Chestnut Fund

The Chestnut Fund is a left-of-center grantmaking foundation founded by Jane Stein, daughter of Sidney and Miriam Stoneman; her husband; and her children from the division of the Stoneman Family Foundation into two separate organizations (the Limestone Foundation being the other) to resolve conflicts surrounding its grantmaking decisions.

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At-A-Glance

Type: Non-profit, 501(c)(3), Private Foundation
Issue Areas: Multi-Issue Advocacy
Formation:

2015

Leadership:

Board of Trustees

Location: Boston, MA View on map
Tax ID: 47-7017184
Most Recent Filing: 2024
Budget (2024): Assets: $70,367,877 Revenue: $8,055,965 Expenses: $3,991,509

Contents

    History

    Founded and granted its tax-exempt status in 2015, the left-of-center Chestnut Fund is one of two successor organizations of the Stoneman Family Foundation. 1

    Conflicts arose between the two daughters of Sidney and Miriam Stoneman surrounding the focus of its grantmaking decisions. The solution agreed was a split of the foundation into two parts, with 53% of the remaining Stoneman funds distributed to Jane Stein and her family’s Chestnut Fund and 47% to Elizabeth Deknatel and her family’s Limestone Foundation. 2

    The Chestnut Fund makes grants to multiple left-of-center organizations such as The Center on Budget and Policy Priorities, the Washington Progress Fund, the New Venture Fund, Pico National Network, and State Voices. 3

    Funding

    Tax returns from 2017 show that the Chestnut Fund holds $71,741,260 in assets generating $3,757,281 in revenue offset by $3,439,942 in expenses including $2,330,000 in grants. Grants are managed by Mott Philanthropic, which receives $181,087 in fees. Goulston & Storrs (Alan Rottenberg, a Fund trustee, is a Director of Goulston) 4 manages investments and legal work for the fund and receives $165,480 in compensation. 5

    There are no trustees or employees receiving compensation. 6

    Major Grants

    • Center on Budget Policy                                  $425,000
    • The Maine Center For Economic Policy           $350,000
    • Washington Progress Fund                              $350,000
    • State Voices                                                      $150,000
    • Connecticut Voices For Children                    $125,000
    • Iowa Policy Project                                          $ 75,000
    • Minnesota Council of Nonprofits                    $ 75,000
    • Pico National Network                                     $ 75,000
    • The American Prospect                                    $ 75,000
    • The Economic Progress Institute                     $ 75,000
    • The Urban Institute                                           $ 75,000
    • Washington State Budget and Policy              $ 75,000
    • Oregon Center for Public Policy                     $ 75,000
    • New Venture Fund                                           $75,000

    Financial Statistics

    Total Assets

    Total Revenue

    Total Expenses

    YearTotal AssetsTotal RevenueTotal ExpensesFiling
    2024 $70,367,877 $8,055,965 $3,991,509 View
    2023 $67,632,240 $2,730,883 $4,604,665 View
    2022 $65,446,909 $3,505,414 $6,089,755 View
    2021 $81,002,602 $8,262,026 $5,554,263 View
    2020 $73,065,624 $3,621,528 $7,958,735 View

    Expenses Detail

    Grant Activity

    All-time grants given statistics from Candid dataset:

    • Total Grant Value: $22,812,601
    • Number of Grants: 160
    • Number of Recipients: 45

    Selection of highest value grants given from the last seven years:

    AmountYearFunderSubject
    $2,500,0002020 ONE ACRE FUNDGENERAL OPERATING SUPPORT
    $695,0002020 Center on Budget and Policy PrioritiesGENERAL OPERATING SUPPORT
    $600,0002021 Center on Budget and Policy PrioritiesGENERAL OPERATING SUPPORT
    $540,0002022 Center on Budget and Policy PrioritiesGENERAL OPERATING SUPPORT
    $325,0002020 WISCONSIN VOICES INCGENERAL OPERATING SUPPORT
    $300,0002022 NEW MEXICO VOICES FOR CHILDRENGENERAL OPERATING SUPPORT
    $300,0002021 NEW MEXICO VOICES FOR CHILDRENGENERAL OPERATING SUPPORT
    $300,0002020 NEW MEXICO VOICES FOR CHILDRENGENERAL OPERATING SUPPORT
    $290,0002023 Center on Budget and Policy PrioritiesGENERAL OPERATING SUPPORT
    $225,0002020 Progress Michigan Education IncGENERAL OPERATING SUPPORT
    $194,0002020 The Washington State Budget and Policy CenterGENERAL OPERATING SUPPORT
    $175,0002020 Alliance for Youth OrganizingGENERAL OPERATING SUPPORT
    $175,0002020 Oregon Center for Public PolicyGENERAL OPERATING SUPPORT
    $170,0002020 Maine Center for Economic PolicyGENERAL OPERATING SUPPORT
    $169,0002022 The Washington State Budget and Policy CenterGENERAL OPERATING SUPPORT
    $169,0002021 The Washington State Budget and Policy CenterGENERAL OPERATING SUPPORT
    $150,0002020 Connecticut Voices for Children IncGENERAL OPERATING SUPPORT
    $145,0002022 Maine Center for Economic PolicyGENERAL OPERATING SUPPORT
    $145,0002021 Maine Center for Economic PolicyGENERAL OPERATING SUPPORT
    $140,0002022 Washington Progress FundGENERAL OPERATING SUPPORT
    $140,0002021 Washington Progress FundGENERAL OPERATING SUPPORT
    $140,0002020 Washington Progress FundGENERAL OPERATING SUPPORT
    $125,0002021 Connecticut Voices for Children IncGENERAL OPERATING SUPPORT
    $125,0002020 PushBlackGENERAL OPERATING SUPPORT
    $120,0002024 Center on Budget and Policy PrioritiesGREENSTEIN FUND FOR A JUST FUTURE

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    Financials, employee compensation, and grant information provided by Candid.

    Mentioned in this Article

    References

    1. guidestar.org. Accessed November 25, 2019. https://www.guidestar.org/profile/04-6047379.
    2. Stoneman Family Foundation Return of Organization Exempt from Income Tax (Form990-PF) 2015 Statement 11
    3. Chestnut Fund Return of Organization Exempt from Income Tax (Form 990-PF) 2017, Part XV Supplementary Information
    4. “Biography Alan W. Rottenberg.” Goulston & Storrs PC. Accessed November 25, 2019. https://www.goulstonstorrs.com/alan-w-rottenberg/.
    5. Chestnut Fund Return of Organization Exempt from Income Tax (Form990-PF) 2017, Line I, Part 1, Lines 12, 26, 25, Part VIII, Line 3.
    6. Chestnut Fund Return of Organization Exempt from Income Tax (Form990-PF) 2017, Part VIII Line 1.