Ex-Wall St. Executives Go to Bat to Help Nonprofits

Kudos to Chuck Harris!

Two organizations, Teach for America and College Summit, have tested the SeaChange concept, and Goldman Sachs has agreed to put up $5 million toward a total goal of $40 million to support SeaChange.
 
“When we think about corporate engagement, it’s not just writing a check but somehow making use of the resources and know-how of  Goldman Sachs,” said Mark R. Tercek, the managing director who oversees the  firm’s corporate responsibility efforts. “If we could help fuel the growth of  the nonprofit sector with that know-how, that would be putting both our money and capabilities to good use.”
 
With the help of SeaChange, Teach for America, a nonprofit  that recruits recent college graduates to teach in public schools, raised $60 million in $5 million and $10 million increments from about a dozen donors,  said Wendy Kopp, its founder and chief executive.
 
“What we are trying to do is get much bigger and much better,”  Ms. Kopp said. “In the for-profit world, companies raise capital to do that,  but it’s not as easy in the nonprofit  world.”

-------------------------

Ex-Wall St. Executives Go to Bat to Help Nonprofits

By STEPHANIE STROM
<http://topics.nytimes.com/top/reference/timestopics/people/s/stephanie_strom/index.html?inline=nyt-per>
Published: August 3, 2007
http://www.nytimes.com/2007/08/03/business/03charity.html

An organization founded by two former Goldman Sachs partners is using Wall Street methods to help charities raise money to finance expansion.

Charles T. Harris III, a former partner at Goldman Sachs, co-founded SeaChange Capital Partners to aid charities raise money for expansion.