Fenwick Community Fund

What it reported doing in 2024

The Fenwick Community Fund (Fund or FCF) is a public benefit community foundation created on September 1, 2021 for the broad-based public benefit of residents in the Bay Area. The Fund is a membership-based entity. The members appoint the Funds board members. As of and during the period ended December 31, 2024, the only member is Fenwick & West, LLP. Substantially all the donations received into the Fund were from partners or employees of Fenwick & West, LLP.The Fund provides grants to other nonprofit organizations.The Fund operates a donor advised fund (DAF) program. The policies of the DAF program permit future grants for charitable purposes while maximizing the donors current tax benefits. The donor contributes money or securities to the Fund and may then recommend grants from the fund. Each partner of Fenwick & West LLP can establish a DAF fund at the Fund. The Fund accepts contributions of cash and securities. The Fund has the authority to liquidate any contribution in the manner and at a time selected in its own discretion. Unless otherwise agreed between FCF and the donor, FCF is not subject to any restriction or condition with respect to liquidating any contribution, including without limitation that the contribution be retained for any length of time prior to liquidation, that the contribution be liquidated or not liquidated immediately, or that the contribution be liquidated in any particular manner or sequence. All contributions to the DAF program are irrevocable gifts and must be made without any donor restrictions to the Fund. FCF has ultimate discretion and control over all property in the Fund. All contributions to the Fund are subject to the Funds variance power, which means that at all times the Fund retains full discretion and control and that the Fund is not bound by the grant recommendations of any advisor or donor as defined.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 98.9%; rating input score 99
• Fundraising efficiency: $891.22 raised per $1 spent on fundraising; rating input score 97; 97th percentile among comparable filings

Transparency & Controls

• Consistency checks: 92.9%; rating input score 93; 19th percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: 92.4%; rating input score 92; 40th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 1 of 7 controls in place; rating input score 14
  • Conflict-of-interest policy: Fail
  • Whistleblower policy: Fail
  • Document-retention policy: Fail
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Fail
  • Audit committee oversight: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: -26.1%; rating input score 7; 7th percentile among comparable filings
• Total-asset coverage ratio: 1.21; rating input score 49; 49th percentile among comparable filings
• Liabilities to assets ratio: 0; rating input score 78; 78th percentile among comparable filings
• Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

• Program expense growth: -42% per year; rating input score 0; 1st percentile among comparable filings
• Revenue growth: -34.2% per year; rating input score 0; 1st percentile among comparable filings
• Asset growth: -21.2% per year; rating input score 0; 2nd percentile among comparable filings