Milkweed Foundation Inc.

Milkweed Foundation Inc. is a young, rapidly growing private grantmaking foundation established in September 2023 and headquartered in New York, NY, at the offices of Dentons US LLP, one of the world's largest law firms. Its giving philosophy centers on two interrelated imperatives: conserving biodiversity and limiting global climate change. This dual mandate is reflected in its known grantee portfolio, which spans direct conservation organizations (Island Conservation), climate policy advocacy groups (Climate Cabinet Education), and climate finance vehicles (Spring Street Climate Fund).

The foundation is led by three unpaid officers — President Delia Kulukundis, Treasurer Jane Bulnes-Fowles, and Secretary Louisa Withfield-Smith — with no paid staff. All administrative functions run through Dentons, with Brian Raftery listed as the primary contact. This structure is characteristic of a donor-directed foundation where the founding family or circle of donors maintains direct oversight of grantmaking decisions.

This foundation does not operate an open application process. No application portal, RFP calendar, or formal LOI submission mechanism has been established. The IRS filing notes "no application instructions" and no dedicated foundation website exists independently of the Dentons address. This strongly indicates that grants are made on a discretionary, invited basis — the board selects grantees through their own networks and due diligence rather than accepting unsolicited proposals.

For first-time applicants, the most viable path is a warm introduction through shared networks — environmental philanthropic circles in New York, Vermont, California, or Delaware where the leadership is active. Organizations should research whether Delia Kulukundis, Jane Bulnes-Fowles, or Louisa Withfield-Smith serve on any common boards, advisory committees, or attend industry convenings where introductions are possible. Reaching out to Brian Raftery at Dentons with a concise concept summary (1–2 pages) framed around measurable biodiversity or climate impact is the most direct cold-contact strategy available. Given the foundation's age and lean structure, persistence and patience are essential — relationship timelines may span 12–18 months before a grant materializes.

Milkweed Foundation's grantmaking has grown sharply in its first two years of operation, making it one of the more active emerging funders in the climate-biodiversity space relative to its asset base.

FY2023 (Inaugural Year): 4 grants totaling $400,000, averaging $100,000 per grant. Geographic beneficiaries included organizations based in Vermont (Essex Junction), California (Santa Cruz), Delaware (Wilmington), and New Hampshire (Jackson) — suggesting the board was drawing on established relationships across the Northeast and West Coast from the outset.

FY2024 (Second Year): 10 grants totaling $905,000, averaging $90,500 per grant. Three grants have been publicly identified: Climate Cabinet Education ($200,000), Spring Street Climate Fund ($200,000), and Island Conservation ($150,000). These three alone account for $550,000 (60.8%) of the year's total giving. The remaining seven grants averaged approximately $50,700 each, suggesting a tiered structure — a handful of anchor investments in the $150,000–$200,000 range supplemented by a broader portfolio of smaller grants in the $10,000–$75,000 range.

Disclosed grant range: $10,000–$200,000. The $200,000 ceiling has been reached twice (both in FY2024), suggesting this is likely the maximum single-grant threshold, at least at the current asset level.

Program area breakdown (inferred from known grantees): Approximately 45% of FY2024 giving went to climate policy and advocacy work (Climate Cabinet Education + Spring Street Climate Fund = $400K of $905K); approximately 17% to direct biodiversity conservation (Island Conservation = $150K); and the remaining 38% ($355K across 7 grants) to undisclosed recipients likely spanning environmental education, renewable energy, and green infrastructure — areas explicitly noted in public records as foundation priorities.

Giving trajectory: From $400K to $905K in one year represents 126% growth. If this trajectory continues even at a reduced pace, total annual grantmaking could reach $1.5M–$2.0M by FY2025–2026. The foundation's payout rate in FY2024 was approximately 3.6% of total assets ($905K / $24.8M), slightly below the IRS-mandated 5% minimum — meaning required distributions will likely exceed $1.2M annually going forward, signaling further growth in grant volume.

