The Chestnut Fund concentrates its giving into very large, targeted gifts rather than broad, distributed grantmaking. Most of its resources were directed to a donor-advised/pass-through vehicle (Lupine Fund via Fidelity Charitable) and a major public policy research organization focused on budget and anti-poverty policy. This pattern suggests the foundation supports national policy work and uses intermediaries to channel philanthropic dollars.
Chestnut Fund makes a small number of very large grants, with its biggest recent award of $2,465,000 going to Lupine Fund Co Fidelity Charitable Gift Fund for general operating support. That pattern points to a funder that channels substantial resources through intermediaries while also backing policy infrastructure directly. The same approach appears in its support for the Center on Budget and Policy Priorities, which received $540,000 in 2023 for general operating support and another $120,000 in 2025 for the Greenstein Fund for a Just Future. Chestnut Fund also gave $400,000 to Emmas Fund in 2023 and $350,000 in 2025, both for general operating support, showing continued support for that vehicle across years. Beyond those large commitments, the foundation has written checks to state-level budget and policy organizations, tax-policy groups, and advocacy and communications organizations. Its grantmaking fits a national public-policy portfolio built around organizational support rather than program-specific project grants, with a strong emphasis on budget, tax, and anti-poverty policy work.
A clear theme is budget and anti-poverty policy. Chestnut Fund gave $540,000 to the Center on Budget and Policy Priorities for general operating support and later added $120,000 for the Greenstein Fund for a Just Future. It also supported the Institute on Taxation and Economic Policy with $75,000 for general operating support and the Urban Institute with $75,000 for the Tax Policy Center. State-level policy analysis is another strand. New Mexico Voices for Children received $300,000, the Washington State Budget and Policy Center got $169,000, and the Maine Center for Economic Policy received $145,000, each for general operating support. The foundation also backed advocacy and communications infrastructure, including $75,000 to Faith in Action, $30,000 to Hopewell Fund for The Movement Institute, and $75,000 to The American Prospect for Writing Fellows.
Chestnut Fund’s recent grants cluster around a median of $75,000, with a lower quartile of $50,000 and an upper quartile of $140,000. That sits alongside a few much larger awards, including multi-million-dollar grants to a donor-advised or pass-through vehicle. The pattern suggests concentrated grantmaking rather than a wide spread of small awards. Recipients also appear across multiple years: Lupine Fund Co Fidelity Charitable Gift Fund was supported in 2023 and 2025, as was Emmas Fund, and the Center on Budget and Policy Priorities received grants in both years. The foundation uses general operating support heavily across the portfolio, with no indication here of individual giving or program-related investments.
$2.9M
$54.9M
$8.1M
$4M
Most grants fall between $50K and $140K, with a median of $75K.
25th Percentile
$50K
Median
$75K
75th Percentile
$140K
About 7% of grants go to recipients in DC.
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Highly concentrated: very few, very large grants with repeat support to the same recipients; mix of pass-through/intermediary funding and direct support to national policy research organizations.
Notable grantees: Lupine Fund Co (Fidelity Charitable Gift Fund), Center on Budget and Policy Priorities
Chestnut Fund gives nationally, and every recent grant in the dataset went to U.S. recipients. The top state by grant count is Iowa, even though the foundation is headquartered in Boston. Recent recipient cities include Washington, DC; Seattle; Portland, Maine; Des Moines; and Albuquerque. Massachusetts appears in the grant list as well, but only 8% of grants went to recipients in the HQ state. The recipient map is therefore broad, with policy and advocacy organizations spread across multiple states rather than concentrated in one region.
Chestnut Fund backs policy research centers, think tanks, state budget organizations, and advocacy groups. Recent grants include support for budget and anti-poverty policy work, tax policy analysis, communications capacity, and movement-oriented infrastructure. General operating support is the dominant grant purpose in the recent list.
The recent-grant distribution centers on $75,000, with a lower quartile of $50,000 and an upper quartile of $140,000. The foundation also makes much larger awards, including multimillion-dollar grants to a pass-through vehicle.
Yes. The grant list shows repeat support across years for multiple recipients, including Lupine Fund Co Fidelity Charitable Gift Fund, Emmas Fund, and the Center on Budget and Policy Priorities. That indicates ongoing relationships rather than one-time gifts only.
The foundation gives nationally. Recent recipients are located across the U.S., with examples in Washington, DC, Seattle, Albuquerque, Portland, Des Moines, and Boston. Iowa is the top state by grant count in the dataset.
2025
Source: IRS Form 990-PF, fiscal year 2025.
