Rockefeller Foundation

John D. Rockefeller founded the Standard Oil Company, the first U.S. business trust, and is widely considered the wealthiest American of all time and the richest in modern history. Inspired by his Christian faith, Rockefeller established several foundations during his lifetime and donated $540 million to charitable endeavors. He established the Rockefeller Foundation with an initial $100 million endowment and a mandate to support public health, medical training, the arts and other fields of interest.

Today, the Rockefeller Foundation has an endowment of more than $6 billion and is a key player in the philanthropic sector. The foundation pursues its mission through innovative partnerships and impact investments, finding new ways to leverage private capital for social good. The foundation seeks to foster the well-being of humanity worldwide by identifying and accelerating breakthrough solutions, ideas and conversations. To achieve this, the foundation backs science-driven philanthropy that is grounded in collaborative relationships with partners around the world.

Among key programs of the foundation is the Bellagio Center Residency Program, which offers a unique opportunity for scholars, artists, thought leaders, policymakers and practitioners to advance their work in a diverse community of residents at the Bellagio Center on Lake Como, Italy. Since 1959, the center has hosted over 6,000 residents from more than 120 countries, including Nobel laureates, Pulitzer Prize winners, MacArthur fellows and prominent figures in various fields.

The foundation’s century-plus-long history is not without controversy, including pre-WWII funding of eugenics, the scientifically erroneous and immoral theory of selective genetic superiority. However, in recent years, foundation leadership has pledged its commitment to reckoning with its history. In addition, in 2020, the foundation announced plans to divest from fossil fuel—a notable decision, as initial foundation funding came from oil profits—and promised to center equity and inclusion.

In 2020, the foundation launched RF Catalytic Capital for impact investors, businesses and governments to combine resources to build funding solutions and bring about transformational change alongside the foundation. And in 2021, the foundation announced a $1 billion partnership with The IKEA Foundation to provide systems to advance access to renewable energy for more than 1 billion people worldwide. 

Contributor: Dion McDougal