The Lenfest Inst For Journalism Spe Asset Fund Of The Phl Foundation
- Assets
- $99.6m
- Revenue
- $14.4m
- Investments
- $13.9m
- Employees
- 22
- Location
- Philadelphia, PA
- Founding
- 09/2003
- Data as of
- 12/2021
- EIN
- 04-3731829
Organization Overview
The Lenfest Inst For Journalism Spe Asset Fund Of The Phl Foundation is located in Philadelphia, PA. The organization was established in 2003. According to its NTEE Classification (T12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2021, Lenfest Inst For Journalism Spe Asset Fund Of The Phl Foundation employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lenfest Inst For Journalism Spe Asset Fund Of The Phl Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Lenfest Inst For Journalism Spe Asset Fund Of The Phl Foundation generated $14.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (11.9%) each year. All expenses for the organization totaled $16.4m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Lenfest Inst For Journalism Spe Asset Fund Of The Phl Foundation has awarded 399 individual grants totaling $84,921,293. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORT THE PHILADELPHIA FOUNDATION BY ENABLING QUALITY LOCAL JOURNALISM IN THE COMMUNITY
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LENFEST INSTITUTE FOR JOURNALISM, LLC (LLC):THE LLC IS A DISREGARDED ENTITY OF THE INSTITUTE, THAT SUPPORTS BOTH THE DIGITAL TRANSFORMATION OF HERITAGE NEWS ORGANIZATIONS AND THE ENTREPRENEURIAL EFFORTS OF YOUNG, INNOVATIVE COMPANIES. THE INSTITUTE BELIEVES THAT QUALITY CIVIC JOURNALISM REQUIRES NEW BUSINESS MODELS, POWERFUL INNOVATIONS AND GROWING, DIVERSE AUDIENCES TO ACHIEVE SUSTAINABILITY IN THE DIGITAL AGE. IT FUNDS PROGRAMS THAT PRODUCE HIGH-IMPACT JOURNALISM, INNOVATIVE NEWS TECHNOLOGY, AND THAT LEAD TO HIGHLY ENGAGED, DIVERSE AND GROWING AUDIENCES.(CONTINUED ON SCHEDULE O.)HIGH-IMPACT JOURNALISM:QUALITY, IN-DEPTH REPORTING REMAINS THE FUNDAMENTAL VALUE PROPOSITION BETWEEN LOCAL NEWS ORGANIZATIONS AND THEIR AUDIENCES. THE INSTITUTE INVESTS IN INDISPENSABLE PUBLIC-BENEFIT JOURNALISM FOR THE COMMUNITIES IT SERVES.NEWS TECHNOLOGY AND INNOVATION:TO SURVIVE AND THRIVE, LOCAL NEWS ENTERPRISES MUST BE NIMBLE, TECH-ENABLED AND COMMITTED TO CONSTANT INNOVATION. INVESTING IN THE TECHNICAL MUSCLE OF NEWS ORGANIZATIONS AND INTRODUCING NEW TOOLS IMPROVE CUSTOMER EXPERIENCE, AUDIENCE ENGAGEMENT AND OPERATIONAL EFFICIENCY, ALL KEY TO BUSINESS SUSTAINABILITY.DIVERSE AND GROWING AUDIENCES:DIVERSE AND INCLUSIVE NEWSROOMS ATTRACT DIVERSE AND GROWING AUDIENCES. OUR INVESTMENTS IN NEWSROOM DIVERSITY, COMMUNITY LISTENING PROJECTS, AND MULTI-CULTURAL NEWS MEDIA ADDRESS SOME OF JOURNALISM'S BIGGEST CHALLENGES AND ONE OF ITS GREATEST OPPORTUNITIES. KNIGHT-LENFEST TRANSFORMATION FUND:THE KNIGHT-LENFEST TRANSFORMATION FUND IS A FIVE-YEAR EFFORT DESIGNED TO ACCELERATE INNOVATION IN LOCAL NEWS ORGANIZATIONS IN PHILADELPHIA AND ACROSS THE UNITED STATES. THE FUND WAS CREATED BY THE JOHN S. AND JAMES L. KNIGHT FOUNDATION AND THE INSTITUTE TO HELP BUILD A SUSTAINABLE, EQUITABLE FUTURE FOR LOCAL NEWS.FACEBOOK LOCAL NEWS ACCELERATORS:THE FACEBOOK JOURNALISM PROJECT ACCELERATOR IS A BROAD PROGRAM COMPRISED OF THREE DIFFERENT COMMON PROBLEM AREAS IN THE NEWS INDUSTRY AND SOLUTIONS OF HOW TO OVERCOME THEM. IT ENCOMPASSES THE SUBSCRIPTION ACQUISITION, SUBSCRIPTION RETENTION, AND MEMBERSHIP RETENTION ACCELERATORS. FUNDED AND ORGANIZED BY THE FACEBOOK JOURNALISM PROJECT, THE PROGRAMS INCLUDE HANDS-ON WORKSHOPS, A GRANTMAKING PROGRAM, AND REGULAR REPORTS ON BEST PRACTICES.SPOTLIGHT PA:SPOTLIGHT PA IS A COLLABORATIVE EFFORT AMONG THE PHILADELPHIA INQUIRER AND PENN LIVE/PATRIOT NEWS THAT IS DEDICATED TO PRODUCING NONPARTISAN INVESTIGATIVE JOURNALISM ABOUT PENNSYLVANIA