Most recent grants reported to the IRS.
| Recipient | Location | Amount | Year | Purpose |
|---|---|---|---|---|
| LUPINE FUND CO FIDELITY CHARITABLE GIFT FUND | CINCINNATI, OH | $2,465,000 | 2025 | GENERAL OPERATING SUPPORT |
| EMMAS FUND | DECATUR, GA | $350,000 | 2025 | GENERAL OPERATING SUPPORT |
| CENTER ON BUDGET AND POLICY PRIORITIES | WASHINGTON, DC | $120,000 | 2025 | GREENSTEIN FUND FOR A JUST FUTURE |
| LUPINE FUND CO FIDELITY CHARITABLE GIFT FUND | CINCINNATI, OH | $2,815,000 | 2024 | GENERAL OPERATING SUPPORT |
| EMMAS FUND | DECATUR, GA | $400,000 | 2024 | GENERAL OPERATING SUPPORT |
| CENTER ON BUDGET AND POLICY PRIORITIES | WASHINGTON, DC | $290,000 | 2024 | GENERAL OPERATING SUPPORT |
| LUPINE FUND CO FIDELITY CHARITABLE GIFT FUND | CINCINNATI, OH | $2,200,000 | 2023 | GENERAL OPERATING SUPPORT |
| CENTER ON BUDGET AND POLICY PRIORITIES | WASHINGTON, DC | $540,000 | 2023 | GENERAL OPERATING SUPPORT |
| EMMAS FUND | DEVATUR, GA | $400,000 | 2023 | GENERAL OPERATING SUPPORT |
| NEW MEXICO VOICES FOR CHILDREN | ALBUQUERQUE, NM | $300,000 | 2023 | GENERAL OPERATING SUPPORT |
| WASHINGTON STATE BUDGET AND POLICY CENTER | SEATTLE, WA | $169,000 | 2023 | GENERAL OPERATING SUPPORT |
| THE MAINE CENTER FOR ECONOMIC POLICY | AUGUSTA, ME | $145,000 | 2023 | GENERAL OPERATING SUPPORT |
| WASHINGTON PROGRESS FUND | SEATTLE, WA | $140,000 | 2023 | GENERAL OPERATING SUPPORT |
| MAINE PEOPLE'S RESOURCE CENTER | PORTLAND, ME | $105,000 | 2023 | GENERAL OPERATING SUPPORT |
| COMMON GOOD IOWA | DES MOINES, IA | $75,000 | 2023 | GENERAL OPERATING SUPPORT |
| INSTITUTE ON TAXATION AND ECONOMIC POLICY | WASHINGTON, DC | $75,000 | 2023 | GENERAL OPERATING SUPPORT |
| MINNESOTA COUNCIL OF NONPROFITS | ST PAUL, MN | $75,000 | 2023 | MINNESOTA BUDGET PROJECT |
| THE ECONOMIC PROGRESS INSTITUTE | PROVIDENCE, RI | $75,000 | 2023 | GENERAL OPERATING SUPPORT |
| THE URBAN INSTITUTE | WASHINGTON, DC | $75,000 | 2023 | TAX POLICY CENTER |
| CONNECTICUT VOICES FOR CHILDREN | NEW HAVEN, CT | $75,000 | 2023 | GENERAL OPERATING SUPPORT |
| OREGON CENTER FOR PUBLIC POLICY | PORTLAND, OR | $75,000 | 2023 | GENERAL OPERATING SUPPORT |
| THE AMERICAN PROSPECT | WASHINGTON, DC | $75,000 | 2023 | WRITING FELLOWS |
| FAITH IN ACTION | WASHINGTON, DC | $75,000 | 2023 | GENERAL OPERATING SUPPORT |
| FUSE EDUCATION FUND | SEATTLE, WA | $66,000 | 2023 | GENERAL OPERATING SUPPORT |
| PUBLIC ASSETS INSTITUTE (VT) | MONTPELIER, VT | $50,000 | 2023 | GENERAL OPERATING SUPPORT |
| HOPEWELL FUND | WASHINGTON, DC | $30,000 | 2023 | THE MOVEMENT INSTITUTE |
| BALLOT INITIATIVE STRATEGY CENTER FOUNDATION | WASHINGTON, DC | $30,000 | 2023 | GENERAL OPERATING SUPPORT |
| MASSACHUSETTS COMMUNITIES ACTION NETWORK | DORCHESTER, MA | $25,000 | 2023 | GENERAL OPERATING SUPPORT |
| TRIANGLE COMMUNITY FOUNDATION | DURHAM, NC | $25,000 | 2023 | EMMA'S FUND |
| NEO PHILANTHROPY FUNDERS COMMITTEE FOR CIVIC PARTICIPATION SUPPORT PROPOSA | NEW YORK, NY | $15,000 | 2023 | GENERAL OPERATING SUPPORT |
| ROSE FOUNDATION | BOSTON, MA | $11,685 | 2023 | GENERAL OPERATING SUPPORT |
LUPINE FUND CO FIDELITY CHARITABLE GIFT FUND
$2,465,000GENERAL OPERATING SUPPORT
EMMAS FUND
$350,000GENERAL OPERATING SUPPORT
LUPINE FUND CO FIDELITY CHARITABLE GIFT FUND
$2,815,000GENERAL OPERATING SUPPORT
EMMAS FUND
$400,000GENERAL OPERATING SUPPORT
GENERAL OPERATING SUPPORT
LUPINE FUND CO FIDELITY CHARITABLE GIFT FUND
$2,200,000GENERAL OPERATING SUPPORT
EMMAS FUND
$400,000GENERAL OPERATING SUPPORT
FAITH IN ACTION
$75,000GENERAL OPERATING SUPPORT
FUSE EDUCATION FUND
$66,000GENERAL OPERATING SUPPORT
NEO PHILANTHROPY FUNDERS COMMITTEE FOR CIVIC PARTICIPATION SUPPORT PROPOSA
$15,000GENERAL OPERATING SUPPORT
ROSE FOUNDATION
$11,685GENERAL OPERATING SUPPORT