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.

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. ⁴

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. ⁵

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. ⁶

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. ⁷

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. ⁸

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. ⁹ He previously worked at Palantir Technologies. ¹⁰

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 I and II.
5. Clementine Fund, Return of a Private Foundation(Form 990-PF), 2021, Parts XIV.
6. “Confluence Philanthropy’s 14th Annual Practitioners Gathering.” Confluence Philanthropy. Accessed October 28, 2023. https://www.confluencegathering.org/2023-attendees
7.  “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.
8. “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.
9. “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.
10. “Zac Russell | LinkedIn.” LinkedIn.com. Accessed October 28, 2023. https://www.linkedin.com/in/zarussell/details/experience/.