FJC: A Foundation of Philanthropic Funds

FJC: A Foundation of Philanthropic Funds is a boutique public charity located in New York, founded in 1995 by Marty Silverman, a philanthropist and former owner of National Equipment Rental. The organization is primarily known for its donor-advised funds (DAFs), fiscal sponsorships, collective giving accounts, and other philanthropic vehicles.

Mission

FJC's mission is to help individuals fulfill their philanthropic goals while maximizing their charitable contributions. It offers many of the benefits associated with private foundations but avoids the restrictions, administrative costs, and taxes inherent in those entities. This allows donors to focus on strategic philanthropy and grant-making without the operational burdens.

Services

• Donor Advised Funds (DAFs): FJC provides donors with DAFs, allowing them to suggest nonprofit organizations for grants. While FJC is generally responsive to donor recommendations, it began using the Southern Poverty Law Center's (SPLC) list of hate groups as a screening tool in 2019, rejecting grants to those organizations.

• Fiscal Sponsorships: FJC acts as a fiscal sponsor for emerging nonprofit organizations, offering operational and fiscal management support. This enables nascent charitable entities to concentrate on their mission while FJC handles administrative tasks. Over 400 organizations have been fiscally sponsored by FJC, with approximately 75 going on to become independent 501(c)(3) entities.

• Nonprofit Agency Loan Fund: FJC provides loans to nonprofit organizations, having issued over $398 million in such loans. This financial support helps these organizations achieve their goals more effectively.

History and Impact

Since its inception, FJC has disbursed nearly $700 million in grants through its donor-advised funds. The organization has grown significantly, serving as an intermediary between the financial and nonprofit sectors. It continuously develops new philanthropic programs to meet the evolving needs of its donors and sponsored organizations.

Leadership

As of recent reports, Sam Marks serves as the CEO of FJC. Prior to this role, Marks worked in various capacities within the financial sector, including positions at the Local Initiatives Support Corporation and Deutsche Bank.

Finances

In the fiscal year ending March 31, 2022, FJC reported revenues of $65 million, primarily from contributions, grants, and investment income. Its expenses were around $59.5 million, with the majority allocated to grants and contributions. FJC ended that fiscal year with a surplus of approximately $5.6 million and net assets of over $333 million.