Utah school board receives $7 million investment
August 15, 2013
While public schools need funding, they tend to be at the mercy of a local school board and, ultimately, a state government. Many times, the money just isn't enough, though, and students and teachers need to buy their own supplies and create a curriculum on their own time.
However, this may not be the case for some classrooms in Utah. According to Education Week, Goldman Sachs and the Pritzker Group are joining to invest $7 million in a Salt Lake City-area school district. Specifically, the money will go to expand an early-childhood education initiative in the Granite district, which is home to 67,000 students.
The news source said that the groups are investing in the area in the form of a social-impact bond. This means that the donors are hoping to see positive social growth and decreasing costs in the area down the future. Additionally, it is intended to pave the way for academic success for local students in the future.
Goldman Sachs has a long history of giving to charities and other organizations in need of additional funding. The corporate website reported that the company, through the Goldman Sachs Gives fund, gave $500 million in 2009 and $320 million in 2010 to numerous nonprofits.
Foundations that support nonprofit programs year-round can use grant management software to help board members and accountants track funds and recipients as awards are allocated.