Foundation For Individual Liberty A New Jersey Nonprofit Corporation

The Foundation for Individual Liberty, operating under the legal name of UM Holdings Foundation, takes a mission-driven approach to grantmaking centered on three philosophical pillars: individual rights, limited government, and free market capitalism. Founded in 1988 by John Aglialoro and Joan Carter — the principals behind UM Holdings Ltd., the company that produced the Atlas Shrugged film trilogy — the foundation channels its philanthropic resources toward organizations that advance libertarian and classical liberal values. The foundation operates as a pass-through vehicle for the Aglialoro and Carter families' charitable interests, with all trustees serving without compensation. Its investment-driven funding model (96% of revenue from dividends) provides stable annual grantmaking capacity without reliance on outside contributions. The foundation maintains a dual focus: national organizations promoting free market principles and individual liberty, alongside regional support for cultural and community institutions in the Delaware Valley area, particularly in Philadelphia.

The foundation distributes approximately $340,000-$350,000 annually across 19-27 grants, with total assets of approximately $8.4 million. Individual grants range from $250 to $59,171, with a median of approximately $10,000. Grant activity has shown moderate variation over recent years: 42 awards in 2019 (peak), 33 in 2021, 27 in 2022, 19 in 2023, and 23 in 2024. The decline in number of awards has been offset by larger average grant sizes. The foundation's total giving of $348,950 in 2024 represents a payout rate of approximately 4.1% of assets, close to the IRS minimum for private foundations. Revenue is almost entirely from investment income ($397,068 in dividends in 2024), with zero contributions received. Charitable disbursements account for 92.8% of total expenses ($374,969 of $403,966), indicating very low administrative overhead. The foundation experienced significant asset volatility, peaking at $12.6 million in 2016 after receiving an $11 million contribution, then declining through investment losses in 2020-2023 before stabilizing at $8.4 million in 2024.

The Foundation for Individual Liberty operates in the niche of small-to-mid-size libertarian and free market foundations. Here is how it compares to peer organizations:

The foundation occupies a distinctly smaller position relative to major libertarian funders, but its low overhead and focused mission allow it to maintain a consistent, targeted grantmaking program. Unlike DonorsTrust or Claws Foundation, which fund broadly across the libertarian ecosystem, the Foundation for Individual Liberty balances ideological grantmaking with local cultural philanthropy (Barnes Foundation, Museum of the American Revolution).

In its most recent fiscal year (2024), the foundation distributed $348,950 across 23 grants. Notable recipients included The Barnes Foundation ($50,000), the Museum of the American Revolution ($50,000), and the Becket Fund for Religious Liberty ($25,000). The foundation returned to positive financial performance in 2024 after several years of negative revenue due to investment losses. All board members continue to serve without compensation, maintaining the foundation's extremely low administrative cost structure. The board includes the founding families (Aglialoro, Carter) plus trusted advisors (Arthur W. Hicks Jr. as President/Treasurer, James Carll as Assistant Secretary, and newer trustees Liesl Henderson, Mark Henderson, and Jordan Mersky). John Aglialoro, the co-chairman, is well-known as the producer of the Atlas Shrugged film trilogy and CEO of UM Holdings Ltd., a cybersecurity and fitness equipment holding company based in Philadelphia.

The Foundation for Individual Liberty does not accept unsolicited grant applications — it only makes contributions to preselected charitable organizations. This means traditional application strategies will not work. For organizations seeking funding from this foundation, consider these approaches: (1) Build relationships with board members, particularly John Aglialoro, Joan Carter, or Arthur Hicks Jr., through shared networks in the libertarian and free market policy community. (2) Ensure your organization is visible in the individual rights, limited government, or free market advocacy space — the foundation actively seeks aligned organizations. (3) If you are a Philadelphia-area cultural or community institution, the foundation's secondary focus on Delaware Valley community support may provide an avenue, particularly for historic preservation or arts organizations. (4) Organizations focused on religious liberty have received significant support ($25,000 to Becket Fund), suggesting this is an active interest area. (5) The foundation's median grant of $10,000 and maximum of approximately $59,000 suggests it is best suited as a supplementary funder rather than a primary source. Organizations should not rely on this foundation for major program funding.