Union has received a $350,000 gift that will provide an annual scholarship and assistance to students with pressing financial needs. 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 Thomas G. Connolly ’89 and his wife, Laura, of Rye, N.Y. Connolly, a managing director at the firm, graduated with a degree in managerial economics.
Preference for the annual endowed scholarship will be given to students with a parent who serves or has served with the U.S. Armed Forces or to students from the five boroughs of New York.
The first scholarship was awarded to a member of the Class of 2014.
“Union has played such an important role in my life, and I’m extremely happy to be able to help make it possible for others to take advantage of the opportunities the College provides,” Connolly said.
Last year, the Connollys also directed $250,000 through Goldman Sachs Gives to establish the annual scholarship.
“We are grateful to Thomas for his continued commitment and devotion to his alma mater,” said Matt Malatesta, vice president for Admissions, Financial Aid and Enrollment. “This significant gift will help meet the needs of some of our top students.”
The College meets 100 percent of demonstrated financial need for all students. The average need-based financial aid package is $32,500.
Union College, founded in 1795 as the first college chartered by the New York State Board of Regents, offers programs in the arts, science, humanities, social sciences and engineering to 2,100 undergraduates of high academic promise and strong personal motivation.
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.
As a donor-advised fund, or a public charity, Goldman Sachs Gives maintains individual accounts for donors who recommend grants to qualified non-profit organizations.
Established in 2007, it 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 is on creating jobs and economic growth, building and stabilizing communities, honoring service and veterans and increasing educational opportunities.