The peer foundations below were matched by asset size (approximately $24.8 million) and NTEE classification (T20 — Private Grantmaking Foundations). Public financial data for peer organizations is limited; giving figures and application details reflect available 990 disclosures.

Among this peer cohort, Milkweed Foundation stands out for two reasons. First, it is the only foundation with a clearly defined thematic mandate (biodiversity and climate), while peers are broadly classified under philanthropy and grantmaking without public-facing program descriptions. Second, Milkweed's $905,000 in disclosed FY2024 giving — representing a 3.6% payout rate — is transparent and documented through ProPublica and CauseIQ, whereas peer foundations at similar asset levels have not published equivalent grant data. Applicants should note that Milkweed's New York base and national (multi-state) grantee geography make it less regionally siloed than some peers of similar size.

Milkweed Foundation Inc. is among the newest private foundations currently active in climate and biodiversity philanthropy, having received its 501(c)(3) ruling in September 2023. Its most recent Form 990-PF was filed on November 5, 2025, covering fiscal year 2024.

The FY2024 filing revealed a significant operational expansion: charitable disbursements nearly tripled from $400,000 (FY2023) to $905,000 (FY2024), and the number of grants increased from 4 to 10. Three FY2024 recipients have been publicly disclosed: Climate Cabinet Education ($200,000), the Spring Street Climate Fund ($200,000), and Island Conservation ($150,000). These grantees reflect a strategic positioning at the intersection of science-based conservation and climate policy infrastructure.

The foundation's total assets grew from $9.7 million (FY2023) to $24.8 million (FY2024), driven almost entirely by $15.7 million in new donor contributions — a sign that the founding principals are actively capitalizing the foundation for future impact. Revenue from dividends and investment income contributed $446,730, indicating the endowment is beginning to generate returns.

No public press releases, media coverage, or programmatic announcements from Milkweed Foundation Inc. itself were found during research. The foundation maintains no independent public-facing website; the milkweed.org domain belongs to Milkweed Editions, a separate Minneapolis-based literary publisher. Leadership has made no public statements about future grantmaking priorities. All intelligence on this foundation derives from IRS 990-PF filings and aggregator databases.

Because Milkweed Foundation operates without a formal application process, grantees are identified through the board's own networks and discretion. The following tips are specific to this foundation's structure and documented giving behavior:

1. Do not cold-submit. There is no grants portal, no email submission address, no RFP, and no published deadline calendar. Submitting materials unsolicited through generic channels is unlikely to generate a response. Focus your energy on relationship development first.

2. Build a board connection. Research Delia Kulukundis (President), Jane Bulnes-Fowles (Treasurer), and Louisa Withfield-Smith (Secretary). Identify shared board memberships, conference attendance, or philanthropic networks in the climate and conservation space. A warm introduction from a mutual contact carries more weight than any cold proposal.

3. Use the Dentons contact as a fallback. If no board connection is available, address a brief (one-page) concept summary to Brian Raftery at Dentons US LLP (1221 Avenue of the Americas, New York, NY 10020). Frame it as an inquiry rather than a formal request. State your mission, the specific biodiversity or climate outcome you would achieve, and the amount sought. Keep it to one page.

4. Align with both pillars simultaneously. Known grantees span both policy advocacy and on-the-ground conservation. Proposals that explicitly connect field-level biodiversity work to climate outcomes — or that translate climate policy wins into conservation impact — reflect the foundation's dual mandate most directly.

5. Size your ask appropriately. The disclosed maximum to date is $200,000. For first-time applicants, an ask of $50,000–$100,000 is more consistent with the foundation's smaller grant tier and lowers the board's perceived risk. Demonstrate measurable outcomes per dollar.

6. Target geographic strengths. FY2023 grantees were concentrated in Vermont, California, Delaware, and New Hampshire. Organizations based in these states, or running programs there, may have a natural affinity with board members' geographic interests.

7. Be patient. This foundation is two years old, volunteer-led, and still establishing its grantmaking rhythm. A relationship initiated in 2025 may yield a grant in FY2026 or FY2027. Track the foundation's 990 filings each November for new grantee disclosures that reveal evolving priorities.