GOVERNMENT AND URGENT STATEWIDE ISSUES.INNOVATION GRANTS:THE INSTITUTE HAS AWARDED TWO TYPES OF GRANTS: THE LOCAL NEWS BUSINESS MODEL CHALLENGE FOR PROJECTS THAT EXPLORE NEW BUSINESS MODELS FOR SUSTAINABLE LOCAL NEWS AND INFORMATION ORGANIZATIONS, AND THE PHILADELPHIA NEWS ECOSYSTEM COLLABORATION GRANTS FOR PLANNING OR PROTOTYPE PROJECTS BRINGING TOGETHER ORGANIZATIONS IN THE PHILADELPHIA AREA FOR CLOSER COLLABORATION.OTHER PROGRAM ACTIVITIES:THE INSTITUTE SUPPORTS BOTH THE DIGITAL TRANSFORMATION OF HERITAGE NEWS ORGANIZATIONS AND THE ENTREPRENEURIAL EFFORTS OF YOUNG, INNOVATIVE COMPANIES. OTHER PROGRAM ACTIVITIES INCLUDE CONVENING, ADVISORY WORK, LEARNINGS SEMINARS, RESEARCH AND OTHER OUTREACH IN SUPPORT OF LOCAL JOURNALISM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Friedlich Chief Executive Officer - Llc | OfficerTrustee | 35 | $342,105 |
Annie Madonia Chief Advancement Officer | Officer | 35 | $279,610 |
Ken Herts Chief Operating Officer - Llc | Officer | 35 | $275,878 |
Janelle Stafford Managing Director - Llc | 35 | $205,116 | |
Rebecca Forman Director Of Advancement - Llc | 35 | $163,230 | |
Shawn Mooring Program Director - Llc | 35 | $129,161 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dazzle Llc Build Infrastructure For Bipoc Journos | 12/30/21 | $195,000 |
Buchanan Ingersoll And Rooney Pc Legal Services | 12/30/21 | $128,264 |
Vanguard Institutional Advisory Services Investment Management Services | 12/30/21 | $103,190 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $35,050 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $12,469,682 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,504,732 |
| Total Program Service Revenue | $0 |
| Investment income | $1,412,652 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $136,306 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,397,650 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $9,733,755 |
| Grants and other assistance to domestic individuals. | $23,149 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,174,211 |
| Compensation of current officers, directors, key employees. | $227,392 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,118,826 |
| Pension plan accruals and contributions | $96,178 |
| Other employee benefits | $78,595 |
| Payroll taxes | $128,500 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $128,267 |
| Fees for services: Accounting | $55,026 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $103,190 |
| Fees for services: Other | $3,215,579 |
| Advertising and promotion | $0 |
| Office expenses | $111,774 |
| Information technology | $43,735 |
| Royalties | $0 |
| Occupancy | $68,860 |
| Travel | $27,693 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $43,215 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $774 |
| Insurance | $23,315 |
| All other expenses | $0 |
| Total functional expenses | $16,429,153 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $10,911,163 |
| Pledges and grants receivable | $5,094,539 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $66,940 |
| Net Land, buildings, and equipment | $35,503 |
| Investments—publicly traded securities | $69,667,433 |
| Investments—other securities | $13,858,614 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $99,634,192 |
| Accounts payable and accrued expenses | $2,791,800 |
| Grants payable | $2,088,999 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $4,880,799 |
| Net assets without donor restrictions | $2,200,987 |
| Net assets with donor restrictions | $92,552,406 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $99,634,192 |
Grants Awarded
Over the last fiscal year, The Lenfest Inst For Journalism Spe Asset Fund Of The Phl Foundation has awarded $9,727,514 in support to 22 organizations.
