|December 7, 2010|
Union receives major gift from Goldman Sachs Gives
Union has received a major commitment to the college – a $1 million gift that will provide scholarships for students over the next four years. The gift is from Goldman Sachs Gives, the firm’s donor-advised fund. Through Goldman Sachs Gives, the firm’s partners recommend a part of their overall compensation to non-profit and charitable organizations.
The donation was made at the recommendation of David Viniar '76, the chief financial officer of Goldman Sachs. A member of the College's Board of Trustees, Viniar is a generous benefactor to the school.
“Union College provided me with an outstanding education that was the foundation of my career,” Viniar said. “We hope this gift from Goldman Sachs Gives will help students enter and complete college and open opportunities for years to come.”
The gift will allow the College to award up to $250,000 for need-based scholarships to some members of the Class of 2014. These scholarships will continue in subsequent years until the gift is spent.
The College meets 100 percent of demonstrated financial need for all students. The average need-based scholarship at Union is $29,000.
“This gift allows us to help even more of our students and their families, particularly those who have been hurt by the economic downturn,” said Matt Malatesta, vice president for Admissions, Financial Aid and Enrollment. “We just wrapped up one of our most competitive recruiting seasons ever, and it’s important that we be able to make a substantial difference in helping students who want to experience a Union education.”
The 565 students in the Class of 2014 were chosen from more than 4,900 applications, the second largest number of candidates ever to apply to Union. The class is also one of the strongest academically, with nearly three-quarters ranked in the top 10 percent of their class.
“For Union to continue to attract the best and brightest, it’s critical that we find ways to support students during these difficult economic times,” said President Stephen C. Ainlay. “We are extremely grateful for this gift from Goldman Sachs Gives, which will help us in our mission to make a college education more affordable for those who choose Union.”
Union College, founded in 1795 as the first college chartered by the New York State Board of Regents, offers programs ranging from the arts, science, humanities, social sciences and engineering to 2,100 undergraduates of high academic promise and strong personal motivation. Union, with its long history of blending disciplines, is a leader in educating students to be engaged, innovative and ethical contributors to an increasingly diverse, global and technologically complex society.
The College is among the country’s leading liberal arts colleges, according to U.S. News and World Report’s annual rankings, the Princeton Review’s “The Best 371 Colleges,” and the “Fiske Guide to Colleges,” which features 330 of the country's best and most interesting colleges and universities.
Goldman Sachs Gives is a donor-advised fund—a public charity that maintains individual accounts for donors who recommend grants to qualified non-profit organizations from their accounts. Established in 2007, Goldman Sachs Gives enables Goldman Sachs and its people to leverage their donations to charities in the communities where they live and work, or elsewhere around the globe. The focus of this contribution is on those areas that have been proven to be fundamental to creating jobs and economic growth, building and stabilizing communities, honoring service and veterans and increasing educational opportunities.