Goldman Sachs Foundation

The Goldman Sachs Foundation operates as a program-driven grantmaker, not a traditional responsive funder. It does not accept unsolicited proposals. Grants flow almost exclusively through three flagship initiatives: 10,000 Small Businesses, 10,000 Women, and One Million Black Women. The Foundation designs programs internally and then recruits implementation partners — primarily community colleges, business schools, CDFIs, and nonprofit intermediaries — to execute them locally.

This inverted structure means the pathway to partnership does not begin with a letter of inquiry. It begins with relationships. Goldman Sachs Gives, the firm's senior-employee donor-advised fund, is the most accessible channel for organizations outside the three flagship programs. Senior GS employees can recommend qualifying 501(c)(3) organizations, and the firm's national footprint means potential advocates exist in most major metro areas.

For organizations targeting the flagship programs, the relationship-building pathway runs through Goldman Sachs's local office network and existing implementation partners. Babson College functions as the national curriculum manager for 10,000 Small Businesses — engagement with their team creates visibility within the program's selection process. Community colleges across 15+ states have received $1M–$8M multi-year grants as local delivery partners; institutions with existing entrepreneurship programs and business-community connections are the strongest candidates.

For 10,000 Women, the Foundation has worked primarily through high-volume lending institutions (International Finance Corporation, $19.8M; Grameen America, $3.1M) and online education platforms (University of Leeds via Coursera, $8.4M). CDFIs and microfinance organizations with documented access-to-capital outcomes for women are the best fit.

For One Million Black Women, the initiative remains the Foundation's most active new-partnership front. Grants have gone to HBCUs (Morehouse School of Medicine, $4M for maternal health equity; Morgan State University Foundation, $5.9M), entrepreneurship intermediaries (JUMPSTART INC, $7.3M; Accelerate 500, $3.7M), and CDFIs (Grameen America, Low Income Investment Fund). Organizations with HBCU affiliations, strong Black community networks, or measurable Black women entrepreneur pipelines are competitive.

First-time applicants should treat this Foundation as a relationship cultivation target, not a grant application target. Building visibility with GS professionals through advisory boards, co-events, or program partnerships is the necessary precondition — not a shortcut.

Grant size at the Goldman Sachs Foundation varies dramatically based on program role. The DB records show a median grant of $301,195 across a 57-grant sample (range: $25,000 to $3,815,393). Across the full historical portfolio of 474 grants totaling $281M, the average grant is $592,868 — but this average is pulled upward by a small number of anchor-partner multi-year commitments.

Concentration is extreme: the top 10 grantees account for over $125M, or 44% of the $281M total. A flagship curriculum partner like Babson College ($19.2M across 7 grants, avg. $2.7M per grant) or University of Oxford ($22.6M across 6 grants, avg. $3.8M per grant) receives multi-million-dollar renewable commitments. Community college partners typically receive $1M–$5M per grant in the initial award, with renewals at similar or reduced levels.

By program area: 10,000 Small Businesses represents approximately 65% of total grant spending, directed primarily to U.S. community colleges and domestic business schools, plus UK (Oxford) and France (ESSEC) implementation partners. 10,000 Women accounts for roughly 20%, concentrated in IFC ($19.8M), University of Leeds ($8.4M), and CDFI lending partners. One Million Black Women represents approximately 12%, with grants ranging from $2.3M (Tory Burch Foundation) to $4.3M (Morehouse School of Medicine). COVID-19 relief (2020–2021) was a supplementary category, with CDFI grants typically $1.3M–$2.3M.

Geographically, the 10,000 Small Businesses program has penetrated 31+ states. The highest grant concentrations by state: NY (55 grants), MD (47), OH (38), GA (33), CA (32), TX (24), MA (23), PA (20), IL (19), MN (19).

Annual giving trajectory tells a critical story: giving peaked at $82M (2022) and $57.9M (2023), then dropped sharply to $30.1M (2024). The 2020 contributions received ($125M, driven by Goldman Sachs's COVID commitment) funded the giving surge; 2024 contributions received fell to $25M. The Foundation is in a consolidation phase — new partnerships are less likely than in 2021–2023. Total assets have grown to $690.5M (2024) from $593.9M (2019), supported by strong net investment income of $65M in 2024.

The Goldman Sachs Foundation occupies a distinctive niche among $690M+ philanthropic foundations. Unlike most peers in its asset range, which function as traditional family or institutional grantmakers, Goldman Sachs operates as a corporate program office — designing and funding its own flagship economic development initiatives rather than responding to field-driven proposals.

