The Intuit Foundation is the employee gift-matching arm of the bookkeeping and tax filing software company Intuit. The foundation utilizes the donor-advised fund, American Online Giving Foundation, to disperse matching funds and does not accept grant solicitations or make any other grants. 1 2
Intuit also administers a Super PAC, the Intuit 21st Century Leadership Fund PAC, and the Intuit Financial Freedom Foundation that is focused on donating tax filing software and other financial planning resources. 3 4
Founding and History
The Intuit Foundation received tax-exempt status in 2002. In 2004 the foundation matched employee charitable donations up to $1,000 per year for eligible charities. Eligible charities did not include faith-based organizations that discriminated in services; schools that promoted a specific religious viewpoint; or political, fraternal, and labor organizations. 5 As of 2021, the foundation matches employee donations up to $5,000 per person per fiscal year. Information regarding eligible charities is not publicly available. 6
Finances
In the fiscal year ending on July 31, 2020, the Intuit Foundation derived $4,145,809 from contributions and grants . The foundation had $3,3709,379 in expenses, of which $3,401,706 was paid out in grants and contributions. At the end of the fiscal year the foundation had $943,354 in assets, all of which were held in cash. 1
Issue Areas
The Intuit Foundation does not have an issue area portfolio or accept grant solicitations. The sole direct recipient of funding is the American Online Giving Foundation, a donor-advised fund. This funding matches employee charitable donations, so employees of Intuit determine where the funding ultimately goes. 7
As of guidelines published in 2004, the foundation will not match contributions to schools if they promote a specific religious viewpoint; any religious organization that discriminates in the delivery of social services; or political, fraternal, or labor organizations. 5
Partners
The Foundation does not directly contribute to any charitable organizations. Rather, donations are made to the American Online Giving Foundation, a charitable giving aggregations service that specializes in creating donor-advised funds for large corporations and their employees. 8
Leadership
Laure Fennel is the president of the Intuit Foundation. She has been employed at Intuit for many years, including a 14-year stint as general counsel. In 2018 she became the chief people and places officer. 9
Fennel has contributed to a number of Democratic campaigns and PACs, including $500 to Friends for Harry Reid, $3,000 to Gillibrand for Senate, and 1,000 each to the Obama Victory Fund 2012 and Obama for America. However, in 2011 she did contribute $1,500 to Boehner for Speaker and an additional $1,500 to Friends of John Boehner, committees supporting Republican Rep. John Boehner. Additionally, Fennel has contributed $17,500 to Intuit’s political fund, the Intuit 21st Century Leadership PAC, over a period of several years. 10 This PAC has more or less evenly split its contributions between Democrats and Republicans over the last few cycles. 11
References
- Intuit Foundation, IRS (Form 990-PF), 2020, Part I
- American Online Giving Foundation. “American Online Giving Foundation.” Accessed October 8, 2021. https://www.onlinegivingfoundation.org.
- Intuit.com. “Intuit: Corporate Responsibility • Financial Empowerment.” Accessed October 8, 2021. https://www.intuit.com/company/corporate-responsibility/financial-empowerment/.
- Bloomberg.com. “Intuit 21St Century Leadership Fund PAC.” Accessed October 8, 2021. https://www.bloomberg.com/profile/company/0578595D:US.
- Matchinggifts.com. “Donation Matching Program Guidelines,” August 1, 2004. Accessed October 7, 2021. http://forms.matchinggifts.com/Intuit.pdf.
- IntuitBenefits.com. “We Care and Give Back.” Accessed October 7, 2021. https://www.intuitbenefits.com/emotional-well-being/community.
- Intuit Foundation, IRS (Form 990-PF), 2020, Part XV
- [1] American Online Giving Foundation. “American Online Giving Foundation.” Accessed October 8, 2021. https://www.onlinegivingfoundation.org.
- Intuit.com. “Intuit Appoints New Chief People & Places Officer and New General Counsel,” August 15, 2018. Accessed October 8, 2021. https://www.intuit.com/blog/news-social/press-releases/intuit-appoints-new-chief-people-places-officer-and-new-general-counsel/.
- FEC.gov. “Individual Contributions Laura Fennel.” Accessed October 8, 2021. https://www.fec.gov/data/receipts/individual-contributions/?contributor_name=Laura+Fennel&min_date=01%2F01%2F2000&max_date=12%2F31%2F2021.
- Center for Responsive Politics. “PAC Profile: Intuit Inc.” Opensecrets.org. April 1, 2021. Accessed October 8, 2021. https://www.opensecrets.org/political-action-committees-pacs/intuit-inc/C00361741/summary/2020