Non-profit

Chestnut Fund

Location:

BOSTON, MA

Tax ID:

47-7017184

Tax-Exempt Status:

501(c)(3)-PF

Type:

Left-of-Center Grant making Family Foundation

Formation:

2015

Leadership:

Board of Trustees

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.

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

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. ^
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Nonprofit Information

  • Accounting Period: December - November
  • Tax Exemption Received: June 1, 2015

  • Available Filings

    Additional Filings (PDFs)

    Chestnut Fund

    400 ATLANTIC AVE
    BOSTON, MA 02110-3331