Google Commits Funds to Philanthropic Arm - Forbes.com: "Google Inc. is financing its promise to make the world a better place with an initial commitment of nearly $1 billion to a philanthropic arm devoted to causes that mesh with the online search engine leader's crusade...
Brin and Page have since decided their company's ambition extended beyond the limitations of a traditional foundation, prompting them to pool all the company's philanthropy under Google.org.
"We hope someday this institution may eclipse Google itself in terms of overall world impact by ambitiously applying innovation and significant resources to the largest of the world's problems," Brin wrote...
the company is endowing the Google Foundation with $90 million and budgeting another $175 million to invest outside the foundation, said Sheryl Sandberg, Google's vice president of global online sales and operations. Google is investing outside the foundation because it plans to put some money into "socially progressive" companies striving to turn a profit...
Google is pegging its total philanthropic commitment to the value of 3 million company shares - slightly more than 1 percent of the stock outstanding at the time of its IPO 14 months ago...
The Google Foundation already has started to give away some of its money. Several million dollars will be donated to the Acumen Fund, a nonprofit venture that also has received money from the Rockefeller Foundation and the Cisco Systems Foundation. The Google Foundation also is backing separate projects working to protect the water supply in rural Africa and to promote business startups in Ghana"
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