The Richard King Mellon Foundation (RKMF) is the largest foundation in southwestern Pennsylvania, and one of the 50 largest in the world. Its 2020 endowment was valued at $3.1 billion. [1]
The foundation focuses on improving the economy and well-being of southwestern Pennsylvania and on environmental conservation across the United States. [2]
The RKMF leadership continues to pass through the Mellon family from father to son, starting with founder Richard King Mellon to eldest son Richard P. Mellon, to son Seward Prosser Mellon, and to grandson Richard A. Mellon as of January 31, 2022. [3]
The 2021 to 2020 ten-year strategic plan has an added emphasis on social impact investments. [4]
Background
The Richard King Mellon Foundation (RKMF) was founded by Richard King Mellon, president and chairman of Mellon National Bank, in 1947. [5] He died in 1970. [6] Mellon’s wife Constance Mary Prosser was the foundation’s chairman of the board from 1947 until she died in 1980. [7] RKMF focused investments on improving the competitive future and quality of life in southwestern Pennsylvania, and in national environmental conservation. [8]
From 1981 to 2009, Richard P. Mellon, eldest son of Richard King Mellon, chaired the foundation. He continued to focus investments on land conservation and turned towards scientific and medical research to increase economic growth in southwestern Pennsylvania. [9]
From 2009 to 2019, Seward Prosser Mellon, son of Richard King Mellon, continued to expand the foundation’s investments into conservation of the nation’s natural resources, while regional investments in southwestern Pennsylvania addressed poverty and homelessness, economic development, and academic research and scholarship programs. [10]
Richard A. Mellon, grandson of Richard King Mellon, was named chairman and CEO effective July 1, 2019. [11] The foundation’s ten-year strategic plan for 2021 to 2030 continues to follow a similar approach, with a continued investment focus on environmental conservation across the United States, and a regional focus on southwestern Pennsylvania, with the identification of new program areas that focus on social impact. [12]
Grantees
RKMF focuses on southwestern Pennsylvania, particularly Pittsburgh. The foundation’s 2019 tax return lists 221 separate contributions, with all but 23 recipients located in Pennsylvania. [13]
In 2020, RKMF awarded more than $34.5 million for regional COVID recovery, and awarded a total of $130 million. [14]
In 2021, RKMF approved $372 million in grants and investments, which was the largest amount in the history of the foundation. [15]
On January 20, 2021, the foundation presented its ten-year strategic plan for 2021 to 2030. Economic development in southwestern Pennsylvania and national conservation continue to be key program areas. Economic mobility for children and youth and health and well-being in southwestern Pennsylvania are two new program areas. Social impact investments and organizational effectiveness are two new initiatives that apply to all four program areas. [16]
Social impact investments program is a new focus for RKMF in 2021. Through this program, the foundation plans to invest up to $50 million over the next 10 years into for-profit startups that are aimed at addressing social needs. In January 2022, RKMF awarded $3.39 million to 16 startups as an initial step for this program. [17] The highest grant was awarded to Fabric Health, a startup that seeks to provide health care for people in need through laundromats in southwestern Pennsylvania. [18]
Organizational effectiveness focuses on investments in nonprofits to make improvements in their organizations and in their overall effectiveness; [19] 2021 grantees in this area include the African American Cultural Center and Neighborhood Allies, both in Pittsburgh, Pennsylvania. [20]
Financials
Richard King Mellon Foundation’s 2019 tax return indicates total expenses of $139,482,902. Of that, $119,842,952, or 86 percent was contributions, gifts, and grants. [21]
In 2020, RKMF allocated $130 million in grants. [22] The board has approved $372 million in grants for 2021. [23]
Leadership
Richard A. Mellon, grandson of Richard King Mellon, became chairman and CEO on July 1, 2019. [24] Mellon was founder and President of RAM Transit, Inc., a trucking and logistics company that he sold in 2012. [25]
Constance Elizabeth Mellon Kapp is president. [26] She is the daughter of former president and CEO Seward Prosser Mellon. [27]
Sam Reiman was appointed director, the top staff leadership position, on January 1, 2019. [28] Reiman is a trustee of RKMF and of Carnegie Mellon University. He serves multiple board memberships, including public benefit corporation Sixup, Alleghany Conference on Community Development, and the Pittsburgh Cultural Trust. [29]