Clementine Fund

The Clementine Fund is an offshoot of the Russell Family Foundation that makes a variety of grants, including to left-of-center organizations that support abortion and climate change activism. It also practices activist investing to further its activist goals.

Read More

At-A-Glance

Type: Non-profit, 501(c)(3), Private Foundation
Issue Areas: Environmental Policy, Abortion Policy
Founded:

1999

Executive Director:

Richard Russell

Location: Seattle, WA View on map
Tax ID: 91-1950165
Most Recent Filing: 2024
Budget (2024): Assets: $38,225,384 Revenue: $6,734,186 Expenses: $3,201,151

Contents

    Founding and History

    The Clementine Fund was founded in 1999 as the Smiling Dog Foundation, but in 2021 its name was changed as a result of the Russel Family altering its philanthropic strategy as younger generations of the family become involved in the Russell Family Foundation. 1

    The Russell family sold the Russell Company to Northwestern Mutual Life in 1999 and used the proceeds to found the Russell Family Foundation. At the same time, Richard Russell founded the Smiling Dog Foundation which was focused on animal welfare. This foundation later became Richard’s family’s branch of the overall Russell family philanthropy within the broader Russell Family Foundation. 2

    Finances

    In 2021, the Clementine Fund reported $2,444,825 in revenue, of which $374,165 stemmed from dividends and interest on securities and $2,040,645 was derived from the sale of assets. It reported $750,393 in expenses, of which $135,175 was allocated for compensation of board members and employees, $125,167 paid in taxes, and $229,000 paid out in grants and contributions. 3

    The fund began the year with only $8,735 in assets as the Smiling Dog Foundation, but after the name change tens of millions of dollars in assets were transferred to the newly named Clementine Fund from the Russell Family Foundation. It ended the year with $42,954,869 in net assets. 3

    Organization Philosophy

    In 2021, the fund gave grants to a variety of organizations, including several left-of-center causes including $20,000 to the Texas Equal Action Fund to fund abortions, $1,400 to the environmentalist Post Carbon Institute, and $10,000 to the New York Peace Institute. 4

    The Clementine Fund was listed as an attending asset owner at the 2023 Confluence Philanthropy annual gathering. Confluence is a left-of-center organization that coordinates funding to left-of-center groups from major funders and investors. 5

    Richard Russell, the executive director, has stated that he seeks to use the fund’s investment portfolio to practice activist and “impact” investing for favored causes. He also notes that his son, Zac Russell, is even more activism-focused than he is, and that Zac has taken the lead on organizing the fund’s activist investments. Richard has noted that he is particularly interested in “leadership” around climate change issues. 6

    Leadership

    Richard Russell is the executive director of the Clementine Fund and its co-founder, along with his son Zac. Richard has worked in communications and helped to establish the Russell Family Foundation, from which the Clementine Fund was spun off. He has expressed concern about climate change and seeks leadership and action on the issue. 6

    Zac Russell, Richard’s son, is the vice president and co-founder of the Clementine Fund. His father has noted that Zac is more activist-oriented than he is and that Zac has taken the lead in structuring the fund’s investments for “impact” investing. 6 He previously worked at Palantir Technologies. 7

    Financial Statistics

    Total Assets

    Total Revenue

    Total Expenses

    YearTotal AssetsTotal RevenueTotal ExpensesFiling
    2024 $38,225,384 $6,734,186 $3,201,151 View
    2023 $37,679,370 $329,656 $1,749,576 View
    2022 $34,701,657 $-52,630 $2,061,775 View
    2021 $43,124,742 $2,444,825 $750,393 View
    2020 $8,735 $33,500 $28,115 View

    Prior year filings: 2019, 2015, 2014, 2013, 2012, 2011

    Expenses Detail

    Employee Compensation

    Highest Earning Employees

    EmployeeTitleTotal Compensation
    Zac RusselSENIOR ADVISOR & BOARD VP$155,727
    Richard RussellEXECUTIVE DIRECTOR$134,820
    Chet TchozewskiBOARD DIRECTOR$25,000

    Grant Activity

    All-time grants received statistics from Candid dataset:

    • Total Grant Value: $25
    • Number of Grants: 1
    • Number of Funders: 1

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

    AmountYearFunderSubject
    $252022 Yeatman Family Foundation IncGENERAL FUND

    All-time grants given statistics from Candid dataset:

    • Total Grant Value: $4,202,549
    • Number of Grants: 156
    • Number of Recipients: 101

