Non-profit

Growald Climate Fund

Location:

BROOKLINE, MA

Tax ID:

46-4209325

Tax-Exempt Status:

501(c)(3)

Budget (2019):

Revenue: $1,234,132
Expenses: $3,018,612
Assets: $10,771,652

Website:

https://www.growaldclimatefund.org/

Founded:

2007

The Growald Climate Fund was founded in 2007 by Eileen Rockefeller Growald, a descendant of Standard Oil Company founder John D. Rockefeller, Sr., and her husband Paul Growald. Previously named the Growald Family Fund, the organization funds left-of-center environmentalist causes with a focus on environmentalist energy and the electricity sector. [1]

About

The Growald Climate Fund began as the Growald Family Fund, an organization that gave to Vermont causes including historic preservation and conservation, as well as environmentalist initiatives. The organization still contributes to various organizations in Vermont but has since shifted its branding to focus more on environmentalist causes. [2] Citing climate change, the organization claims to concentrate on transforming the electricity sector “to avoid shifting emissions from one sector to another.” [3]

The fund is a self-proclaimed venture philanthropy fund that supports organizations that align with its mission. Potential grantees are evaluated based on factors including “high-impact potential, measurable results and scalability.” [4] The organization aims to promote long-term growth of the grantee by helping with the development of business plans and supporting organizational health. [5]

One of the fund’s first grants was awarded to the “Beyond Coal” campaign, a project of the left-of-center Sierra Club that works to retire coal plants in favor of environmentalist energy. In September 2018, the fund committed $25 million toward addressing global climate change with a focus on the electricity sector [6] and claims to have supported nearly 80 organizations worldwide. [7]

Finances

The Growald Climate Fund’s tax returns for 2019 reported more than $1.2 million in total revenue, of which just over $677,000 came from contributions or grants, and more than $3 million in expenses and disbursements. In 2019, the organization awarded grants to dozens of organizations including $15,000 to the Anti-Defamation League; $300,000 to E3G-Third Generation Environmentalism, a European environmentalist think tank; [8] $200,000 to the European Climate Foundation; $100,000 to the Natural Resources Defense Council; $10,000 to the New Venture Fund; and $100,000 to the World Wildlife Fund. Contributions to the Growald Climate Fund included over $238,000 from co-founders Eileen and Paul Growald, $21,316 from the IKEA Foundation, $105,000 from the Rockefeller Brothers Foundation, and $35,000 from the center-left Tides Foundation. [9]

In 2018, the fund’s tax returns reported total revenue of more than $11 million. The organization awarded grants to several organizations including $35,000 to the Carbon Tracker Initiative, a think tank evaluating the economic impact of various energy sources; [10] $150,000 to E3G-Third Generation Environmentalism; and $50,000 to the Natural Resources Defense Council. The Growald Climate Fund received a variety of contributions including $10,628,000 from the estate of David Rockefeller and $385,000 from the European Climate Foundation. [11]

Leadership

The Growald Climate Fund was founded by Eileen Rockefeller Growald, a great-granddaughter of John D. Rockefeller, Sr., and her husband Paul Growald in 2007. [12] Rockefeller Growald is also a founding chair of Rockefeller Philanthropy Advisors, a charitable advisory organization founded in 2000 for left-leaning grantmakers. [13] She is the president of the Growald Climate Fund. [14]

Paul Growald, an entrepreneur and philanthropist, is the vice-president of the Growald Climate Fund. [15] He served in the first gubernatorial administration of California Gov. Jerry Brown (D), sitting on the California State Board of Food and Agriculture in the 1970s. [16]

Adam Growald is the son of Eileen Rockefeller Growald and Paul Growald and is the treasurer of the Growald Climate Fund. [17] Growald also sits on the boards of the David Rockefeller Fund and the Rockefeller Family Fund. [18]

Joanna Messing is the organization’s executive director, a position she has held since the organization’s inception in 2007. Before joining the Growald Climate Fund, Messing ran the company Positive Ventures, a consulting firm, and previously worked as an associate director of REDF, a venture philanthropy fund. [19]

