Note: This profile will be updated regularly as more information emerges on Arabella Advisors‘ acquisition by Sunflower Services.

The Impetus Fund is a left-of-center Washington D.C-based 501(c)(4)” dark money” organization ¹ founded in July 2020 and managed by the Arabella Advisors consulting firm. ² Tax records show that between its founding and November 2020 the group received $67 million in anonymous donations, over $64 million of which was then donated by the Fund towards several left-of-center nonprofit organizations. These included Future Forward USA Action, the nonprofit arm of Democratic Party-affiliated super PAC Future Forward PAC (FF PAC), America Votes, the Center for Voter Information (CVI), and ACRONYM. ³

As of November 2025, Arabella Advisors announced that it would be ceasing operations after being acquired by a newly formed public benefit corporation (PBC) named Sunflower Services. A press release announcing the acquisition stated that Sunflower Services was owned by New Venture Fund, Windward Fund, and Hopewell Fund. ⁴

Activities

Grantmaking

In 2020, the largest donation of roughly $55,851,537 went to Future Forward USA Action, the left-of-center nonprofit arm of Democratic Party-aligned super PAC Future Forward PAC (FF PAC). ⁵ The Impetus Fund also gave large donations to similar organizations including America Votes ($3,406,933), the Center for Voter Information (CVI) ($4,000,000), Vote Rev Action Fund, also known as Vote Tripling Action Fund ($510,000), ACRONYM ($500,000), and the Cooperative Impact Lab ($450,000). ^{5 3}

Payments to Arabella Advisors

Tax records also show that between July 2020 and June 2022, consulting firm Arabella Advisors was compensated  roughly $2.7 million by the Impetus Fund for providing, “Administrative Support, Accounting Services, and Legal Guidance related to the Fund’s grantmaking and operations.” ^{6 7 3}

Investigation by DC Attorney General

In September 2023 the District of Columbia Attorney General (AG) launched an investigation into potential illegal political activity by Arabella Advisors and its network of philanthropic funds. The investigation aimed to determine if Arabella-tied charities violated tax laws by supporting partisan initiatives despite 501(c)(3) nonpartisanship requirements. The probe stemmed in part from whistleblower allegations that New Venture Fund secretly directed the work of an ostensibly independent voting rights group before shutting it down.⁸ As part of the probe, the AG issued subpoenas for financial records and communications between Arabella and its affiliates. One document preservation order required the New Venture Fund, an Arabella-managed nonprofit, to maintain records of monetary transfers with other Arabella funds including the Impetus Fund.⁸

On May 29, 2025, watchdog group Americans for Public Trust (APT) released a report that allegedly listed the discovered trade names used by the Impetus Fund and other affiliated nonprofits managed by consulting firm Arabella Advisors. The ones listed for Impetus include: ⁹

• Civic Resolve Innovation Fund

Leadership

Ezra Reese is the president and chair for the Impetus Fund. Reese serves as the Political Law Chair for Elias Law Group, a law firm founded and owned by Marc Elias. ^{10 11}

Saurabh Gupta is the general counsel for the Impetus Fund. Gupta is a left-of-center activist and is also listed as the chief legal counsel and compliance officer for Arabella Advisors. ^{10 12}

Andrew Schultz is the Secretary of the board for the Impetus Fund. Formerly the general counsel for Arabella Advisors as well as its nonprofit New Venture Fund, Schultz serves as Of Counsel for law firm Adler & Colvin. ^{10 13}

Falona Joy is the board treasurer for the Impetus Fund, according to its 2021 tax records. In addition, Joy serves as a senior advisor for Arabella Advisors. ^{10 14}

1. Return of Tax Exempt Organization. IRS Form 990. Impetus Fund. 2021. Part I. https://projects.propublica.org/nonprofits/organizations/851701143/202301329349306635/full
2. Return of Tax Exempt Organization. IRS Form 990. Impetus Fund. 2021. Part VI, Section C. https://projects.propublica.org/nonprofits/organizations/851701143/202301329349306635/full
3. Schoffstal, Joe. “Biden’s primary 2024 outside PAC propelled by dark money group flooded with cash from mysterious entity.” Fox News, July 21, 2023. https://www.foxnews.com/politics/bidens-primary-2024-outside-pac-propelled-by-dark-money-group-flooded-with-cash-from-mysterious-entity
4. “New Entity Sunflower Services Purchasing Fiscal Sponsorship Services Business from Arabella Advisors.” GlobeNewswire News Room, November 17, 2025. https://www.globenewswire.com/news-release/2025/11/17/3189486/0/en/New-Entity-Sunflower-Services-Purchasing-Fiscal-Sponsorship-Services-Business-from-Arabella-Advisors.html.
5. Return of Tax Exempt Organization. IRS Form 990. Impetus Fund. 2020. Schedule I, Part II. https://projects.propublica.org/nonprofits/organizations/851701143/202211339349309306/full
6. Return of Tax Exempt Organization. IRS Form 990. Impetus Fund. 2020. Schedule O. https://projects.propublica.org/nonprofits/organizations/851701143/202211339349309306/full
7. Return of Tax Exempt Organization. IRS Form 990. Impetus Fund. 2021. Schedule O. https://projects.propublica.org/nonprofits/organizations/851701143/202301329349306635/full
8. Simonson, Joseph, and Andrew Kerr. “New Venture Fund Attorneys Order Group to Prepare Records for DC Attorney General Probe, Internal Documents Show.” Washington Free Beacon, October 5, 2023. https://freebeacon.com/democrats/new-venture-fund-attorneys-order-group-to-prepare-records-for-dc-attorney-general-probe-internal-documents-show/.
9. “Trade Names of the Arabella Advisors Network.” Americans for Public Trust, May 29, 2025. https://americansforpublictrust.org/document/trade-names-of-the-arabella-advisors-network/
10. Return of Tax Exempt Organization. IRS Form 990. Impetus Fund. 2021. Part VII. https://projects.propublica.org/nonprofits/organizations/851701143/202301329349306635/full
11. “Ezra Reese.” Elias Law Group, Accessed July 24, 2023. https://www.elias.law/team/ezra-reese
12. “Saurabh Gupta.” Arabella Advisors, Accessed July 24, 2023. https://www.arabellaadvisors.com/directory/saurabh-gupta/
13. “Andrew Schulz.” Adler & Colvin, Accessed July 24, 2023. https://www.adlercolvin.com/andrew-schulz-2/
14. “Falona Joy.” Arabella Advisors, Accessed July 24, 2023. https://www.arabellaadvisors.com/directory/falona-joy/