Northern Trust Foundation

The Northern Trust Foundation is one of the more accessible corporate foundations in Chicago, using a structured Letter of Inquiry (LOI) process rather than invitation-only grantmaking. To maximize your chances: (1) Ensure your organization serves youth ages 16-24 on Chicago's South or West Sides — this is a non-negotiable geographic and demographic requirement. (2) Align your programs with one of the four pillars: food security, education, healthcare, or affordable housing. (3) Submit a compelling LOI that demonstrates measurable impact with this specific population. (4) Build relationships with the McCormick Foundation, which partners with Northern Trust and manages the Northern Trust Fund — being in the McCormick ecosystem creates a natural pipeline. (5) Consider the three-year funding cycle: if approved, you can receive grants for three consecutive years, providing stable multi-year support, but plan for the mandatory one-year gap that follows. (6) For established grantees, the invitation-only Anchor Award (up to $1M) represents a significant capacity-building opportunity.

The Northern Trust Foundation's 990 filings reveal a foundation in rapid growth mode. Assets surged from $3.7M (2020) to $82M (2024), driven by Northern Trust Corporation's landmark $70M capital commitment in July 2024 funded by proceeds from its Visa stock sale. Annual distributions have remained relatively consistent at $2.5M-$4.0M, but the massive asset increase positions the foundation for significantly larger grantmaking in coming years. Standard grants range from $10K-$50K with an average of $40,000 in 2024. The foundation distributed $8.3M in total grants through its McCormick Foundation partnership since 2022, reaching 82 nonprofit organizations. The Anchor Award adds up to $1M for a single high-impact grantee annually. The foundation focuses exclusively on Chicago's South and West Sides, serving youth ages 16-24. Northern Trust Corporation donated more than $170M to nonprofits over the past decade, including nearly $16M in 2023.

The Northern Trust Foundation is smaller than most major Chicago-area foundations but distinguished by its laser-focused strategy on a specific age group (16-24) and geography (South and West Sides). Its $70M capital infusion in 2024 positions it for significant growth. The McCormick Foundation partnership, which provides a 50-cent-per-dollar match and covers all administrative costs, effectively amplifies the foundation's impact beyond its standalone giving. Unlike broad-mandate foundations like the Chicago Community Trust, Northern Trust's narrow focus means less competition for aligned organizations but strict ineligibility for those outside its parameters.

In July 2024, Northern Trust Corporation made a transformative $70 million commitment to the Northern Trust Foundation, funded by proceeds from its sale of Visa stock held since the 2008 IPO. This 2,000%+ increase in assets (from $3.7M in 2020 to $82M in 2024) positions the foundation for dramatically expanded grantmaking. In November 2023, the foundation awarded its inaugural Anchor Award of up to $1 million to Nourishing Hope, a Chicago food bank serving 50,000+ households with approximately 5 million pounds of food annually. The award enables Nourishing Hope to hire staff, add delivery vehicles, improve technology systems, and explore a new South Side food pantry location. Other Anchor Award finalists included Chicago Furniture Bank and Chicago Scholars. Through its McCormick Foundation partnership launched in 2022, the foundation has distributed $8.3M in grants to 82 organizations. Northern Trust's broader philanthropy provided more than 4 million meals, 222,000 nights of safe shelter, and educational assistance to 26,000 students in 2023 alone.

To successfully approach the Northern Trust Foundation: (1) Confirm eligibility first — your organization must be a 501(c)(3) with at least 3 years of incorporation, directly serving youth ages 16-24 on Chicago's South or West Sides. This is strictly enforced with no exceptions. (2) Frame your LOI around one of the four pillars: food security, education/career pathways, healthcare (including mental health), or housing stability. Multi-pillar organizations should lead with their strongest alignment. (3) Emphasize measurable outcomes — the foundation values demonstrable impact. Include specific metrics: youth served, completion rates, meals provided, housing placements. (4) Highlight capacity for growth, especially if you aspire to the Anchor Award. Northern Trust seeks organizations with "strong growth potential" that need infrastructure investment to scale. (5) Leverage the McCormick Foundation connection: if you already receive McCormick funding, note this as it signals pre-vetted credibility within the ecosystem. (6) Plan your timing carefully: you can only submit one request per year, and after three consecutive years of funding you face a mandatory one-year gap. (7) Visit northerntrust.com/corporate-philanthropy/foundation for current LOI submission windows — the listed website (northern.org) is incorrect and belongs to the Northern Alaska Environmental Center.