Billionaire philanthropist leverages stimulus money for low-income youth

Billionaire financier and philanthropist George Soros announced that he will donate $35 million to the state of New York to provide money for school supplies and clothing for low-income youth. The gift leverages federal stimulus money bringing the total amount to about $175 million going toward the program. To access the federal money the state must provide 20 percent of the funds, but due to recession-related budget cuts New York couldn't put up the money, so George Soros stepped in. The program will give $200 to about 850,000 low-income families in New York state to help pay for back-to-school supplies and clothing.

"Even in the toughest of economic times, starting the school year right is key to a child's success," said Mr. Soros in a press release announcing his gift.

Through the Back to School New York program children receiving public assistance or food stamps in New York State will automatically receive the $200 gift without having to ask for it through Electronic Benefit Transfer (EBT) cards.

George Soros is the founder and chairman of a network of foundations that promote, among other things, the creation of open, democratic societies based upon the rule of law, market economies, transparent and accountable governance, freedom of the press, and respect for human rights, according to Soros.org.

His donation to aid New York Youth was made through Soros' Foundation to Promote Open Society, Open Society Institute's sister organization. According to their web site, The Open Society Institute "works to build vibrant and tolerant democracies whose governments are accountable to their citizens."

The Back to School New York program follows a $50 Million dollar pledge made by Soros in May to help alleviate poverty in New York.

For more information about Back to School New York visit the New York State Office of Temporary and Disability Assistance web site.

Learn more about George Soros and the Open Society Institute at Soros.org.

Image via the New America Foundation.