It’s been a busy time for the Weingart Foundation, a private grantmaking foundation based in downtown.

Last summer, the group appointed Joanna Jackson as its president and chief executive, after she held the post on an interim basis. In the few months since she officially took the reins, the nonprofit released a report about its mission investing alignment, invested in social justice initiatives and has committed hundreds of thousands of dollars in wildfire relief aid and recovery.

Jackson has been with the Foundation for more than 16 years but said a desire to do good goes back much further.

“My family is filed with generations of social justice advocates and leaders,” she said. “I was brought on to support and continue to expand our resources…When the opportunity came to step into the role first as interim CEO and then as the permanent CEO, I was honored to lead a Foundation that…was aligned with my personal views.

“It was an exciting opportunity and not one I could pass up,” she added.

Aligning its investments with its goals

The Weingart Foundation was founded in 1951 by Ben and Stella Weingart. Since its founding, it has delivered more than $1.6 billion in grants and loans focusing on racial and socioeconomic injustice.

In 2017, it decided to align its investment portfolio with its mission to drive equity and partner with others to advance justice.

With impact investing, Jackson said, the Foundation is using capital to achieve both social and financial returns, instead of having to sacrifice one for the other.

Tim Ortez, the Foundation’s chief financial officer and a native Angeleno, said he hoped the move would “provide a legacy before the end of my career and help the Foundation advance its mission.”

Ortez has worked in the philanthropic sector for more than 20 years.

“I came in at a pivotal time for the Foundation,” he said. “This strategy, foundations often struggle with the tradeoffs between how to increase their impact through their spending and also providing resources for future generations…impact investing was a way for us to answer that problem. We’re increasing our impact without having to sacrifice the resources of tomorrow.”

He added that with the report released last year about its strategy, the organization hoped to “show others what’s possible and what can be done.”

Jackson added that she wanted to “try to dispel this belief that it’s an either/or. You are either delivering return or maybe can do good, but you can’t do both…we are aligning the portfolio and achieving both our goals.”

In fiscal year 2024, investments included $8 million to Rethink Impact Fund III, a venture capital firm investing in women and non-binary leaders; $5 million to VamosVentures Fund II, a venture capital firm working with Latino and diverse teams; and $2 million to Covenant House California, which provides housing.

The Foundation’s money

The Weingart Foundation was first started with a $150 million endowment, the majority of which was received after Ben Weingart’s death. Annually, it allocates 5% towards charitable purposes.

The group does not have any sources of fundraising.

“Our primary goal is to invest. We cover our required spending, which is 5%, we cover inflation and then we cover administrative responses so we seek a return somewhere north of 8% and that allows us to support our initiatives in perpetuity,” Ortez said.

He added that as a result the pandemic and recent changes in charitable donations have not impacted Weingart’s funding.

Jackson said that while the group’s funding was not affected, “where we did make a conscious effort was to spend beyond our typical 5% because we knew the need would be so high.”

Ortez added that overspending means “a lost opportunity,” which is part of why the organization was so careful with its impact investing today.

“That’s why we’re trying to use our resources differently,” he added.

Looking forward, Jackson said the Weingart Foundation would continue to give grants and invest to further its mission.

“We’ve been on this road and on this journey to advance racial and social and economic justice prior to me stepping in so it’s me furthering that work,” Jackson said.

Ortez added that today the Foundation’s portfolio is about one-third impact investing, a number that he is trying to double in the next few years.

“This will involve more risk, but we are looking at ways to mitigate that risk and meet our financial goals and expand that impact,” he said.

“We’re just one Foundation. If by demonstrating what’s possible we can help unlock the trillions of dollars in philanthropy that’s available, the increase in impact is almost immeasurable,” he added.