Last night Google blogged About Google.org, describing;
We established the Google Foundation, funded it with $90 million and have made a few initial commitments. We've contributed $5 million to support Acumen Fund, a non-profit venture fund that invests in market-based solutions to global poverty. Acumen Fund supports entrepreneurial approaches to delivering affordable goods and services for the 4 billion people in the world who live on less than $4 a day.
We’re also working with TechnoServe to build small businesses that create jobs and promote economic growth in the developing world. With TechnoServe, we are funding an entrepreneurship development program in Ghana that includes a business plan competition and seed capital for the winners to build their businesses.
In addition, we are working with Alix Zwane and Edward Miguel of UC Berkeley and Michael Kremer of Harvard University to support research in western Kenya to identify ways to prevent child deaths caused by poor water quality.
Google.org also includes projects we manage on our own, using Google talent, technology and other resources. An example is the Google Grants program, which gives free advertising to selected nonprofits. To date, Google Grants has donated $33 million in advertising to more than 850 nonprofit organizations in 10 countries.