Wallace Global Fund Takes Bold Step to Spend Entire Endowment to Support Movements for Justice

Wallace Global Fund’s Pioneering Initiative: Spending Down to Zero

In a historic announcement, the Wallace Global Fund (WGF) revealed its groundbreaking decision to shed its entire endowment, prioritizing immediate support for pro-democracy movements, human rights, and environmental efforts. This drastic move is seen as not only a response to the escalating challenges faced across the globe but also an inspiration for philanthropy to adopt a more activist approach to their financial capabilities.

A Call to Action Amidst Compounding Crises

The urgency of WGF's campaign reflects a growing concern among funders regarding rising authoritarianism, climate threats, and powerful corporate influence over democratic processes. By opting to fully invest its resources into frontline organizations, WGF is taking an unprecedented stand against the status quo of philanthropy, which often focuses on maintaining financial assets rather than addressing immediate social needs. As stated by Dr. Ellen Dorsey, WGF’s Executive Director, “This is a time for courage — for funders to move beyond simply stewarding capital to becoming activist funders.”

This proactive approach has led the fund to allocate nearly $24 million in the last 15 months to fortify a diverse and nonpartisan pro-democracy movement. These funds are earmarked for various grassroots efforts, ranging from advocacy and leadership development to strategic legal actions aimed at dismantling systemic barriers.

Honoring a Legacy

The principles guiding WGF's actions are deeply rooted in the legacy of its founder, Henry A. Wallace, who famously warned against the encroaching threats of economic interests over democratic values in his 1944 essay, "The Danger of American Fascism." Wallace’s conviction in mobilizing resources during critical times has set a precedent for WGF today. This decision to exhaust funds rather than preserve them demonstrates its commitment to creating transformative solutions.

Scott Wallace, the Co-Chair and grandson of Henry Wallace, shared, “My grandfather understood that moments of profound crisis are also moments when history can change direction.” The commitment to spend down reflects a belief that resources must be immediately directed to those fighting for a fairer and more just society.