Wallace Foundation

The Wallace Foundation is a left-of-center grantmaking foundation in New York City which supports underperforming schools through special programs, education research, and advocacy. With $1.6 billion and assets, and $57.6 million dispersed in 2017,1 Wallace is the 36th-largest philanthropy in the world. 2

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At-A-Glance

Type: Non-profit, 501(c)(3), Private Foundation
Issue Areas: Education Policy
Website: www.wallacefoundation.org
Formation:

2003

President:

Will Miller

Location: New York, NY View on map
Tax ID: 13-6183757
Most Recent Filing: 2024
Budget (2024): Assets: $1,756,582,199 Revenue: $124,078,120 Expenses: $85,949,821

Contents

    History

    The Wallace Foundation originated from four New York City philanthropic organizations devoted to the arts and education founded in the 1950s by publishing magnate power couple Dewitt Wallace and Lila Bell Wallace, the founders of the Reader’s Digest. 3 In the 1980s, the philanthropic organizations were consolidated into the Lila Wallace-Reader’s Digest Fund and the DeWitt Wallace-Reader’s Digest Fund. These two organizations sold the last of their Reader’s Digest stock and formally merged in 2003 to become the Wallace Foundation. 4

    Methods

    The 2003 consolidation of Wallace charities marked a transition in priorities from program-funding to research and advocacy, making the foundation operate as both a grantmaking foundation and a think tank. 5 The Foundation describes the transition as a switch from “doing good” to “making change.” 3

    Wallace Foundation’s method is to identify systematic education problems, fund experimental programs based on academic research, collect data, and then advocate best practices. 6 The Foundation is running seven education initiatives, including school leadership, summer learning, and arts education. 7 The goals of these initiatives are to boost overall education outcomes in underperforming schools by improving administration, increasing after-school activities, and expanding arts participation. 8

    Grantees

    Wallace has given out 3,281 grants to nonprofit organizations since the early 1990s,9 many of which are left-of-center institutions, including:

    • National Public Radio (NPR), a left-of-center media organization,10 which receives funding from the government and private donors. Since 1999, NPR has received numerous grants for “advancing philanthropy” from Wallace adding up to $16,240,175. 9
    • The Tides Center, is a subsidiary of the left-of-center Tides Foundation, which directs funds to liberal causes on behalf of its donors. Since 2015, Tides has received numerous grants for “advancing philanthropy” from Wallace adding up to $32,500. 9
    • Hispanics in Philanthropy, a left-of-center Hispanic-interest organization, has received numerous grants for “advancing philanthropy.” Since 2015, the organization has received numerous grants for “advancing philanthropy” from Wallace adding up to $54,000. 9

    Glasspockets Initiative

    Wallace participates in the Glasspocket Initiative,11 which requires the organization to maintain a high level of operational transparency along 27 indicators, including its executive compensation process, diversity data, and audited financial statements. 12 Wallace currently has Glasspocket’s highest transparency rating, having successfully fulfilled 25 out of 27 transparency indicators. 11

    Philanthropy’s Promise

    Wallace is one of more than 200 signatories to “Philanthropy’s Promise,”13 an initiative of the left-wing National Committee for Responsive Philanthropy. The pledge requires signatories to abide by numerous politically progressive goals, including giving at least 50% of their grants to “underserved communities” and at least 25% of grants towards “nonprofit advocacy, community organizing, or civic engagement.” 14

    Philanthropy’s Promise also has requirements for “social justice grantmaking.” Signatories must orient grantmaking toward at least one of nine distinct social groups, including ethnic and racial minorities, women, and LGTBQ, in order to effect “structural change” in society. 15 Wallace abides by this provision by serving “economically disadvantaged” communities.