References

  1. “Page, Candage. “In This State: A Rockefeller Claims Her Name.” VTDigger, January 12, 2014. https://vtdigger.org/2014/01/12/state-rockefeller-claims-name/. ^
  2. “Page, Candage. “In This State: A Rockefeller Claims Her Name.” VTDigger, January 12, 2014. https://vtdigger.org/2014/01/12/state-rockefeller-claims-name/. ^
  3. “Why Electricity?” Growald Climate Fund. Accessed September 22, 2021. https://www.growaldclimatefund.org/why-electricity. ^
  4. Hashimi, Hashirin Nurin. “How Venture Philanthropists Paul Growald and Eileen Rockefeller Growald Are Tackling the Effects of Climate Change.” Tatler Asia, October 13, 2019. https://www.tatlerasia.com/power-purpose/philanthropy/hk-how-venture-philanthropists-paul-growald-and-eileen-rockefeller-growald-tackle-climate-change ^
  5.  “Our Approach.” Growald Climate Fund. Accessed September 20, 2021. https://www.growaldclimatefund.org/our-approach. ^
  6. Hashimi, Hashirin Nurin. “How Venture Philanthropists Paul Growald and Eileen Rockefeller Growald Are Tackling the Effects of Climate Change.” Tatler Asia, October 13, 2019. https://www.tatlerasia.com/power-purpose/philanthropy/hk-how-venture-philanthropists-paul-growald-and-eileen-rockefeller-growald-tackle-climate-change. ^
  7. “Our Approach.” Growald Climate Fund. Accessed September 20, 2021. https://www.growaldclimatefund.org/our-approach. ^
  8. [1] “About.” E3G, June 30, 2020. https://www.e3g.org/about/. ^
  9. Growald Family Fund Inc, Return of a Private Foundation (Form 990PF), 2019 ^
  10. “About Us.” Carbon Tracker Initiative, September 8, 2021. https://carbontracker.org/about/. ^
  11. Growald Family Fund, Inc., Return of a Private Foundation Tax (Form 990PF), 2018 ^
  12. Kandell, Jonathan. “David Rockefeller, Philanthropist and Head of Chase Manhattan, Dies at 101.” The New York Times. The New York Times, March 20, 2017. https://www.nytimes.com/2017/03/20/business/david-rockefeller-dead-chase-manhattan-banker.html ^
  13. “Eileen Rockefeller Growald.” Growald Climate Fund. Accessed September 21, 2021. https://www.growaldclimatefund.org/eileen-rockefeller-growald. ^
  14. Growald Family Fund Inc, Return of Organization Exempt from Income Tax (Form 990), 2019 ^
  15. Growald Family Fund Inc, Return of Organization Exempt from Income Tax (Form 990), 2019 ^
  16. “Brown Names Riverside Woman to Advisory Board.” San Bernardino Sun, March 30, 1977. ^
  17. Growald Family Fund, Inc., Return of a Private Foundation (Form 990PF), 2019 ^
  18. “Adam Growald.” Growald Climate Fund. Accessed September 21, 2021. https://www.growaldclimatefund.org/adam-rockefeller-growald. ^
  19. “Joanna Messing.” Growald Climate Fund. Accessed September 21, 2021. https://www.growaldclimatefund.org/joanna-messing. ^
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Nonprofit Information

  • Accounting Period: December - November
  • Tax Exemption Received: October 1, 2014

  • 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
    2019 Dec Form PF $1,234,132 $3,018,612 $10,771,652 $95,953 $0 $0 $0 $0 PDF
    2015 Dec Form PF $2,497,997 $2,465,848 $81,225 $59,060 $0 $0 $0 $0 PDF
    2014 Dec Form PF $1,726,250 $1,719,369 $32,485 $42,469 $0 $0 $0 $0 PDF
    2013 Dec Form PF $5,343 $22,208 $14,084 $30,949 $0 $0 $0 $0 PDF

    Additional Filings (PDFs)

    Growald Climate Fund

    1 HARVARD ST STE 202
    BROOKLINE, MA 02445-7923