Non-profit

JPMorgan Chase Foundation

Location:

New York, NY

Tax ID:

23-7049738

Tax-Exempt Status:

501(c)(3)

Budget (2015):

Revenue: $149,608,937
Expenses: $169,301,365
Assets: $198,481,655

Formation:

1969

The JPMorgan Chase Foundation is the philanthropic arm of JPMorgan Chase and Co., a major international financial institution. The foundation supports nonprofits that could become lasting lending organizations that can put more money into poor neighborhoods. [1]

The foundation makes grants in the United Kingdom as well as the United States. It focuses on skills training and employment for people with disadvantaged backgrounds. [2]

The foundation focuses on partnerships between the government and the private sector to promote jobs and skills, small business expansion, financial health and neighborhood revitalization. [3]

Donations

The foundation donates about $250 million per year taken largely from revenues produced by the JPMorgan Chase company. It has announced that it will increase giving to $1.75 billion by 2023. [4] The planned boost in giving came largely due to the company’s tax savings of about $4 billion through the Tax Cut and Jobs Act of 2017, according to Inside Philanthropy. [5]

In 2014, the foundation committed $100 million over five years to Detroit to help the city’s economic problems. [6] JPMorgan Chase contributed $1 million to the city of Houston to help build housing units for the homeless in 2016. [7] In 2017, the company contributed $40 million to Chicago development and $10 million to Washington, D.C. development. [8]

In 2018, the JPMorgan Chase Foundation began funding a partnership among 12 universities in Washington, D.C.; Virginia; and Maryland to promote mastery of basic digital skills for graduates. The program is hosted by the Business-Higher Education Forum, a nonprofit that promotes partnerships between Fortune 500 companies and universities and colleges. [9]

Leadership

Janis Bowdler is the is the president of the JPMorgan Chase Foundation. She previously worked for 10 years as the economic policy director for the left-wing Hispanic-interest advocacy group National Council of La Raza (now UnidosUS). She came to the JPMorgan Chase Foundation in 2013. [10]

Stephanie Mestrallet is the vice president of the JPMorgan Chase Foundation. She began in August 2014. She works out of London, England. [11]

Ethan Morgan is the chairman of the JPMorgan Chase Southern California Philanthropic Leadership Council. [12]

References

  1. Anderson, Greta. “Latina Leader Named Head of JPMorgan Chase Foundation.” Al Dia Professionals. June 14, 2018. Accessed May 19, 2020. https://aldianews.com/articles/leaders/professionals/latina-leader-named-head-jpmorgan-chase-foundation/52997 ^
  2. Corporate Responsibility. JP Morgan Chase. Accessed May 19, 2020. https://www.jpmorgan.com/country/GB/EN/corporate-responsibility ^
  3. Zalikofsky, Emmanuel. “Philanthropic JP Morgan Chase Foundation Helps Communities Rise.” Sophia News. October 2018. Accessed May 19, 2020. https://sophianews.com/2018/10/philanthropic-j-p-morgan-chase-foundation-helps-communities-rise/ ^
  4. Zalikofsky, Emmanuel. “Philanthropic JP Morgan Chase Foundation Helps Communities Rise.” Sophia News. October 2018. Accessed May 19, 2020. https://sophianews.com/2018/10/philanthropic-j-p-morgan-chase-foundation-helps-communities-rise/ ^
  5. Rojc, Philip. “Big and Getting Bigger: JPMorgan Chase Philanthropy Is Getting a Boost.” August 22, 2018. Accessed May 19, 2020. https://www.insidephilanthropy.com/home/2018/1/30/big-getting-bigger-jpmorgan-chase-philanthropy ^
  6. Rojc, Philip. “Big and Getting Bigger: JPMorgan Chase Philanthropy Is Getting a Boost.” August 22, 2018. Accessed May 19, 2020. https://www.insidephilanthropy.com/home/2018/1/30/big-getting-bigger-jpmorgan-chase-philanthropy   ^
  7. R. Ciara. “Mayor Accepts $1 Million JP Morgan Chase Donations to Help End Chronic Homelessness in Houston.” CW 39 Houston. October 20, 2016. Accessed May 19, 2020. https://cw39.com/newsfix/houston-mayor-accepts-1-million-jp-morgan-chase-donation-to-help-end-chronic-homeless/ ^
  8. Rojc, Philip. “Big and Getting Bigger: JPMorgan Chase Philanthropy Is Getting a Boost.” August 22, 2018. Accessed May 19, 2020. https://www.insidephilanthropy.com/home/2018/1/30/big-getting-bigger-jpmorgan-chase-philanthropy ^
  9. [1] Nietzel, Michael. “Developing Talen for the Digital Economy: The Business-Higher Education Forum Shows the Way.” June 10, 2019. Accessed May 19, 2020. https://www.forbes.com/sites/michaeltnietzel/2019/06/10/developing-talent-for-the-digital-economy-the-business-higher-education-forum-shows-the-way/#71ffcf7a5160 ^
  10. Anderson, Greta. “Latina Leader Named Head of JPMorgan Chase Foundation.” Al Dia Professionals. June 14, 2018. Accessed May 19, 2020. https://aldianews.com/articles/leaders/professionals/latina-leader-named-head-jpmorgan-chase-foundation/52997 ^
  11. Stephanie Mestrallet. LinkedIn. Accessed May 19, 2020. https://www.linkedin.com/in/stephanie-mestrallet-3a70a34/?originalSubdomain=uk ^
  12. Ethan Morgan. Organ County Business Journal. Accessed May 19, 2020. https://www.ocbj.com/news/2020/feb/03/ethan-morgan/ ^
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Nonprofit Information

  • Accounting Period: December - November
  • Tax Exemption Received: December 1, 1969

  • 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
    2015 Dec Form PF $149,608,937 $169,301,365 $198,481,655 $51,117,380 $0 $0 $0 $0 PDF
    2014 Dec Form PF $149,881,170 $151,373,423 $208,331,535 $41,248,999 $0 $0 $0 $0 PDF
    2013 Dec Form PF $48,909,121 $186,834,333 $243,302,546 $75,066,525 $0 $0 $0 $0 PDF
    2012 Dec Form PF $167,034,628 $120,413,845 $328,377,669 $23,445,862 $0 $0 $0 $0 PDF
    2011 Dec Form PF $220,188,362 $147,149,613 $276,488,223 $19,684,090 $0 $0 $0 $0 PDF

    Additional Filings (PDFs)

    JPMorgan Chase Foundation

    383 MADISON AVENUE 41ST FL
    New York, NY 10017-3217