    Diversity

    Wallace publishes an annual diversity report to measure the racial and ethnic composition of its staff. The 2019 report states that Wallace has a more ethnically diverse staff than similarly sized nonprofit organizations ($1-1.99 billion in assets), at 58% white compared to 69% white. 16

    Financial Statistics

    Total Assets

    Total Revenue

    Total Expenses

    YearTotal AssetsTotal RevenueTotal ExpensesFiling
    2024 $1,756,582,199 $124,078,120 $85,949,821 View
    2023 $1,706,055,092 $57,299,382 $89,575,254 View
    2022 $1,669,140,184 $132,616,879 $112,719,157 View
    2021 $2,042,790,483 $138,837,624 $67,135,890 View
    2020 $1,815,949,042 $114,535,478 $73,563,956 View

    Prior year filings: 2015, 2014, 2013, 2012, 2011

    Expenses Detail

    Employee Compensation

    Highest Earning Employees

    EmployeeTitleTotal Compensation
    Thomas LenehanCIO & Assistant Treasurer$1,292,290
    William I MillerPresident & Director$999,548
    Signe ConwaySr Officer – Invest$418,757
    Bronwyn BevanVP – Research$385,983
    Joyce ZhangSr Officer – Invest$368,952
    Talia ShaullCHRO$366,231
    Robin HarrisVP – Communications$351,480
    Giselle AntoniVP-Youth Development$345,218
    Stacy J MartinCFO & Treasurer (end 8/30/2024)$316,523
    Jennifer Maimone-MedwickGeneral Counsel & Corporate Secretary (start 6/10/2024)$216,731
    Ingrid RasmussenCFO & Treasurer (start 9/2/2024)$157,000
    Geraldine SuteraLegal/HR Assoc. & Asst Corp Secretary$97,057

    Grant Activity

    All-time grants received statistics from Candid dataset:

    • Total Grant Value: $416,749
    • Number of Grants: 12
    • Number of Funders: 3

    Selection of highest value grants received from the last seven years:

    AmountYearFunderSubject
    $5,0002022 Colton Family Foundation C/o Stewart M ColtonUNRESTRICTED
    $5,0002021 Colton Family Foundation C/o Stewart M ColtonUNRESTRICTED

    All-time grants given statistics from Candid dataset:

    • Total Grant Value: $1,235,336,219
    • Number of Grants: 3,149
    • Number of Recipients: 944

    Selection of highest value grants given from the last seven years:

    AmountYearFunderSubject
    $8,895,9002020 Communities Foundation of TexasTo establish a donor-advised fund to assist Texas in new efforts to improve summer learning through the addition of days to the school year.
    $5,604,8302022 Communities Foundation of TexasTo establish a donor-advised fund to assist Texas in new efforts to improve summer learning through the addition of days to the school year.
    $3,139,8542021 Family Health International IncTo connect districts to resources to support the development of a three-year summer learning plan; plan and facilitate a Summer Learning Community; and curate, assemble and vet related supporting tools.
    $3,000,0002024 Alternate Roots, Inc.To participate in Wallace's Advancing Well-Being in the Arts initiative.
    $3,000,0002024 First Peoples FundTo participate in Wallace's Advancing Well-Being in the Arts initiative.
    $3,000,0002024 NATIONAL ASSOCIATION OF LATINO ARTS & CULTURESTo participate in Wallace's Advancing Well-Being in the Arts initiative.
    $3,000,0002022 Communities Foundation of TexasTo establish a donor-advised fund to assist Texas in new efforts to improve summer learning through the addition of days to the school year. Amends Grant #20200084 – in order add funds approved by board in a subsequent year.
    $2,476,9322022 Family Health International IncTo connect districts to resources to support the development of a three-year summer learning plan; plan and facilitate a Summer Learning Community; and curate, assemble and vet related supporting tools. (Years 3 and 4 funds for grant 20210241)
    $2,252,2022024 Board of Regents of the University of Wisconsin SystemTo study the work of districts participating in Wallace's ECPI.
    $2,200,0002020 Greater Tacoma Community FoundationTo participate in the Partnerships for Social and Emotional Learning Initiative.
    $2,120,0002022 Board of Education of Jefferson County KyTo participate in the Equity-Centered Pipeline Initiative.
    $2,120,0002022 Columbus City School DistrictTo participate in the Equity-Centered Pipeline Initiative.
    $2,120,0002022 Dc Public Education FundFor DC Public Schools to participate in the Equity-Centered Pipeline Initiative.
    $2,120,0002022 Fresno Unified School DistrictTo participate in the Equity-Centered Pipeline Initiative.
    $2,120,0002022 Fund for Educational ExcellenceFor Baltimore City Public Schools to participate in the Equity-Centered Pipeline Initiative.
    $2,120,0002022 San Antonio Independent School DistrictTo participate in the Equity-Centered Pipeline Initiative.
    $2,120,0002022 School District No.1j Multnomah County, OrTo participate in the Equity-Centered Pipeline Initiative.
    $2,100,0002021 The Rand CorporationTo conduct an evaluation of the Partnerships for Social and Emotional Learning Initiative.
    $2,000,0002022 Arts MidwestTo fund a broader group of smaller Arts organizations by re-granting through intermediaries.
    $2,000,0002022 Creative WestTo fund a broader group of smaller Arts organizations by re-granting through intermediaries.
    $2,000,0002022 Mid Atlantic ArtsTo fund a broader group of smaller Arts organizations by re-granting through intermediaries.
    $2,000,0002022 Mid-America Arts AllianceTo fund a broader group of smaller Arts organizations by re-granting through intermediaries.
    $2,000,0002022 New England Foundation for the ArtsTo fund a broader group of smaller Arts organizations by re-granting through intermediaries.
    $2,000,0002022 South Arts, Inc.To fund a broader group of smaller Arts organizations by re-granting through intermediaries.
    $1,850,0002025 National Public Radio IncTo support NPR and its coverage of education and the arts

