Logo for InfluenceWatch InfluenceWatch

Donate
Non-profit

Impetus Fund

Parent Organization: Arabella Advisors
Location:

Washington, DC
Tax ID:

85-1701143
Tax-Exempt Status:

501(c)(4)

Formation:

2020
Parent Organization:

Arabella Advisors
President and Chair:

Ezra Reese
Latest 990 Filing:

2021 990 Tax Filing
Budget (2021):

Revenue: $2,327,145

Expenses: $1,721,116

Assets: $1,330,441

Contact InfluenceWatch with suggested edits or tips for additional profiles.

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

Activities

According to tax records, in 2020 the Impetus Fund received over $67 million in charitable donations from an anonymous source. The same records show that between July and November 2020, over $64 million was then donated towards several left-of center organizations and nonprofits leading up to the November 2020 Presidential Election.

Grantmaking

The Impetus Fund has contributed large amount to other left-of-center “dark money” organizations.

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). 4 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 6

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.” 7 8 9

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.10 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.11

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. 12 13

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. 14 15

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. 16 17

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. 18 19

References

  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. Return of Tax Exempt Organization. IRS Form 990. Impetus Fund. 2020. Schedule I, Part II. https://projects.propublica.org/nonprofits/organizations/851701143/202211339349309306/full
  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. 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
  7. Return of Tax Exempt Organization. IRS Form 990. Impetus Fund. 2020. Schedule O. https://projects.propublica.org/nonprofits/organizations/851701143/202211339349309306/full
  8. Return of Tax Exempt Organization. IRS Form 990. Impetus Fund. 2021. Schedule O. https://projects.propublica.org/nonprofits/organizations/851701143/202301329349306635/full
  9. 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
  10. 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/.
  11. 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/.
  12. Return of Tax Exempt Organization. IRS Form 990. Impetus Fund. 2021. Part VII. https://projects.propublica.org/nonprofits/organizations/851701143/202301329349306635/full
  13. “Ezra Reese.” Elias Law Group, Accessed July 24, 2023. https://www.elias.law/team/ezra-reese
  14. Return of Tax Exempt Organization. IRS Form 990. Impetus Fund. 2021. Part VII. https://projects.propublica.org/nonprofits/organizations/851701143/202301329349306635/full
  15. “Saurabh Gupta.” Arabella Advisors, Accessed July 24, 2023. https://www.arabellaadvisors.com/directory/saurabh-gupta/
  16. Return of Tax Exempt Organization. IRS Form 990. Impetus Fund. 2021. Part VII. https://projects.propublica.org/nonprofits/organizations/851701143/202301329349306635/full
  17. “Andrew Schulz.” Adler & Colvin, Accessed July 24, 2023. https://www.adlercolvin.com/andrew-schulz-2/
  18. Return of Tax Exempt Organization. IRS Form 990. Impetus Fund. 2021. Part VII. https://projects.propublica.org/nonprofits/organizations/851701143/202301329349306635/full
  19. “Falona Joy.” Arabella Advisors, Accessed July 24, 2023. https://www.arabellaadvisors.com/directory/falona-joy/
  See an error? Let us know!

Nonprofit Information


Available Filings

No filings available.

Impetus Fund

1200 G St NW 800
Washington, DC 20005