First Republic Foundation

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

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At-A-Glance

Type: Non-profit, 501(c)(3), Private Foundation
Website: www.firstrepublic.com/private-wealth-management/needs/philanthropy
Status:

Philanthropic Arm, First Republic Bank.

Formation:

2021

Location: San Francisco, CA View on map
Tax ID: 86-2647297
Most Recent Filing: 2023
Budget (2023): Assets: $0 Revenue: $30 Expenses: $910,555

Contents

    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

    Financial Statistics

    Total Assets

    Total Revenue

    Total Expenses

    YearTotal AssetsTotal RevenueTotal ExpensesFiling
    2023 $30 $910,555 View
    2022 $910,525 $9,309,483 $8,691,858 View
    2021 $292,900 $6,702,900 $6,410,000 View

    Expenses Detail

    Grant Activity

    All-time grants given statistics from Candid dataset:

    • Total Grant Value: $14,528,217
    • Number of Grants: 127
    • Number of Recipients: 117

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

    AmountYearFunderSubject
    $2,500,0002022 The Chelsea Factory IncArts
    $2,500,0002021 Chelsea FactoryWill provide seed capital in order to provide space and support for artists and the community to reimagine the future and revitalize following the pandemic.
    $1,000,0002021 Habitat for Humanity East Bay/Silicon ValleyContra Costa County affordable housing project
    $1,000,0002021 Juilliard SchoolProvide validation and resources to expand the Jazz Voice program and advance the careers of participants
    $750,0002022 ALI FORNEY CENTERAffordable Housing
    $600,0002021 Student Freedom Initiative IncProvide a catalyst for freedom in professional and life choices for students attending Minority Serving Institutions ("MSIs") by increasing their social and economic mobility using a student centric, evidence based, holistic, and collaborative approach.
    $500,0002022 Student Freedom Initiative IncEducation
    $250,0002023 The Chelsea Factory IncARTS
    $250,0002022 Lisc Bay AreaAffordable Housing
    $225,0002022 COMMUNITY ARTS STABILIZATION TRUSTArts
    $221,5042023 Tipping Point CommunityAFFORDABLE HOUSING
    $150,0002023 Enterprise Community Development IncAFFORDABLE HOUSING
    $150,0002022 Habitat for Humanity East Bay/Silicon ValleyAffordable Housing
    $150,0002022 Neighborhood Reinvestment CorporationAffordable Housing
    $150,0002021 The Posse Foundation IncRecruit, train and support diverse Scholars interested in majoring in the creative arts
    $125,0002022 Prep for PrepEducation
    $110,9142023 Eden Housing IncAFFORDABLE HOUSING
    $110,9142023 The Bottom Line IncEDUCATION
    $110,0002022 Dance USAArts
    $110,0002022 Network for Teaching EntrepreneurshipEducation
    $100,0002022 10,000 DegreesEducation
    $100,0002022 A Community of FriendsAffordable Housing
    $100,0002022 Breaking Ground HDFCAffordable Housing
    $100,0002022 Businesses United in Investing Lending and DevelopmentEducation
    $100,0002022 CENTER FOR CREATIVE EDUCATIONEducation

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

    Mentioned in this Article

    References

    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.