Goldman Sachs invests $250,000 to advance racial equity through Youth INC Rise Academy for ...
NEW YORK, July 21, 2021 (GLOBE NEWSWIRE) -- Youth INC is thrilled to announce Goldman Sachs’ investment of $250,000 in Youth INC Rise Academy for Leaders of Color. The investment will support nonprofit organizations that demonstrated their commitment to racial equity by nominating leaders who were selected for the inaugural cohort of Rise Academy for Leaders of Color, an immersive 15-month leadership program.
Goldman Sachs’ investment draws from its Fund for Racial Equity, established in 2020 to support the vital work of leading organizations addressing racial injustice, structural inequity, and economic disparity. This commitment recognizes the investment that these organizations are making in advancing racial equity and provides each with capital to ensure operational efficacy and future sustainability as they undergo this important program.
“Goldman Sachs’ investment in Youth INC’s Rise Academy for Leaders of Color aligns strongly with our values and commitment to support organizations working to dismantle structural inequities,” said Asahi Pompey, global head of corporate engagement at Goldman Sachs and president of the Goldman Sachs Foundation. “We are honored to join Youth INC in its mission to lift emerging leaders of color and help provide them with the skills needed to take on executive roles at youth development organizations across New York City.”
Rise Academy for Leaders of Color, which launched on July 21, 2021, with significant funding from Canaccord Genuity LLC, champions equitable organizations and representative leadership in the nonprofit sector by overcoming barriers that limit the advancement of people of color. The program shifts the landscape for ascendant Black, Indigenous, and People of Color (BIPOC) nonprofit leaders of youth development organizations.
Developed in partnership with the Center for Nonprofit Leadership at Adelphi University School of Social Work, the program integrates personal leadership development, nonprofit management, community leadership, executive coaching led by AIIR Consulting, and a mentor program for emergent leaders. Given Youth INC’s holistic approach to change management, the program will also seek to address the environments in which these leaders operate, including management teams and governing Boards.
“We are proud to stand with Goldman Sachs to combat racial inequities and are committed to tackling the injustices nonprofit leaders face,” said Rehana Farrell, executive director of Youth INC. “This is our first program designed to specifically to center the voices of BIPOC leaders and we look forward to advancing this work in line with our values.”
Youth INC and Goldman Sachs welcome ten of the leading youth-development organizations of New York City to the inaugural cohort of Rise Academy for Leaders of Color:
- America SCORES New York
- Behind the Book
- Common Denominator
- Drama Club
- Fiver Children’s Foundation
- I Challenge Myself
- Play Rugby, Inc.
- Read Ahead
- Youth Action YouthBuild
About Youth INC
Youth INC is a network of 75+ of the best youth development nonprofits in New York City. We provide our nonprofit partners with the coaching, capital, and connections required to achieve sustainable growth and maximum impact. Our nonprofit partners collectively champion over 200,000 young people each year. The Aspen Institute estimates that investing in the Social and Emotional Learning (SEL) of young people generates an 11x return. This impact means Youth INC’s $110 million raised since inception has yielded over $1B of impact. To learn more, visit www.youthinc-usa.org.
About Goldman Sachs Group Inc.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. To learn more visit, www.goldmansachs.com.
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