Aurora Foundation

The Aurora Foundation (EIN 367634806) is a Delaware-chartered private trust with $674M in assets as of FY2024. Its giving model is unusual among foundations of its size: rather than funding nonprofits directly, it channels all disbursements through Fidelity Investments Charitable Gift Fund (FICGF), a donor-advised fund platform. In FY2024 alone, $53.5M was directed to FICGF in a single transaction, and IRS records show this has been the sole grantee for every filing year on record.

This structure means the Aurora Foundation itself is not a grantmaking institution in the traditional sense — it is the institutional vehicle that holds and grows assets, while the actual grant recommendations flow from the trust's principals (donors or their designated advisors) through the Fidelity Charitable platform. For grant seekers, this has a critical implication: there is no open application window, no public RFP cycle, and no way to submit a proposal directly to Aurora Foundation and expect a funding decision.

The `preselected_only` designation in grant databases confirms this reality. The foundation's geographic focus on Massachusetts suggests the underlying beneficiaries or the trust principals have ties to that state, and organizations operating in Massachusetts are likely the intended ultimate recipients when FICGF disburses its grants downstream.

For organizations that believe they align with this foundation's priorities — particularly in Massachusetts — the only realistic pathway is to be identified and recommended by the trust's principals or their advisors. Administrative contact runs through RBC Trust Company, c/o Alison Westbrook, at the Wilmington, DE address. Trust Protector Richard Knezevich Esq. is a named officer with oversight responsibilities. Institutional trustee management passed from Goldman Sachs (pre-June 2020) to First Republic Trust Co of DE LLC (post-June 2020), and following First Republic's 2023 FDIC receivership and acquisition, the effective successor is JPMorgan Chase.

Aurora Foundation has maintained giving levels between $20M and $55.6M annually over the past decade. The five most recent fiscal years show a clear upward trend:

• FY2020: $22.8M total giving
• FY2021: $40.7M total giving
• FY2022: $55.6M total giving (10-year high)
• FY2023: $39.6M total giving
• FY2024: $53.5M total giving

Average annual giving across FY2020–FY2024 is approximately $42.4M, and the FY2022 and FY2024 figures both exceed $50M, suggesting the foundation is in a period of elevated distributions.

Grantee concentration is absolute. 100% of recorded disbursements — totaling $158.3M across 29 transactions — have gone to Fidelity Investments Charitable Gift Fund. There is no documented instance of a direct grant to an operating nonprofit. The median transaction to FICGF is approximately $5.5M, consistent with the foundation's reported typical grant range of $2.5M–$20M (average $6.25M, median $3.75M).

Asset base: $674M (FY2024), funded primarily by investment returns ($48.3M net investment income in FY2024 alone). The trust received $30M in contributions in FY2019 and $425.6M at founding in FY2014, suggesting a well-capitalized family trust vehicle.

Program areas: No publicly designated program areas exist at the foundation level, as all grantmaking decisions occur downstream through the Fidelity Charitable platform. Geographic focus is noted as Massachusetts in grant database records, likely reflecting the beneficiaries' operations or the principals' community ties.

Payout ratio: FY2024 grants of $53.5M against $674M in assets equals a 7.9% payout — above the 5% minimum required of private foundations, consistent with a trust in an active distribution phase.

Aurora Foundation sits comfortably in the $665M–$679M asset tier alongside four peer foundations, all classified under NTEE T20 (Private Grantmaking Foundations):

Among this peer cohort, Aurora stands out for the transparency of its pass-through structure — its 990-PF filings clearly show the DAF routing — and for the scale of its distributions relative to total assets. At a 7.9% FY2024 payout, Aurora is distributing at a higher rate than many peer foundations in this asset tier, which typically cluster near the 5% minimum. Rees-Jones Foundation (TX) and Engelstad Fam Foundation (NV) are the most accessible peers for grant seekers, as both maintain websites with application information. Aurora and Hollyhock are effectively closed to unsolicited outreach.

No public announcements, press releases, or leadership changes specific to Aurora Foundation (EIN 367634806) were found through web research. The foundation maintains a minimal public profile consistent with a private family trust.

The most significant recent institutional development is the trustee succession: Goldman Sachs Trust Company NA served as institutional trustee through June 10, 2020, when First Republic Trust Co of DE LLC assumed that role. Following First Republic Bank's FDIC seizure in May 2023 and subsequent acquisition by JPMorgan Chase, the trust's institutional management now effectively falls under the JPMorgan private banking umbrella — a change with potential implications for investment strategy and administrative continuity.

On the financial side, FY2024 saw assets recover strongly from the FY2023 dip ($553M → $674M), generating $48.3M in net investment income — the highest investment return in the available data series. The $53.5M distribution to Fidelity Charitable in FY2024 matched the prior high set in FY2022 ($52.4M), suggesting the trust's principals are maintaining an active disbursement posture as the portfolio recovers.

The website listed in IRS records (aurorafoundation.ca) appears to belong to a distinct Canadian organization focused on crime victims and gender-based violence — likely a data-entry artifact. Grant seekers should not rely on that website for information about this Delaware trust.

Given the Aurora Foundation's structure as a preselected-only trust that routes all giving through a donor-advised fund, the following guidance applies specifically to organizations hoping to be considered:

1. Understand the grantmaking chain. Aurora Foundation does not make grants — it contributes to Fidelity Investments Charitable Gift Fund, whose account advisors (the trust's principals) then recommend grants to qualified nonprofits. The application target is the trust's decision-makers, not the foundation's administrative office.

2. Focus on Massachusetts. IRS records flag MA as the geographic focus. Organizations headquartered or operating primarily in Massachusetts are significantly more likely to be considered than those in other states.

3. Seek introductions, not cold outreach. With a preselected-only structure, the most viable approach is a warm introduction through philanthropic advisors, attorneys in the private client/trust space (particularly those familiar with First Republic/JPMorgan clients), or through Fidelity Charitable's relationship managers who work with large DAF accounts.

4. If aurorafoundation.ca is the correct site: The Canadian site requires organizations to (1) register with the foundation, (2) complete a Needs Assessment Survey, and (3) wait for an invitation to submit a proposal. That six-step process is invitation-driven and targets Canadian registered charities working on gender-based violence in rural/remote areas. Verify the connection to EIN 367634806 before pursuing this pathway.

5. Align to scale. Documented grant transactions range from $2.5M to $20M (median $3.75M). Organizations with funding needs below $2M are unlikely to fit the foundation's operational model — this is a large-check funder.

6. Demonstrate outcomes rigor. Given the institutional trustee background (Goldman Sachs, First Republic/JPMorgan private banking), decision-makers likely value quantifiable impact metrics and financial transparency. Audited financials, clear theory of change, and measurable outcomes data will strengthen any eventual proposal.