Prudential Foundation and Corporate Giving
/OVERVIEW: The Prudential Foundation and Prudential’s corporate giving program support work and economic opportunity, disaster relief and arts and culture. This funder works with both large national organizations and small outfits in areas near its centers of operation in the U.S.
IP TAKE: This corporate funder is “invested in creating long-term partnerships that strengthen communities, help tackle social challenges and solve complex problems.” Prudential maintains ongoing grantee-partner relationships with several large nonprofits in the U.S., but it also supports many smaller local outfits. While this funder does not accept applications, prospective grantees may reach out to management at local Prudential operations to explore funding opportunities. This is a tough nut to crack.
PROFILE: The Prudential Foundation is the philanthropic entity of Prudential Financial, a Fortune 500 insurance and investment company. The company is based in Newark, New Jersey, but operates around the world. Its philanthropic mission is to “provide grants to nonprofit organizations that help close the financial divide by creating inclusive workplaces and communities, and accelerating economic mobility for all.” The Prudential Foundation and Prudential’s corporate giving program support disaster relief, work and economic opportunity and arts and culture, with funding mainly going to the several major U.S. cities where Prudential maintains operations.
Grants for Economic Opportunity
Work and economic opportunity is the Prudential Foundation’s largest area of grantmaking, consisting mainly of multi-year grantmaking programs to national and global organizations that help “more people create a more secure future.” One grantee grantee-partner, YouthBuild, offers vocational training in construction skills to youth between the ages of 16 and 24 who are neither working nor in school. Another partner, UnidosUS, supports the financial health of Latino Americans through research, policy development, advocacy and financial education programs. Prudential has also collaborated with the Aspen Institute on a three-year $5 million project to “advance solutions that increase financial security for all American workers.” Other recent recipients involved in work and economic opportunity include Boston’s Social Finance, San Francisco’s MyPath, New York City’s Financial Clinic and the National Fund for Workforce Solutions.
Grants for Humanitarian and Disaster Relief
Prudential’s recent disaster relief funding has gone to organizations providing COVID-19 relief in areas where prudential maintains operations. One grantee, Hands on Hartford, is a human services organization that has supported individuals and families experiencing food or housing insecurity. Another recent recipient, Newark Emergency Services for Families, a human services provider in New Jersey that used funding to meet the needs of people affected by COVID-19. Earlier grants supported the California Community Foundation’s response to wildfires and several U.S.-based chapters of the United Way. Internationally, the foundation has provided ongoing support to UNICEF’s Mercury Fund, which helps UNICEF operations around the world to prepare for and respond to humanitarian emergencies.
Grants for Arts and Culture
Prudential is a founding donor and opening sponsor of Smithsonian Museum’s National Museum of African American History and Culture, which opened in 2016. Since its founding, Prudential has sponsored several exhibits and programs at AMAAHC, including the Power of Place Exhibit, which explores the African American experience from a regional perspective, and the Clement A. Price Lecture Series, which has explored various topics in African American history. The foundation also supports several arts and culture organizations in Newark, New Jersey, where Prudential maintains its headquarters. Grantees include the New Jersey Performing Arts Center, the Newark Museum and the New Jersey Symphony Orchestra.
Important Grant Details:
The Prudential Foundation has made about $50 million in grants a year over the past several years, while Prudential’s corporate giving program makes an additional $4 million in grants and donations, mainly for disaster relief and humanitarian aid. The foundation’s average grant size is about $75,000, but grants to organizations with which the foundation maintains ongoing partnerships have been as high as $1 million.
These grantee partners tend to be large, well-known organizations, but Prudential supports many smaller organizations working toward economic opportunity and disaster relief, especially if they operate near one of Prudential’s many U.S. centers of operations. For additional information about past grantmaking, see the foundation’s recent tax filings.
Prudential does not appear to accept unsolicited proposals for funding and does not provide a way of getting in touch. Prospective grantees may reach out to management staff at local operations for information about grantmaking opportunities. Both the Prudential Foundation and the company’s corporate responsibility program are headed by Lata Reddy.
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