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

    AmountYearFunderSubject
    $1,516,6752021 THE RUSSELL FAMILY FOUNDATIONPORTION OF QUALIFYING DISTRIBUTIONS ATTRIBUTABLE TO THE FOUNDATION AS PART OF THE SIGNIFICANT DISTRIBUTION OF ASSETS FROM THE RUSSELL FAMILY FOUNDATION (91-1663336) DURING THE YEAR, PURSUANT TO TREAS REG 1.507-3.
    $100,0002024 NEW YORK UNIVERSITYCASH TRANSFER LAB – GUARANTEED INCOME RESEARCH
    $100,0002023 NEW YORK UNIVERSITYRESEARCH GUARANTEED INCOME
    $100,0002022 Hamakua Health Center IncCAPITAL CAMPAIGN
    $100,0002022 NEW YORK UNIVERSITYNYU CASH TRANSFER LAB
    $73,6242022 THE RUSSELL FAMILY FOUNDATIONPORTION OF QUALIFYING DISTRIBUTIONS ATTRIBUTABLE TO THE FOUNDATION AS PART OF THE SIGNIFICANT DISTRIBUTION OF ASSETS FROM THE RUSSELL FAMILY FOUNDATION (91-1663336) DURING THE YEAR, PURSUANT TO TREAS REG 1.507-3.
    $60,0002023 Greater Kansas City Community FoundationDONOR ADVISED FUND FOR FIELD OF INTEREST FUND SUPPORTING EXCELLENCE IN JOURNALISM
    $50,0002024 American Friends Service CommitteeHUMANITARIAN AID
    $50,0002024 Greater Kansas City Community FoundationGREATER HORIZONS – NEAL CONAN PRIZE FOR EXCELLENCE IN JOURNALISM FUND
    $50,0002024 THE FOOD BASKET INC.FOOD ACCESS
    $50,0002024 TIDES FOUNDATIONMOVEMENT VOTER FUND
    $50,0002023 Hawaii Investment ReadyGENERAL OPERATING SUPPORT – FOOD ENTREPRENEURIALISM
    $50,0002023 Hawai‘i Community FoundationOFFICE OF FOOD SYSTEM RESILIENCE PROJECT
    $50,0002023 Movement Voter ProjectEXPANDING DEMOCRACY IN TEXAS
    $50,0002023 RSF | Regenerative Social FinanceDONOR ADVISED FUND FOR INTERNATIONAL GRANTMAKING.
    $50,0002023 Slow Money Institute IncGENERAL OPERATING SUPPORT – FOOD AND FARMING
    $50,0002023 TIDES FOUNDATIONMOVEMENT VOTER FUND
    $50,0002022 Movement Voter ProjectEXPANDING DEMOCRACY IN TEXAS
    $50,0002022 TIDES FOUNDATIONMOVEMENT VOTER FUND AT TIDES FOUNDATION
    $46,0002022 University of Kansas Medical Center Research InstituteALPHA-LIPOIC STUDY
    $40,0002023 Crisis ConnectionsGENERAL OPERATING SUPPORT – CRISIS SERVICES
    $40,0002022 Crisis ConnectionsGENERAL OPERATING SUPPORT
    $35,0002024 Pioneer Works Art FoundationSUPPORT FOR ARTISTS
    $35,0002023 Doctors of the World USA IncDISASTER RELIEF – EARTHQUAKE EMERGENCY AID IN TURKEY AND SYRIA
    $30,0002024 SLOW FOOD USACOMMUNITY BUILDING THROUGH FOOD

    Contact InfluenceWatch to report errors, suggest edits, or provide tips for additional profiles.

    Contact Us

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

    Mentioned in this Article

    References

    1. [1] “Redesigning Family Philanthropy with Richard Russell, Co-Founder, Clementine Fund.” OMNY.fm, June 1, 2023. Accessed October 28, 2023. https://omny.fm/shows/synergos-cultivate-the-soul/redesigning-family-philanthropy-with-richard-russe.
    2.  “Our History.” The Russell Family Foundation. Accessed October 28, 2023. https://trff.org/about/our-story/.
    3. Clementine Fund, Return of a Private Foundation(Form 990-PF), 2021, Parts I and II.
    4. Clementine Fund, Return of a Private Foundation(Form 990-PF), 2021, Parts XIV.
    5. “Confluence Philanthropy’s 14th Annual Practitioners Gathering.” Confluence Philanthropy. Accessed October 28, 2023. https://www.confluencegathering.org/2023-attendees
    6.  “Redesigning Family Philanthropy with Richard Russell, Co-Founder, Clementine Fund.” OMNY.fm, June 1, 2023. Accessed October 28, 2023. https://omny.fm/shows/synergos-cultivate-the-soul/redesigning-family-philanthropy-with-richard-russe.
    7. “Zac Russell | LinkedIn.” LinkedIn.com. Accessed October 28, 2023. https://www.linkedin.com/in/zarussell/details/experience/.