Non-profit

FJC: A Foundation of Philanthropic Funds

Website:

fjc.org/

Location:

New York, NY

Tax ID:

13-3848582

Tax-Exempt Status:

501(c)(3)

Budget (2020):

Revenue: $41,013,203
Expenses: $38,017,334
Assets: $287,513,370

Type:

Donor-Advised Fund (DAF)

Formation:

1995

CEO:

Sam Marks

FJC: A Foundation of Philanthropic Funds is a donor-advised fund (DAF) founded by the late philanthropist Marty Silverman. Since its founding it has disbursed nearly $700 million in grants through donor advised funds, has provided nearly $400 million in loans, and has served as the fiscal sponsor of over 400 non-profit organizations.

While FJC states that it almost never rejects donor recommendations, in 2019 it began using the controversial Southern Poverty Law Center (SPLC)’s list of hate groups to reject recommendations. This list has been criticized for listing mainstream social-conservative groups such as the Family Research Council (FRC) and mainstream immigration-restrictionist groups including Federation for American Immigration Reform (FAIR). 1 2 3 4

History

FJC: A Foundation of Philanthropic Funds was established in 1995 by Marty Silverman, the founder of National Equipment Rental, who following the sale of the company in 1984 became a major philanthropist. He founded organizations such as the Marty and Dorothy Silverman Foundation and the Albany Medical Center Prize in medicine and Biomedical Research. 5 6

Finances

In the fiscal year that ended March 31, 2022, FJC reported $65,059,967 in revenue, of which $52,895,068 was derived from contributions and grants, $2,615,290 from program service revenue, and $9,549,609 from investment income. It had $59,498,855 in expenses, of which $46,102,996 was spent on grants and contributions and $1,639,593 on staff benefits and salary. It had a surplus of $5,561,112 and ended the fiscal year with $333,451,71 in net assets. 7

Funding

FJC: A Foundation of Philanthropic Funds has distributed over $692 million since it was founded in 1995. The organization will also provide loans to nonprofit organizations and has issued over $398 million in such loans. Additionally, FPC will serve as a fiscal sponsorship to nascent nonprofit organizations. It reports that it has fiscally sponsored over 400 such organizations and that 75 of them have since gone on to become independent 501(c)(3) organizations. 8

Association with the Southern Poverty Law Center

As a donor-advised trust, donors with FJC accounts suggest nonprofits to which their funds will be sent. However, ultimately all grants must be approved by the Foundation of Philanthropic Funds. FJC states that it is very responsive to donor recommendations and that it very rarely will turn down as long as the recommended group is a legitimate nonprofit organization. However, in 2019 it instituted a policy of screening any recommendation against the Southern Poverty Law Center’s (SPLC) list of hate groups, and will not fulfill a recommendation to such a group. 9

Leadership

Sam Marks is the CEO of FJC: A Foundation of Philanthropic Funds. He has worked in a variety of financial sector jobs prior to this role, including the Local Initiatives Support Corporation and was vice president of Deutsche Bank’s Community Development Finance Group. 10

References

  1. “About | Foundation for Philanthropic Funds | FJC | New York.” FJC. Accessed August 21, 2023. https://fjc.org/about/.
  2. “Our Impact – FJC.” FJC. Accessed August 21, 2023. https://fjc.org/our-impact/.
  3. “FORMS & FAQS – FJC.” FJC. Accessed August 21, 2023. https://fjc.org/forms-faqs/.
  4. Lauer, Daniel. “Southern Poverty Law Center Is Infecting the Sphere of Nonprofits and Foundations.” CapitalResearch.org, June 9, 2017. Accessed August 21, 2023.  https://capitalresearch.org/article/southern-poverty-law-center-is-infecting-the-sphere-of-nonprofits-and-foundations/.
  5. Virtanen, Machael. “Philanthropist Marty Silverman Dies.” Philanthropy News Digest, January 27, 2006. https://philanthropynewsdigest.org/news/philanthropist-marty-silverman-dies.
  6. “About | Foundation for Philanthropic Funds | FJC | New York.” FJC. Accessed August 21, 2023. https://fjc.org/about/.
  7.  The Foundation of Philanthropic Funds, Return of an organization exempt from taxation (Form 990). 2021, Part I.
  8. “Our Impact – FJC.” FJC. Accessed August 21, 2023. https://fjc.org/our-impact/.
  9. “FORMS & FAQS – FJC.” FJC. Accessed August 21, 2023. https://fjc.org/forms-faqs/.
  10. “About | Foundation for Philanthropic Funds | FJC | New York.” FJC. Accessed August 21, 2023. https://fjc.org/about/.
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Nonprofit Information

  • Accounting Period: March - February
  • Tax Exemption Received: January 1, 1996

  • Available Filings

    Period Form Type Total revenue Total functional expenses Total assets (EOY) Total liabilities (EOY) Unrelated business income? Total contributions Program service revenue Investment income Comp. of current officers, directors, etc. Form 990
    2020 Mar Form 990 $41,013,203 $38,017,334 $287,513,370 $35,140,156 Y $33,006,930 $2,688,761 $4,330,553 $594,299 PDF
    2019 Mar Form 990 $40,962,157 $40,235,540 $297,362,597 $35,423,343 N $32,701,019 $2,848,676 $3,615,931 $557,129 PDF
    2018 Mar Form 990 $44,902,685 $38,001,153 $284,156,617 $25,294,696 N $35,119,487 $2,686,191 $4,278,595 $673,343 PDF
    2017 Mar Form 990 $43,126,065 $35,519,002 $265,150,616 $24,891,920 N $34,204,881 $2,591,894 $2,728,136 $593,439
    2016 Mar Form 990 $34,630,143 $38,216,328 $250,402,903 $27,534,148 N $27,774,916 $2,568,733 $2,754,773 $592,954 PDF
    2015 Mar Form 990 $57,511,864 $43,035,048 $261,981,360 $27,503,806 N $46,980,041 $2,576,602 $3,216,253 $361,938 PDF
    2014 Mar Form 990 $50,734,010 $31,240,493 $248,058,685 $28,057,947 N $34,273,162 $196,165 $4,233,297 $628,858 PDF
    2013 Mar Form 990 $44,924,788 $33,070,841 $228,069,777 $27,562,556 N $32,417,092 $219,074 $4,080,339 $539,958 PDF
    2012 Mar Form 990 $33,990,122 $30,822,023 $216,454,124 $27,800,850 N $30,354,661 $208,160 $4,777,570 $515,014 PDF
    2011 Mar Form 990 $37,266,317 $29,887,004 $210,719,420 $25,234,245 N $25,407,771 $4,688,215 $0 $469,883 PDF

    Additional Filings (PDFs)

    FJC: A Foundation of Philanthropic Funds

    225 West 39th Street, 12th Floor
    New York, NY 10018