Friedman Family Foundation

The Friedman Family Foundation is among the most private family foundations in New York philanthropy. Operated exclusively by two unpaid trustees — Stephen Friedman, former Goldman Sachs partner, chairman, and CEO, now chairman of Stone Point Capital, and Barbara Benioff Friedman — the foundation maintains no paid staff, no public application portal, and no disclosed grantee list in its public filings. Administrative contact runs through Ernst & Young LLP, which serves as a fiscal agent at the foundation's 1 Beekman Place address in Midtown Manhattan. The foundation's listed website does not currently resolve.

The giving philosophy is institution-building and relationship-driven. Three decades and more than $40 million in cumulative gifts to Weill Cornell Medicine, combined with the 2017 establishment of the Strategic Innovation Fund at the Council on Foreign Relations, illustrate a preference for deep, multi-year partnerships with leading research universities and policy institutions over broad programmatic giving to emerging nonprofits. Individual gifts can be transformative in scale — the 2018 Weill Cornell gift alone was $7.5 million — and they typically reflect Stephen Friedman's board service or personal involvement with the receiving institution.

There is no traditional grant cycle. The trustees do not review unsolicited proposals, conduct open Request for Proposal processes, or post public guidelines. All grant decisions flow from the Friedmans' direct institutional relationships. Known portfolio grantees — Weill Cornell Medicine, the Council on Foreign Relations, UJA Federation of New York, the American Jewish Committee, the Jewish Museum NYC, WNYC Radio, Thirteen/WNET, and the Citizen's Union Foundation — share a common thread: they are flagship New York civic, cultural, and research institutions where Stephen or Barbara Friedman participates at the board or leadership level.

First-time applicants must understand that access to this foundation is built, not applied for. Organizations in the medical research, higher education, Jewish communal, foreign policy, and New York civic media spaces should concentrate on cultivating personal relationships with the Friedmans over multi-year periods — through board introductions at portfolio institutions, participation in CFR programs, or engagement through Weill Cornell's development office. Cold outreach to Ernst & Young is unlikely to produce results and signals a fundamental misalignment with how this foundation operates.

The Friedman Family Foundation has distributed between $3.0 million and $13.2 million annually over 11 documented fiscal years (2011–2025), with a median annual giving level of approximately $6.5 million. Variation is significant and discretionary rather than formula-driven.

Verified annual grant totals from Form 990-PF filings (fiscal year ending July): - FY2025: $8.3M (single grantee category reported) - FY2023: $10.6M grants paid on $4.4M revenue — assets drawn down - FY2022: $5.9M grants paid on $31.1M revenue — major contribution year - FY2021: $7.9M grants paid - FY2020: $6.3M grants paid - FY2019: $13.2M grants paid (peak year on record) - FY2018: $5.8M grants paid - FY2014: $5.5M grants paid - FY2013: $5.0M grants paid - FY2012: $3.0M grants paid (trough) - FY2011: $5.3M grants paid

The 11-year average is approximately $7.0M annually. The FY2019 peak ($13.2M) likely reflects a major capital campaign commitment such as the Weill Cornell nutrition center, which was announced publicly in October 2018. Average annual giving from FY2019–FY2025 is approximately $8.3M.

By program area, evidence supports four funding categories: (1) medical research and higher education — Weill Cornell Medicine is the dominant recipient at an estimated $40M+ cumulatively, with individual gifts as large as $7.5M; (2) foreign policy and global security — CFR Strategic Innovation Fund active since 2017; (3) Jewish communal organizations in New York — UJA Federation of New York, the American Jewish Committee, and the Jewish Museum NYC receive recurring support; (4) New York civic/cultural institutions — WNYC Radio, Thirteen/WNET, and Citizen's Union Foundation.

Geographically, all available filing data shows New York-state recipients exclusively. The foundation shows no documented giving outside New York based on public records.

A critical forward-looking signal: FY2025 contributions of $45.9M (vs. $1.5M in FY2023) pushed total assets to $65.7M. If the foundation maintains its historical 25–35% annual payout rate, FY2026 giving could reach $16M–$23M — more than double the recent annual average.

The Friedman Family Foundation sits within a cohort of mid-sized New York family foundations operating by invitation only, favoring institutional depth over open grant cycles, and concentrating giving in health, education, and civic life. The following table uses approximate figures drawn from publicly available 990 filings and foundation profiles; peer asset and giving figures are estimates.

