OVERVIEW: The Fidelity Foundation is the philanthropic arm of Fidelity Investments, the multinational financial services corporation. Its philanthropic grantmaking is large-scale and prioritizes two categories: Arts & Culture and Community Development & Social Services.
IP TAKE: The Fidelity Foundation makes arts and culture, including music, a priority in its philanthropic pursuits. In line with its corporate ethos, it takes a rigorous business-model approach to the types of projects it funds, even in this realm.
PROFILE: The Fidelity Foundation was established in 1965 as the philanthropic arm of Fidelity Investments, the U.S.-based multinational financial services corporation. The foundation seeks “projects from organizations of regional or national importance throughout the United States. High-impact projects with potential to inform or influence the nonprofit sector are of particular interest.” The Fidelity Foundation focuses on two areas of giving: Arts & Culture and Community Development & Social Services.
As befits the philanthropic arm of an investment firm, the Fidelity Foundation adopts a rigorous business-model approach as its granting criteria. It even applies this approach to its arts and culture funding. Indeed, the foundation looks for “strategic, transformative projects that have the potential to substantially increase the grantee's impact, efficiency or long-term sustainability.” Within those constructs, it seeks to invest grant money in projects that are:
- Planning Initiatives, such as funding for “project consultants to develop strategic, business, technology and other types of plans;”
- Organizational Development, meaning “projects that involve the recruitment and development of senior management and operating staff.”
- Capital Improvements, “such as new construction, renovations, expansions and other initiatives that support the organization's strategic vision;”
- High-Impact Technology Projects “that can substantially increase an organization's efficiency, effectiveness and sustainability;”
In other words, the Fidelity Foundation seeks to support projects that are big in scope and rigorously planned.
Additionally, the foundation does not distribute grants for general operating support. However, it prefers initiatives where its giving incentives other donors (through matching gift challenges, for example). In fact, it does not want to be the sole funder of any arts and culture project, as it considers “an organization's ability to attract a broad range of support as key to its strength and sustainability.”
It all amounts to a very business-oriented approach to arts and culture giving, and that makes the Fidelity Foundation a unique funder.
Another aspect that sets the foundation apart: It accepts an online LOI from anyone, as long as the music project is part of a 501(c)(3) operating in the U.S. or Canada.
Less unique, but still important, the Fidelity Foundation seeks to back projects that show a “commitment to excellence and innovation.” In the world of music, this speaks to the end product and the listener/engager’s experience, but what the foundation also means by this is that it especially seeks projects that find “creative and innovative means of advancing an organization or nonprofit sector and strive to remain flexible and opportunistic through a competitive selection process.”
The Fidelity Foundation funds generously to back-up its big pursuits and ideals and has distributed more than $300 million in the foundation’s lifetime. Past music grants from the Fidelity Foundation reflect a wide variety of geographic locations and supports diversity of expression, collaboration, and leadership: $750,000 to National Arts Strategies in Alexandria, VA, $125,000 to the American Composers Orchestra in New York, NY, $120,000 to the University of North Carolina School for the Arts upgraded film scoring stage, $100,000 to the Ojai Music Festival in Ojai, CA, $100,000 to the Boston Modern Orchestra Project in Malden, MA, $75,000 to the Canadian Opera Company in Buffalo, NY and Toronto, Canada, $75,000 to the Los Angeles Philharmonic in Los Angeles, CA, $65,000 to Monadnock Music in Peterborough, NH, $50,000 to Artswave in Cincinnati, OH, and $20,000 to the Boston Symphony Orchestra in Boston, MA.
The Fidelity Foundation accepts LOIs on a rolling basis.
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