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    Financials, employee compensation, and grant information provided by Candid.

    Mentioned in this Article

    References

    1. “Return on Organization Exempt from Taxes 2017 (Form 990).” ProPublica. Accessed January 31, 2020. https://projects.propublica.org/nonprofits/display_990/136183757/01_2019_prefixes_01-20%2F136183757_201712_990PF_2019012916043648.
    2. “World’s 100 largest philanthropic foundations.” Arco Lab. Accessed January 31, 2020. http://www.arcolab.org/en/worlds-100-largest-philanthropic-foundations-list/.
    3. “A Brief History.” Wallace. Accessed January 31, 2020. https://www.wallacefoundation.org/about-wallace/pages/history.aspx.
    4. “The Wallace Foundation.” Foundry Directory Online. Accessed January 31, 2020. https://fconline.foundationcenter.org/fdo-grantmaker-profile?collection=grantmakers&key=WALL089.
    5. “Profile: The Wallace Foundation.” Rockefeller Philanthropy Advisors. Accessed January 31, 2020. https://www.rockpa.org/profile-the-wallace-foundation-2/.
    6. “The Wallace Approach.” Wallace. January 31, 2020. https://www.wallacefoundation.org/how-we-work/the-wallace-approach/pages/default.aspx.
    7. “Our Work.” Wallace. Accessed January 31, 2020. https://www.wallacefoundation.org/how-we-work/our-work/pages/default.aspx.
    8. “Wallace Foundation Mission Statement.” The New York Times. Accessed January 31, 2020. https://archive.nytimes.com/www.nytimes.com/ref/college/collegespecial3/ll_wallacemission.html.
    9. “Our Grantees.” Wallace. Accessed January 31, 2020. https://www.wallacefoundation.org/about-wallace/our-grantees/pages/default.aspx#k=#s=11.
    10. “NPR Admits a Liberal Bias.” MRC. Accessed January 31, 2020. https://www.mrc.org/bozells-column/npr-admits-liberal-bias.
    11. “Who Has Glasspockets?” Glasspockets. Accessed January 31, 2020. https://glasspockets.org/glasspockets-gallery/who-has-glasspockets.
    12. “’Who Has Glass Pockets Indicator?’” Glasspockets. January 31, 2020. http://glasspockets.org/glasspockets-gallery/who-has-glasspockets/indicators.
    13. “Sign on to Philanthropy’s Promise.” NCRP. Accessed January 31, 2020. https://www.ncrp.org/initiatives/philanthropys-promise/about-philanthropys-promise.
    14. “Philanthropy’s Promise.” NCRP. Accessed January 31, 2020. https://www.ncrp.org/initiatives/philanthropys-promise.
    15. “Frequently Asked Questions.” NCRP. Accessed January 31, 2020. https://www.ncrp.org/initiatives/philanthropys-promise/faq-about-philanthropys-promise.
    16. “The Wallace Foundation Diversity Year in Review Report to the Board of Directors June 2019.” Wallace. Accessed January 31, 2020. https://www.wallacefoundation.org/about-wallace/Documents/wallace-foundation-diversity-year-in-review-report.pdf.