Einhorn Collaborative (formerly Einhorn Family Charitable Trust) is a private foundation created by Greenlight Capital founder David Einhorn and his wife Cheryl Einhorn. It makes grants to colleges and left-leaning nonprofit organizations. ¹

Einhorn Collaborative argues that ongoing and historical systemic racism in America is a determining factor in its funding decision. It uses identity politics as a basis for program goals, including establishing equity standards. ²

Background

Einhorn Collaborative is a private grant making foundation established in 2002 by David Einhorn and his wife Cheryl Einhorn. ³ David Einhorn founded Greenlight Capital in 1996 and his wife, Cheryl, is said to have chosen the company’s name. As of 2020, the couple’s net worth was estimated to be $1.5 billion when it was revealed they had “separated.” ^{4 5} Einhorn Collaborative was originally named Einhorn Family Charitable Trust but announced a “rebranding” in 2020 and changed its name to Einhorn Collaborative. ⁶

On the foundation’s 2018 tax returns, it was announced that Cheryl Einhorn had stepped down as the only trustee other than David Einhorn and that David would decide on her replacement. ⁷

Einhorn Collaborative claims that it only gives grants to organizations that “align” with its mission and does not advertise any requirements for grants. ⁸ Its grantees include a variety of colleges and left-leaning nonprofit organizations such as the Anti-Defamation League, American Civil Liberties Union Foundation, Everytown for Gun Safety Support, and the Sandy Hook Promise Foundation. ⁹

Activities

In 2015, Einhorn Collaborative donated $50 million to Cornell University so it could launch a Community-Engaged Learning program for students to develop practical skills outside of classrooms while solving problems in their local communities. In 2021, using funding from the original $50 million donation, Cornell University launched its David M. Einhorn Center for Community Engagement and announced that it would emphasize volunteer work within its activities. ¹⁰

In a 2017 review of Einhorn Collaborative’s grant making, it was reported that the foundation had an average of 45 grantees a year and an average grant size of $3 million, with the majority of its grants under $1 million. The report clarified that the data regarding the average grant size is “misleading” because some grantees are receiving funding for starting a new project and some are receiving regular grants that can add up to tens of millions of dollars spanning over several years. ¹¹

In January 2022, Einhorn Collaborative announced that it had joined several other organizations to create the New Pluralists. ¹² The New Pluralists, a group of donors, uses identity politics to make “investments” that address so-called historic and ongoing racism and genocide of ethnic minorities in America. As of May 2022, it had yet to specify what those investments would be. ¹³

Financials

According to Einhorn Collaborative’s 2019 tax returns, it received $122,000 in contributions, all from David Einhorn. ¹⁴ It also reported a total revenue of $973,000, $728,000 of which came from interest on its cash savings. ¹⁵ At the beginning of 2019, Einhorn Collaborative reported $51 million in net assets. ¹⁶

In 2019, Einhorn Collaborative spent $2 million on salaries and compensation of its employees, directors, and other officials as part of a total $3.7 million on operating expenses and distributed $14.2 million in grants. ¹⁷

1. “Einhorn Family Charitable Trust.” Inside Philanthropy. Accessed May 9, 2022. https://www.insidephilanthropy.com/grants/einhornfamilycharitabletrust.
2. “Centering Field Leaders in Field Building.” Einhorn Collaborative. January 20, 2022. https://einhorncollaborative.org/centering-field-leaders-in-field-building/.
3. “Einhorn Family Charitable Trust.” Inside Philanthropy. Accessed May 9, 2022. https://www.insidephilanthropy.com/grants/einhornfamilycharitabletrust.
4. Reiff, David. “David Einhorn is the Latest Hedge Fund Leader to Face Divorce.” Investopedia. June 25, 2019. https://www.investopedia.com/news/david-einhorn-latest-hedge-fund-leader-face-divorce/
5. “David Einhorn ‘Separates from Wife.’” Daily Mail. February 24, 2017. https://www.dailymail.co.uk/news/article-4253518/Hedge-fund-billionaire-David-Einhorn-separates-wife.html.
6. “Work: Einhorn Collaborative.” BBMG. December 8, 2021. https://bbmg.com/work/einhorncollaborative/.
7. Einhorn Family Charitable Trust. Return of a Private Foundation (Form 990-PF). 2018. Part VII-A, Line 3.
8. “A Better-Angels Funder Practices What It Preaches.” Leap of Reason Ambassadors Community. 2017. https://www.ncfp.org/wp-content/uploads/2018/11/A-Profile-of-the-Einhorn-Family-Charitable-Trust-Leap-of-Reason-Ambassadors-Community-2017-a-profile-of-the-einhorn-family-charitable-trust.pdf
9. Einhorn Family Charitable Trust. Return of a Private Foundation (Form 990-PF). 2017. Attachment 12.
10. Copman, Linda. “The Power to Change the World – Alumni, Parents, and Friends: Cornell University.” Cornell University. October 27, 2021. https://alumni.cornell.edu/article/the-power-to-change-the-world/.
11. “A Better-Angels Funder Practices What It Preaches.” Leap of Reason Ambassadors Community. 2017. https://www.ncfp.org/wp-content/uploads/2018/11/A-Profile-of-the-Einhorn-Family-Charitable-Trust-Leap-of-Reason-Ambassadors-Community-2017-a-profile-of-the-einhorn-family-charitable-trust.pdf
12. “Centering Field Leaders in Field Building.” Einhorn Collaborative. January 20, 2022. https://einhorncollaborative.org/centering-field-leaders-in-field-building/.
13. “Approach.” New Pluralists. Accessed May 9, 2022. https://newpluralists.org/approach/.
14. Einhorn Family Charitable Trust. Return of Organization Exempt from Income Tax (Form 990-PF). 2019. Schedule B, Part I.
15. Einhorn Family Charitable Trust. Return of Organization Exempt from Income Tax (Form 990-PF). 2019. Part I, Lines 3-12.
16. Einhorn Family Charitable Trust. Return of Organization Exempt from Income Tax (Form 990-PF). 2019. Part II, Line 30.
17. ^[1] Einhorn Family Charitable Trust. Return of Organization Exempt from Income Tax (Form 990-PF). 2019. Part I, Lines 13-26