The Friedman Foundation stands out within this peer group for its exceptionally high payout ratio (25–35% of assets annually), which reflects trustees who treat the foundation as an active giving vehicle rather than a perpetual endowment. Peer foundations like Greenwall and DeCamp share the invitation-only model but typically disburse 5–7% of assets annually, making the Friedman Foundation a more active deployer of capital relative to its size. Unlike the Fan Fox & Samuels Foundation, which maintains professional staff and a formal LOI process accessible to new applicants, the Friedman Foundation's closed, trustee-only model makes relationship access the sole viable pathway — a characteristic shared with the Revson Foundation's more selective giving.

The foundation's most consequential recent development is financial: its FY2025 Form 990-PF disclosed total revenues of $48.7 million, with $45.9 million arriving as contributions — a 2,996% increase from the prior year's $1.5M. Total assets grew from $25.9 million to $65.7 million in a single fiscal year. This almost certainly reflects a major personal wealth transfer from Stephen and Barbara Friedman into the foundation vehicle, positioning it for a period of substantially elevated grantmaking. Charitable disbursements in FY2025 totaled $8.3 million, consistent with prior-year patterns but likely understating what FY2026 will show.

Prior notable activities include the October 2018 announcement of a $7.5 million gift to establish the Friedman Center for Nutrition and Inflammation at Weill Cornell Medicine — a cross-campus initiative with Cornell's Ithaca life sciences programs directed by Dr. David Artis. This gift was part of the Friedmans' cumulative $40M+ in giving to Weill Cornell, which also established the Friedman Pediatric Laboratories (opened 2005, recognized with the Tanner Prize).

In 2017, Stephen Friedman and the foundation established the Strategic Innovation Fund at the Council on Foreign Relations, which has supported multiple fellows through 2021–22, including Michael C. Horowitz, Inu Manak, and Martin Indyk.

No press releases, staff changes, or new program announcements were identified for 2025–2026. The foundation maintains no active website or public communications infrastructure, and all grantee information in public 990 filings is redacted under the umbrella category "See Schedule Attached."

The Friedman Family Foundation does not accept unsolicited applications, and no formal application pathway exists. However, organizations within the foundation's documented interest areas can take concrete steps to position themselves for invitation-based consideration over a multi-year horizon.

Identify and activate a genuine connector. The single most important action is mapping your organization's leadership, board, and donors to Stephen Friedman's professional networks: Goldman Sachs alumni, Stone Point Capital's ecosystem, Cornell University (especially Weill Cornell Medicine and the Cornell Class of 1959), the Council on Foreign Relations member roster, and boards where Friedman has served (Federal Reserve Bank of New York, Memorial Sloan-Kettering Cancer Center). A warm personal introduction from a credible mutual connection is the only realistic entry point.

Target the right institutional intermediaries. Organizations embedded in the UJA Federation of New York, the American Jewish Committee, or the Jewish Museum NYC benefit from proximity to known Friedman portfolio grantees. Requesting an introduction through the development office or board of one of these institutions is more actionable than approaching the Friedman Foundation directly.

Frame your work in Friedman-specific language. Stephen Friedman's background in Goldman Sachs strategy, Stone Point Capital private equity, and government service (National Economic Council, 2002–2004) means he is drawn to organizations that think institutionally, operate with rigor, and demonstrate long-term systemic impact. Barbara Friedman's emphasis on medical education and nutrition science means health-education nexus programs resonate particularly well. Avoid framing around direct service delivery alone; highlight research, policy change, and institutional capacity.

Prepare a two-page narrative overview, not a grant application. If introductions proceed to a meeting, bring a concise two-page document covering your mission, measurable impact, specific intersection with the Friedmans' interests, and a budget summary. Do not bring a formal grant proposal unless explicitly requested.

Timing consideration. The fiscal year ends in July. Given the FY2025 capital infusion, the October 2025–June 2026 window is the most strategically relevant period for relationship initiation if seeking to influence FY2026 grantmaking.

Do not contact Ernst & Young directly. The administrative address is a fiscal agent, not a programmatic entry point. Outreach there will not be forwarded to the trustees.