All five peers in this asset range operate as invitation-only or preselected-only funders, making cold-outreach strategies ineffective across the board. Goldman Sachs stands out in two ways: its corporate program model (grants are instruments of a business strategy, not pure philanthropy) and its unusual giving volatility — swinging from $30M to $82M year-to-year based on Goldman Sachs corporate commitments. The Flatley Foundation and Perenchio Foundation maintain more stable, geography-concentrated portfolios. For grant seekers, Goldman Sachs's corporate identity is both a constraint (requiring deeper relationship investment) and an opportunity (the firm's national employee base creates more potential relationship pathways than a family foundation).

The Foundation's most publicly visible 2025 activity was the 10th anniversary Analyst Impact Fund, completed in fall 2025. More than 1,000 analysts competed, with Jacaranda Health (maternal health, Kenya/Africa) winning the $250,000 top grant. Three runners-up shared $225,000, and a $25,000 Fan Favorite was also awarded. The cumulative 10-year impact: $5.5M+ granted to 168 nonprofits across 70 offices globally. This program, while relatively modest in dollar terms, demonstrates the Foundation's appetite for organizations with global reach and measurable health or economic outcomes.

The One Million Black Women initiative remains the Foundation's primary large-grant vehicle. Major 2022–2023 grants included $4.3M to Morehouse School of Medicine (maternal health equity), $4.3M to JUMPSTART INC (Black in Business nationally), $3.7M to Accelerate 500 (nationwide entrepreneurship), $3.1M to Grameen America (microfinance access), and $3.3M to NYU Stern School of Business (Black in Business nationally). These grants confirm the Foundation's preference for anchor institutions with scale.

Financial trends are the most significant recent development. FY2024 showing $30.1M in total giving — down 48% from $57.9M in 2023 and 63% from $82M in 2022 — signals a meaningful pullback from the expansion phase. Assets grew to $690.5M on strong investment returns ($65M net investment income), but annual contributions from Goldman Sachs dropped to $25M. President Asahi Pompey continues to lead the Foundation; no leadership changes were identified in recent searches. The Foundation does not publish a standalone annual report, making its activity primarily traceable through IRS filings and GS corporate press releases.

The single most important tip for this funder: do not submit a cold proposal or make an unsolicited inquiry. The Foundation's application instructions are documented as none — this is not an oversight. Grants are made through internal program selection and Goldman Sachs Gives employee recommendations only.

For 10,000 Small Businesses aspirants: Community colleges and business schools are the implementation vehicle of choice. If your institution has not been approached, build a relationship with Babson College's 10KSB program team (the national curriculum manager with $19.2M in Foundation grants) — they can provide visibility into the Foundation's partner selection process. Document your institution's credit-hour capacity, existing entrepreneurship programming, employer advisory network, and graduate employment outcomes before seeking any GS engagement. Do not lead with a funding ask; position your institution as ready to receive curriculum and co-brand with the GS name.

For 10,000 Women and CDFI-track organizations: Demonstrate access-to-capital infrastructure, not just training programming. The Foundation's top 10,000 Women partners (IFC, Grameen America, Community Reinvestment Fund, Low Income Investment Fund) all operate lending or capital deployment functions. Training-only organizations are much less competitive for this program's major grants.

For One Million Black Women aspirants: This is the most open track for new partnerships in 2025–2026. Lead with quantified impact: number of Black women served annually, capital accessed, job creation, and healthcare outcomes. HBCU affiliations and maternal health, housing, or entrepreneurship program areas align with demonstrated grant patterns. Grants of $2M–$4M require demonstrated organizational capacity at similar scale.

For Goldman Sachs Gives access: Identify GS professionals who have engaged with your organization — program participants, board advisors, event attendees — and cultivate those relationships with the explicit goal of a GS Gives recommendation. The firm employs thousands nationally; alumni networks, professional associations, and civic organization overlaps are productive prospecting sources.

Common mistake: Conflating the Goldman Sachs Foundation with Goldman Sachs Bank USA's Community Development Grants Program. The Bank's program is a separate CRA vehicle open to nonprofits focused on LMI homeownership in NY, NJ, and UT, with a July 19, 2026 deadline and an accessible application portal. If your organization fits that profile, apply there — it is a completely different and more accessible channel.