Laurence Fink, BlackRock chairman and CEO, was elected to the board of directors of the Robin Hood Foundation, confirmed spokeswoman Patty Smith.
Mr. Fink is one of 35 board members for the organization, which distributed more than $140 million in 2011 to about 200 organizations in New York City, including charter and public schools, soup kitchens, job training programs, shelters and other services, Ms. Smith said.
Ms. Smith said board members pay all administrative and fundraising costs, so 100% of donations goes to providing direct services to those in need.
In a statement, David Saltzman, executive director of Robin Hood, said Mr. Fink was co-chairman of the foundation's annual benefit in 2011 and in the process helped raise nearly $50 million for New Yorkers in need.