With GPG being a common destination for those concerned by the recent privacy revelations, it bothers me a little that I can't find any audit or security review of GPG's codebase.
The Wikipedia page says that a German IT ministry funded a windows port, the EU Agency for Network and Information Security list GPG as part of their index of tools and claim it's in use by some related parties [0] but don't go so far as to recommend it. Considering that several governments within the EU are allegedly complicit in the SIGINT scandal, I don't think their word counts for much.
GPG is open source, but while the code is readily available the knowledge and background to determine its security is somewhat rarer. Would you be willing to contribute to a project to fund a public audit of the codebase? If so, what sort of people would you like to see participate.
[0] http://www.enisa.europa.eu/activities/cert/support/chiht/tools/gnupg-the-gnu-privacy-guard
Bear in mind also that even though you've never heard of an audit of GPG, GPG is actually a pretty high-profile target. Smart people have already looked at that code pretty carefully.
Since GPG is an open source project, a better approach would be to find a way to sponsor a bounty for vulnerabilities in GPG. But here too you'll run into problems:
* It will take fo-re-ver to adjudicate what does and doesn't qualify as a serious finding. Google and Facebook manage this problem by hiring very smart vulnerability researchers and allowing them to come up with criteria pretty much by fiat. Here, you're going to end up in a 2-month-long argument about whether man page bugs are vulnerabilities because of the nature of the project.
* Output of these programs is nonlinear and unpredictable, so it'll be tricky to figure out how much money needs to be set aside to satisfy reward payouts. In the meantime: who holds that money? And where does it go when the bounty outlives its utility?
If you really want to do some good, consider starting a project (which would require no funding) to either:
(a) Build a replacement GPG in a more modern development environment, or
(b) Annotate all of GPG's source code.