First Republic Foundation was the philanthropic arm of First Republic Bank. Investments to the organization are made through JP Morgan Chase.

First Republic Foundation previously funded political groups such as Dorrance Dance, the radical-left tap dance collective that performed at the Biden White House for the Christmas season in 2023.

Background

First Republic Foundation received its letter of incorporation from the Internal Revenue Service (IRS) in September 2021, which stated their effective first day of exemption was March 12th, 2021. ¹

Its website header reads, “First Republic now part of JPMorgan Chase.” Investments to the philanthropy are made through J.P. Morgan Private Wealth Advisors LLC and J.P. Morgan Securities LLC. First Republic Foundation publishes a bi-seasonal newsletter on different financial opportunities. ²

Financials

In 2021 First Republic Foundation reported revenue of $6,702,900, expenses of $6,410,000, and $292,900 in assets. ³

In 2022, First Republic Foundation reported revenue of $9,309,483, expenses of $8,691,858, and assets of $292,900. ⁴

Funding

In 2021, First Republic Foundation gave grants to affordable housing groups, art institutions, and welfare organizations. It gave $2,500,000 worth of seed capital to Chelsea Factory to “provide space and support artists and the community to reimagine the future and revitalize following the pandemic.” It gave $600,000 to the left-of-center Posse Foundation to “recruit, train, and support diverse Scholars interested in majoring in the creative arts.” And it gave $100,000 to Ten Strands to train educators in “the new climate curriculum.” ⁵

First Republic Foundation also provided funding to New York tap dance collective Dorrance Dance. ⁶ Dorrance Dance is most notable for having appeared in a December 2023 holiday-themed musical video filmed at the Biden White House. ⁷ Dorrance Dance supports several far-left policies including the abolition of prisons, defunding the police, ⁸ and the Black Lives Matter movement. ⁹ The group  also suggested that its followers read works by radical left activist Angela Davis, ¹⁰ convicted murderer Mumia Abu-Jamal, and Robin DiAngelo, as well as far-left author Ibram X. Kendi’s “antiracist” reading list  ¹¹ and the New York Times Magazine’s controversial 1619 Project. ¹²

In 2022, First Republic Foundation gave grants to the Los Angeles LGBT Center, Stop AAPI Hate, Concerned Black Men of Los Angeles, Black Parent Initiative, and conservationist group Amazon Watch. ¹³

Leadership

In 2021, James Herbert was listed as the director and board chair of First Republic Foundation. Other members of the board included secretary Sean Kehoe, treasurer May Chan, and directors Shannon Houston, Crystal Bryant, Rosana Han, Susan DeTray, Janice Jenson, and Kara Barnett. ¹⁴

1. Department of the Treasury – Internal Revenue Service. First Republic Foundation, September 13, 2021. Accessed February 4, 2024. https://apps.irs.gov/app/eos/details/.
2. “Philanthropy.” First Republic. Accessed February 4, 2024. https://www.firstrepublic.com/private-wealth-management/needs/philanthropy.
3. Return of Organization Exempt from Income Tax (Form 990). First Republic Foundation. 2021. Part I – Analysis of Revenue and Expenses, lines 12 and 26. Part II – Balance Sheets, line 29.
4. Return of Organization Exempt from Income Tax (Form 990). First Republic Foundation. 2022. Part I – Analysis of Revenue and Expenses, lines 12 and 26. Part II – Balance Sheets, line 29.
5. Return of Organization Exempt from Income Tax (Form 990). First Republic Foundation. 2021. Part XIV – 3. Grants and Contributions Paid During the Year or Approved for Future Payment.
6. “Donate.” Dorrance Dance. Accessed February 4, 2024. https://www.dorrancedance.com/donate.
7. O’Kane, Caitlin. “Jill Biden releases White House Christmas video featuring tap dancers performing “The Nutcracker”.” CBS News. December 14, 2023. Accessed January 13, 2024. https://www.cbsnews.com/news/jill-biden-video-white-house-christmas-tap-dance-the-nutcracker/.
8. Keene, Houston. “Dance company featured in Jill Biden’s Christmas video promotes ‘prison abolition,’ ‘defund the police’ groups.” Fox News. December 14, 2023. Accessed January 14, 2023. https://www.foxnews.com/politics/dance-company-featured-jill-bidens-christmas-video-promotes-prison-abolition-defund-police-groups.
9. “Instagram Post.” Dorrance Dance Instagram. Posted June 1, 2020. Accessed January 14, 2024. https://www.instagram.com/p/CA6DSxYHM-x/?igsh=MWZkdmMzYzhiMGdueA==.
10. Horzempa, Maggie. “Biden’s nutty Nutcrakcer display brings division, not Christmas Unity.” The Carolina Journal. December 21, 2023. Accessed January 14, 2024. https://www.carolinajournal.com/opinion/jill-bidens-nutty-nutcracker-display-brings-division-not-christmas-unity/.
11. “Educate Yourself: Books.” Dorrance Dance. Accessed January 14, 2024. https://www.dorrancedance.com/anti-racism-education-landing.
12. “Educate Yourself: Speeches, Podcasts, & Radio.” Dorrance Dance. Accessed January 14, 2024. https://www.dorrancedance.com/anti-racism-audio.
13. Return of Organization Exempt from Income Tax (Form 990). First Republic Foundation. 2022. Part XIV – 3. Grants and Contributions Paid During the Year or Approved for Future Payment.
14. Return of Organization Exempt from Income Tax (Form 990). First Republic Foundation. 2021. Part VII – Information About Officers, Directors Trustees, Foundation Managers, Highly Paid Employees, and Contractors.