Why a Former NFL Player Turned to Philanthropy — Then Helped His Peers to Do the Same

former nfl player matt stover, founder of stover family foundation and players philanthropy fund

Born in Dallas, Matt Stover, 54, played in the NFL for 20 seasons, mainly for the Baltimore Ravens. A trusted kicker for the defensive powerhouse, Stover’s best days came in 2000 when he scored all of his team’s points over a five-game stretch and was selected as a Pro Bowler. That Ravens squad went on to pummel my New York Giants in Super Bowl XXXV.

Sigh.

Moving on to philanthropy, in recent months, I’ve profiled the giving of athletes across major American sports including the NFL, MLB, and NHL. While NBA players are, on average, the highest-paid athletes in the world, top stars from other sports are also raking in quite a bit of money. Nearly 40 NFL players now make at least $20 million a season in average annual salary, per Over the Cap.

Some top-earning stars have already begun to donate, but with the bulk of their attention focused on their playing careers, these figures have plenty of time to iron out and deepen their giving interests later. And beyond money, many of these players also leverage massive social media platforms, brands, and their overall influence to power fundraising and draw attention to a range of causes. All of that means a lot of players are currently thinking about what their philanthropy will look like, and even more will be doing so in the future.

As Matt Stover tells it, he started thinking about giving fairly early on while he was still on the gridiron. In a recent conversation, he told me about what inspired him to launch the Matt Stover Foundation alongside his wife Debbie. Stover is also co-founder of Players Philanthropy Fund, where he helps manage the charities of dozens of athletes, which gives him a rare perspective on the state of athlete philanthropy today.

Launching a family foundation

Founded in 2002, the Matt Stover Foundation focuses its charitable work in the Baltimore community, with a particular focus on serving underprivileged children and Christian causes. Since 2012, the foundation has provided over $3 million to community organizations throughout Baltimore, including Beachmont Christian Ministries, Southwest Baltimore Charter School, Maryland Film Festival, and Fellowship of Christian Athletes.

Stover is a lifelong Christian, and his beliefs have driven his desire to give back, even during his playing days. “Back when I was playing, I knew it wasn’t just about me. It’s not just about kicking. If you’ve been given a privilege to be able to play in the NFL, I also think there’s a responsibility of using that platform,” he told me.

The Stovers also give to causes that have a personal connection to their family. They’ve given to the McDonogh School in Baltimore, which their children attended, and similarly to Loyola University, where they made a lead gift for a dome project at the athletics field. Matt and Debbie Stover have also supported a field at Messiah College, which their daughter attended. Continuing in the Stover tradition, the couple’s three children are all athletes.

Beyond family philanthropy

In 2021, the minimum annual salary for NFL kickers was $660,000, according to Over the Cap. Fortunately for Stover, he also started investing while he was still playing. Through the years, he’s been involved with CreditCards.com, Kermitppi, and EvoShield, a sports protective apparel company acquired by Wilson Sporting Goods in 2016.

These smart bets also started to influence Stover’s approach to philanthropy. In 2006, Stover sold his stake in a company, and directed it to a donor-advised fund, which then powered the couple’s family foundation. “I started to understand the best way to give funds, doing it in the most tax-sensible way, and giving more dollars away because of it,” Stover says.

He went on to become friends with Seth McDonnell, a nonprofit management veteran who has been providing services to family offices and private foundations. Drawing on his own experience, Stover knew that other athletes were dealing with the intricacies of running a nonprofit. “It’s not just as simple as running programs and having an event,” he explains.

In 2010, Stover and McDonnell launched Players Philanthropy Fund (PPF), a public charity that enables athletes, entertainers and other philanthropists to create dedicated funds that can accept tax-deductible contributions in support of charity. PPF’s roster of clients has grown over the last decade, now counting 394 accounts.

Organizations include 53 Families Foundation, started by former Ravens linebacker Jameel McClain; Black Girls Do Bike; Brogdon Family Foundation, launched by the NBA guard Malcolm Brogdon; and the Dwyane Wade Foundation, the philanthropy of the NBA legend.

A philanthropic model for athletes

PPF offers two options for clients — a donor-advised fund and fiscal sponsorship — providing fiduciary oversight, financial management, and other administrative services. PPF began with 16 accounts and is growing at a rate of more than a dozen a month currently. The fund made around $5 million in grants in the 2020 fiscal year.

“We wanted to be the back office platform for athletes,” Stover says.

Most people who come to PPF already have an interest or a few interests that they want to focus on in their philanthropy. PPF’s job is to provide an onramp.

Stover believes that athletes need to find their philanthropic voice and choose the causes that really speak to them. He also considers the path that he took, which involved thinking about what he wanted to do after football, long before his actual retirement.

“They have a platform, the ability to raise funds, and gain the ears and eyes of those in our community. There are lots of people who want to be connected with you,” Stover adds.

PPF’s team includes veteran attorney Andrew Morton, who specializes in nonprofit compliance. Morton manages some of PPF’s clients, as well as a range of other athlete and entertainment figures across the country. He believes that unless you’re in the rarefied air of a Stephen Curry or a Michael Phelps, the fiscal sponsorship model makes sense because athletes can have access to expert resources without the overhead costs associated with operating a foundation.

“You’ve got to be A-plus list to warrant having your own c3,” Morton says.

For donors who want to contribute to the charities of athletes and celebrities within PPF, they are also given reassurance that everything is operating efficiently and above-board.

Morton saw his field explode during the pandemic, doubling his total client base during the first year of COVID. How and when athletes first connect with him varies. Sometimes, an athlete’s business manager reaches out to Morton as soon as they get drafted. Other times, the athlete is a bit further along in their career. In Morton’s experience, once athletes decide to turn to giving, they tend to spend a lot of time with it.

“For people who are motivated to start a foundation, it becomes a kind of obsession,” Morton says, adding that he sometimes receives calls from concerned agents wanting their client to focus more on the court or the field.

Echoing Stover, Morton says it’s all about making the most of your opportunities during your playing days and having the foresight to set the table for the next chapter.

“If you get distracted, you’re not going to have the downstream opportunities to become a philanthropist. There are not many professions where you can be retired at 30 or 35. These guys are still at the peak of their life. And a lot of them will turn to the foundation,” Morton says.