| Grant Recipient | Amount |
|---|---|
THE PHILADELPHIA INQUIRER PURPOSE: THE INSTITUTE IS SUPPORTING THE INQUIRERS TRANSITION FROM A TRADITIONAL PRINTED NEWSPAPER TO AN ECONOMICALLY SUSTAINABLE, PRIMARILY DIGITAL, EQUITABLE NEWS ENTERPRISE. A SERIES OF GRANTS WERE MADE TO THE INQUIRER TO FUND (A) HIGH IMPACT JOURNALISM, INCLUDING WORK BY ITS INVESTIGATIVE TEAM, SPOTLIGHT PA, HEALTH COVERAGE AND A SERIES ON THE FUTURE OF WORK IN PHIALDELPHIA AND (B) NEWS TECHNOLOGY AND PRODUCT IMPROVEMENTS, INCLUDING A GRANT FOR DIGITAL TRANSFORMATION ACCELERATION, MARKETING CLOUD IMPLEMENTATION, DIGITAL SUBSCRIPTION PROCESS IMPROVEMENTS, AND OTHER TECHNOLOGY SUPPORT, AND (C) THE IMPLEMENTATION OF DIVERSITY, EQUITY AND INLCUSION STRATEGIES TO ENABLE THE NEWS ORGANIZATION TO DIVERSIFY ITS LEADERSHIP AND MORE EQUITABLY COVER THE PHILADELPHIA REGION. | $5,927,991 |
New York, NY PURPOSE: (F) = $1,313,200.00 | $1,313,200 |
Lexington, MA PURPOSE: (N) = $100,000.00 (O) = $435,500 | $535,500 |
THE UNIVERSITY OF TEXAS AT AUSTIN PURPOSE: (V) = $336,700.00 | $336,700 |
Arlington, VA PURPOSE: (D) = $300,000.00 | $300,000 |
Philadelphia, PA PURPOSE: (I) = $250,000.00 | $250,000 |
Grants Recieved
Over the last fiscal year, we have identified 13 grants that The Lenfest Inst For Journalism Spe Asset Fund Of The Phl Foundation has recieved totaling $1,544,887.
| Awarding Organization | Amount |
|---|---|
American Journalism Project Inc Washington, DC PURPOSE: TO GROW AND DIVERSIFY REVENUE AND TO ADVANCE TOWARD A SUSTAINABLE MODEL FOR LOCAL NEWS. | $463,500 |
American Journalism Project Inc Washington, DC PURPOSE: TO GROW AND DIVERSIFY REVENUE AND TO ADVANCE TOWARD A SUSTAINABLE MODEL FOR LOCAL NEWS. | $463,500 |
Silicon Valley Community Foundation Mountain View, CA PURPOSE: General Nonprofit Support | $200,000 |
Pittsburgh Foundation Pittsburgh, PA PURPOSE: PHILANTHROPY, VOLUNTARISM, AND GRANTMAKING | $100,000 |
Philadelphia Foundation Philadelphia, PA PURPOSE: SPOTLIGHT PA | $66,000 |
Rose Community Foundation Denver, CO PURPOSE: Colorado Community Media, National Trust For Local News | $55,325 |
Endowment Analysis
| Beg. Balance | $65,927,907 |
| Earnings | $6,758,130 |
| Admin Expense | $103,190 |
| Net Contributions | $1,300,000 |
| Other Expense | $4,215,414 |
| Ending Balance | $69,667,433 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Comic Relief Inc New York, NY | $28,941,799 | $35,831,552 |
Anabaptist Foundation Lewisburg, PA | $47,495,861 | $36,276,504 |
Tournaments For Charity Dublin, OH | $4,978,426 | $26,375,151 |
The Lenfest Inst For Journalism Spe Asset Fund Of The Phl Foundation Philadelphia, PA | $99,634,192 | $14,397,650 |
Clara Lionel Foundation New York, NY | $44,086,810 | $23,596,509 |
Visionspring New York, NY | $15,269,850 | $12,679,680 |
America Gives Inc New York, NY | $1,069,288 | $7,827,978 |
Grant Recommendation Fund Spring Valley, NY | $460,055 | $4,767,095 |
Yougivegoods Foundation Inc Mendham, NJ | $162,103 | $4,310,625 |
Passavant Hospital Foundation Pittsburgh, PA | $52,435,888 | $5,249,843 |
The Essential Foundation Fka Aqua Charitable Trust Bryn Mawr, PA | $32,073,281 | $19,000,000 |
Bikoff Foundation Whitestone, NY | $65,723,002 | $14,790,071 |