and tools to successfully transition back into civilian life. Military programs that have received funds from PwC include Marine Corps Scholarship Foundation, Four Block, Hire Heroes USA, and Easter Seals Dixon Center Military and Veterans Services.

Schuyler believes that philanthropy is an important part of the corporate business and that more organizations should strive to set and achieve philanthropic goals.

“I think that companies need to find ways to give back to elevate society,” she says

Goldman Sachs’ Multiple Philanthropy Initiatives

Goldman Sachs has a large philanthropy program, which encompasses four major initiatives: 10,000 Women; 10,000 Small Businesses; Goldman Sachs Gives; and Community TeamWorks.

The 10,000 Women program was launched in 2008 and is based on a growing body of research to support the economic opportunity of investing in women, according to the company. Goldman Sachs then provided “women entrepreneurs around the world with business management education, mentoring and networking, and access to capital.”

10,000 women

To date, the initiative has reached more than 10,000 women from 56 countries and has resulted in immediate and sustained business growth for graduates of the program.

Recently, Goldman Sachs’s 10,000 Women and IFC’s Banking on Women program announced a $50 million loan to YES BANK, India’s fifth largest private sector bank, to be used exclusively to lend to woman-owned businesses. This project is part of the Women Entrepreneurs Opportunity Facility (WEOF), the first-of-its-kind, global facility dedicated to expanding access to capital for approximately 100,000 female entrepreneurs, according to Goldman Sachs.

10,000 Small Businesses

10,000 Small Businesses is a $500 million investment by the company to help small businesses create jobs and drive economic growth by providing entrepreneurs with a practical business education, the opportunity to access capital, and business support services, according to Goldman Sachs.

To date, 10,000 Small Businesses has reached more than 6,000 small businesses across the U.S. and U.K. Sixty-seven percent of participants have reported revenue increases six months after graduating, and 46 percent of participants have reported creating net new jobs in the same time period.

In March 2016, Goldman Sachs gave $5 million to Bridgeway Capital to help local entrepreneurs across Pittsburgh and western Pennsylvania create and grow jobs. “Providing small business owners with the capital they need is essential to job creation and business growth,” Esta Eiger Stecher, CEO of Goldman Sachs Bank USA, said in a statement. “We are proud to partner with Bridgeway Capital as part of the 10,000 Small Businesses initiative to contribute to the growth of small businesses in western Pennsylvania.”

Goldman Sachs

ives Another of the company’s successful programs is Goldman Sachs Gives. This is a donor-advised fund through which Goldman Sachs and its current and retired senior employees can recommend grants to qualifying nonprofit organizations globally. Goldman Sachs Gives has made more than $1 billion in grants and partnered with over 4,000 nonprofits in 80 countries around the world.

Recent grant recipients include LaGuardia Community College, The Brain Tumour Charity, Team Rubicon, Touch Foundation, and various disaster relief foundations.

Community TeamWorks

Community TeamWorks is a global volunteer initiative that enables Goldman Sachs’ people to drive tangible progress in communities where we work and live. One day a year, people from Goldman Sach’s offices work in partnership with local nonprofit organizations around the world, contributing their expertise and ideas to help make a meaningful difference.

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PwC’s Charitable Foundation’s Focus

Cause Areas (amount given since 2001)
People of PwC – $3 million
Education – $20.3 million
Humanitarianism – $8.1 million
Special commitments within cause areas:
Education: Social entrepreneurship – $3.3 million
Humanitarianism: Veterans – $2.25 million

Key Initiatives

Goldman Sachs Gives

Goldman Sachs Gives has made more than $1 billion in grants and partnered with over 4,000 nonprofits in 80 countries around the world.

10,000 Women

To date, the initiative has reached over 10,000 women from across 56 countries and resulted in immediate and sustained business growth for graduates of the program. Goldman Sachs and IFC created the first-ever $600 million financing facility for women entrepreneurs to enable 100,000 women around the world access capital.

10,000 Small Businesses

To date, 10,000 Small Businesses has reached over 6,000 small businesses across the US and UK. 67 percent of participants have reported increasing their revenues just six months after graduating and 46 percent of participants have reported creating net new jobs in this same time period.

Community TeamWorks

From revitalizing community spaces to mentoring future leaders to nurturing small businesses, Community TeamWorks enables its people to make a meaningful difference in communities around the world. Stats include 54 offices, 900 organizations, 1,600 projects worldwide, 25,000 Goldman Sachs people and 150,000 hours committed.

Posted June 15, 2016 in Philanthropy